BlackBerry's better-than-expected earnings report boosts its value as a possible takeover target for a larger tech company, CNBC's Jim Cramer says.

Thursday's earnings report "makes it more likely that they will be in business for a long time," Cramer said on "Squawk on the Street." "It makes it more likely that a Nokia or a Microsoft will take a run at them."

"I think the shorts are trying to color the darned thing. I don't buy the bear case, there are a lot of people who want to own this company," he said.

Bull markets are by nature confounding: Reality mostly trails expectations, and a market in near constant escalation begs asking whether things are really this good.

Media heavyweights News Corp., Time Warner and Viacom have surged on this market, a bull run now in its fifth year. News Corp. on Wednesday closed at $30.23, having gained 19 percent in 2013 while boosting the stock's valuation to 19.3 times earnings, near its highest level in three years. Time Warner is doing much the same, trading at 17 times earnings, near its highest level since December 2009.

Oracle has been among the tech sector's most aggressive acquirers in recent years, but is the company buying the right stuff to bolster its competition against IBM, SAP, Salesforce.com and new entrants such as Amazon and Workday?

Recent deals targeted at the telecom sector for networking solutions specialist Acme Packet and a Monday acquisition of network signaling specialist Tekelec raise question marks about the M&A strategy of Oracle and its founder Larry Ellison.

In the midst of two retail turnaround attempts, Best Buy stock has nearly doubled while J.C. Penney's stock has crumbled. But only one company—guess which—seems to be showing turnaround progress, analysts told CNBC.

Anthony Chukumba, a senior research analyst at BB&T Capital Markets, called Best Buy's performance so far "100 percent real, no question about it" during an interview on CNBC's "Squawk on the Street."

The best-performing sector year to date, health care still holds potential, Orbimed Advisors Managing Partner Sam Isaly said Tuesday on CNBC.

"Growth is getting a whole lot better for at least two reasons. As you look at the big drug companies, the patent cliff is now a little sand dune," he said. "And secondly, research output has accelerated very substantially. There's lots of news in pharma, biotech and so on, and there's also lot of news elsewhere in health, so I'm not a bit surprised that it's taken up like this."

On "Fast Money," the manager of the Eaton Vance Worldwide Health Sciences Fund said that his top pick, Roche, was a leader in cancer drugs.

Ahead of the American Society of Clinical Oncology meeting in May, Roche had upside, he said, also adding, "Bristol-Myers is a star."

Aside from Roche, Isaly's top picks in the sector also included Pfizer, Sanofi, Gilead ("It's a great play on antivirals ") and Merck.

Isaly added that the Affordable Care Act would provide an extra boost for health care stocks.

"In 2014, there's going to be a huge increase of demand because Obamacare gets implemented," he said. "Now, Obamacare is a program to cover more people. It is not a program for cost control, so at least initially for the first couple of years prices'll be all right, and these companies will be all right.

"There'll be a boost in demand that's going to be dramatic starting next year."

Trader disclosure: On March 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Brian Kelly is long US BONDS; Brian Kelly is long GOLD; Brian Kelly is long SILVER; Brian Kelly is short S&P 500; Brian Kelly is short DAX; Brian Kelly is short COPPER; Brian Kelly is short EUROSTOXX; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long MRK; Pete Najarian is long AAPL; Pete Najarian is long YHOO; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long AMZN CALLS; Pete Najarian is long PFE; Pete Najarian is long MRK; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long AAPL ; Joe Terranova is long AXP; Joe Terranova is long KORS; Joe Terranova is long GS; Joe Terranova is long SWN.

Facebook now looks more like "Spambook," and its advertising looks less promising than investors originally thought, said Richard Greenfield, media and entertainment analyst at BTIG Partners. Greenfield's firm has a "sell" rating on Facebook with a $22 price target.

Even with the stock trading around Greenfield's price target, he still sees "decent downside" and added that he thinks "Facebook continuing to go down certainly creates a lot of value for investors to continue to short this stock."

Greenfield sees two main problems with Facebook. First, he said that the street's 2014 expectations are "very robust," and he expects that key metrics such as mobile advertising will disappoint the Street in the near term. Second, he questions the viability of social advertising itself.

(Related: What You Didn't Post, Facebook May Still Know)

"I think social advertising is really, really challenging," he told CNBC's "Squawk on the Street" on Tuesday. "The overarching point is people thought that going into the IPO, Facebook's data was better. Because of their ability to target on social that they'd be able to outperform on advertising."

He said that users are increasingly seeing "suggested posts," which are targeted more on basic demographics and web activity than social activity related to your friends. "That's just what Yahoo does. That's just what AOL does. What makes Facebook special was supposed to be the data on social. Instead, they're reverting back to what all of the other websites do."

(Related: What's Behind Facebook's Slide?)

"It just makes Facebook a lot less special and it probably deserves a lot less of a premium multiple, because that data just isn't as good as you thought it was," he said. "It's looking less and less like Facebook and more and more like 'Spambook.' You're seeing ads that just don't seem terribly relevant to the target audience."

"These 'suggested' posts are just direct marketing, that's really what it is," he said.

CNBC's Jim Cramer sees no reason why investors should put money in Europe banks or stocks right now. With a strengthening U.S. economy, the investing opportunities are vastly more attractive on this side of the Atlantic, he said Tuesday.

"The euro is a hobbled currency, and money is going to come here (to the U.S.) not overnight, but if you're a trust officer over in Europe or a treasurer of a public company, I'd be worried about being sued if I had my money in a Spanish bank," he said, referring to fiduciary responsibility of these officers.

Cramer expects money will flow from Europe to the U.S. in a flight to safety, especially in the wake of the bailout in Cyprus.

Cramer added that in the U.S., "you have autos, housing, oil and gas looking pretty good, commercial real estate could come back."

(Related: U.S. Home Prices Up, Best Yearly Increase Since 2006)

In Europe, he said, "I just see no reason to invest there, either to put money in their banks, or invest in their stocks. I just don't get it."

"When you crunch all of these banks, you are making it difficult to get credit," he said. "Here credit is getting more plentiful; there it's getting scarce." He said consumers will be faced with the hard decision to keep their money in troubled European banks, and he thinks that the money will leave those names slowly. "Do you really believe the credit is good there?" he asked.

(Related: Cramer: Make Europe's Pain Your Gain)

He added that Europe is more concerned with environmental issues than about creating jobs and strengthening their economies. "They care about austerity and they care about fossil fuels, they don't seem to care about jobs."

"How can you put money there, when you've got so much going on over here?" he asked.

Going against the tape and fighting the Fed in this environment of cheap liquidity is dangerous, Cramer warned, pointing to strength in companies like Dollar General as "instructive" on growing strength in the U.S. retail sector.

It's a perfect time for Blackstone to unload Pinnacle from its books. Warren Buffet's purchase of Heinz foods has given the food group a seal of approval. Pinnacle may be loaded with debt, but new investors will ignore that stark reality. Sources say the deal is oversubscribed by four or five times.

Blackstone purchased Pinnacle in 2007 for $2.16 billion with the plan to make more acquisitions and build the company into a food powerhouse. This was so long ago that Lehman Brothers was the adviser on the deal. The only acquisition ever completed was Birds Eye Foods, purchased for $1.3 billion. Now Blackstone is hoping to raise $667 million from the initial public offering, which basically values Pinnacle at $2.3 billion. Not such a great six-year return.

The run in big bank stocks may not be over, say Wall Street analysts. And many are particularly positive on Bank of America and Citigroup this year.

"The group is putting up decent numbers, despite the fact you have more subdued economic growth and persistent low interest rates," said Barclays bank analyst Jason Goldberg of the financial sector. "If we ever get the U.S. economy back working again to more desirable GDP growth and a little bit higher interest rates, I think there's a fair amount of upside."

While some banks are poised to fare better, others offer a better value. And then there's one pick that noted banks analyst Meredith Whitney describes as a true growth company in financials.