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On Tuesday’s Stop Trading! Cramer highlights an interesting opportunity in the banking sector, expresses concern over a looming weaker dollar, and lays out a game plan for the release of Palm’s new smart phone.
With the report that Palm [PALM
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] may time the release of its new smart phone, the “Pre” with the release or announcement from competitor Apple [AAPL
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] regarding a new iPhone, but Cramer thinks there’s a specific way to play this. He points out that there was significant hype prior to the release of Apple’s iPhone and even stellar sales could not meet skyrocketing expectations.
Cramer thinks you can learn from this, buying Palm into the hype and selling it within days of the new smart phone's release. Then, Cramer says, if the stock drops after the release, it gives you the opportunity to buy more at a depressed price, citing that the company has “some really great management.” Even with big players like Research in Motion [RIMM
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] and Apple in the smart phone business, Cramer thinks there is room left for another competitor like Palm.
Cramer is also looking at Procter & Gamble [PG
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] , which is coming off a bad quarter. Cramer thinks bell-weathers like PG and Coca-Cola [KO
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] are forecasting a weaker dollar. “These two companies are predicting so much dollar weakness to come I think it’s important to point it out,” said Cramer.
In the banking sector, Cramer is not shy about picking favorites. He’s been a fan of State Street [STT
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] for some time, but also thinks Bank of NY Mellon [BK
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] presents an interesting buying opportunity. With bidding up occurring after both banks’ secondary offerings, Cramer thinks Bank of NY is undervalued compared to State Street, and predicts that the stock should be rise to a value of around $30. Although he likes State Street better as a company, Cramer says that Bank of NY Mellon is a stock to watch.
Cramer also wonders whether you should be gambling on Las Vegas Sands [LVS
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], a company that is opening a new $743 million casino in Bethlehem, Pennsylvania on May 22nd. Cramer is “very worried” about this venture, which was planned when the market was in an entirely different place. Cramer doesn’t expect a big turnout to the new casino, which is located about 65 miles from New York City.
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