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The market didn’t like it when Cisco Systems CEO John Chambers admitted that orders from U.S. financial institutions and auto companies “dramatically decreased” last quarter and he expected enterprise orders to be “lumpy.” But even though the stock is down about $3 Thursday, Cramer is still bullish on Cisco.
All the investors that were hiding in Cisco [CSCO
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], and technology stocks in general, have sold their positions, Cramer said, and “I think Cisco is going to come roaring back.” The tech bellwether’s IT sales to these sectors were only a part of the business, and many other parts of Cisco are good. (Read about Chambers' CNBC interview here.)
AOL’s purchase of online ad network Quigo “was a bad thing for Google,” Cramer said. He thinks Quigo’s technology is better than Google’s [GOOG
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]. Down $30 Thursday, Cramer recommended buying GOOG, but he recognized the strong move by AOL.
Lastly, Goldman Sachs [GS
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] is off $9 on the day. Cramer blamed the weak second quarter on problems in the fixed-income division. But GS wrote down all their bad business in Q2, he said, so the company should rebound.
Jim's charitable trust owns Goldman Sachs.
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