Not all new-tech companies are, well, new. Navistar was a new tech player back at the turn of the 20th century and is again part of new-tech more than 100 years later.

Navistar (NAVZ.PK) makes trucks and school buses, where it’s got 60% market share. Other than Cummins , Navistar is the leader in fuel-efficient engines. It was the first player to make hybrid commercial trucks and school buses. It’s got a pipeline chock full of environmentally friendly power-saving products like an auxiliary power unit that helps trucks producer power without idling the engine and a new diesel engine that’s incredibly efficient. It also has a growing military arm, where it manufactures mine-resistant vehicles. The company said this could become a $2 billion business.

But this is more than just a new-tech story -- Navistar is a turnaround story, too.

The stock was delisted from the NYSE three years ago, but before you let that spook you, Cramer is confident the company now has its act together. It will soon be eligible to relist after getting its financials in order and he thinks that could bring in a lot of new institutional money.

Navistar is toxic right now because many funds can’t own stocks that don’t have up-to-date financials. But once it files its 10-K for 2007, which Cramer thinks could happen any week now, Navistar could begin looking mighty attractive to these funds thanks to its foray into fuel-efficient engines.

Just think, if you owned Terex when it came back from its accounting problems, you would have caught a double. And if Navistar gets the valuation of its peer Paccar -- or better yet, Cummins -- Cramer thinks it goes even higher.

Navistar is a classic new-tech stock with a great theme-driven catalyst, and it’s too cheap here, according to Cramer. Once it gets its paperwork in order, you can bet it’s going to get expensive.

Questions for Cramer?

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