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Oct.31

7:53 PM ET

Wednesday, 31 Oct 2007

Lightning Round: Yum!, Apache, Reliance Steel and More

Posted By:Tom Brennan

Topics:Stock Picks | Stock Market

Tuesday’s decline in shipping stocks was a result of China trying to play hardball and win itself better rates, Cramer said before he started the Lightning Round. Regardless, he’s still bullish, calling the decline a “classic buying opportunity.” What’s really driving these stocks, he said, is a scarcity of ships, and those can’t be produced overnight.

Oceaneering Intl [OII Loading... () ]: “Terrific,” Cramer said. He also likes FMC [FMC Loading... () ] and Core Labs [CLB Loading... () ] in this group.

Concho Resources [CXO Loading... () ]: Apache [APA Loading... ()

] and XTO Energy [XTO Loading... () ] are better picks, Cramer said.

Axsys Tech [AXYS Loading... () ]: “I like Ciena more.” Cramer recommended switching out of AXYS to Ciena [CIEN Loading... () ].

Schnitzer Steel [SCHN Loading... () ]: Cramer would rather see homegamers in Reliance Steel [RS Loading... () ], AK Steel [AKS Loading... () ] or U.S. Steel [X Loading... () ].

Click for the rest of Wednesday's show

Brookfield Asset Management [BAM Loading... () ]: “This could be the Canadian Warren Buffett.” Cramer is bullish on BAM.

Yum! Brands [YUM Loading... () ]: “I want you to buy more of it.” Cramer thinks YUM is going to $45 from $40.

Jim’s charitable trust owns XTO Energy.

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