The strong move in tech Friday had Cramer thinking that some speculation on the sector might be in order. He gave viewers three high-risk, high-reward single-digit stocks with the potential for huge returns. Of course, be sure to do your homework on these names before buying.

Ciena : A terrible earnings report Thursday knocked Ciena down 20%, putting it just $1 from its 52-week low. A near $30 drop over the past year has been the result of massive capital-expenditure cuts by clients like AT&T . But these spending cuts are now priced into the stock, and Ciena’s $3 of cash per share limits your downside. If AT&T’s expenditure return to normal levels in December and January as expected and 2009 follows suit, CIEN could move. A new contract could boost the stock, too.

Tellabs : This is another bandwidth play that’s lived and died with telco spending. Tellabs makes digital cross-connects, broadband access equipment and routers and gets 40% of its sales from companies that deal with data infrastructure and its build-out. Another build-out should start by late 2009, increasing business for Tellabs. The company also had a good analyst day on Nov. 14 where management announced a new contract with British Telecom and reiterated fourth-quarter guidance. Though the market didn’t seem to care – the stock dropped 2% the following day. But there’s $3.30 a share of cash here and no debt on Tellabs balance sheet. The reduces the downside, while tech’s seeming resurgence offers upside.

Skyworks Solutions : This company has a direct like with Apple’s hugely popular iPhone. Skyworks makes the power amplifiers used in 2G or 3G phones that speed up a wireless Internet connection, as well as high-performance circuits and semiconductors in both mobile phones and broadband markets. A cut in first-quarter guidance have brought analyst estimates to 16 cents a share from 23 cents, but Cramer thinks this bad news is already priced into the stock. With gadgets regaining steam and the company diversifying away from just the mobile business, there’s a chance for a real turnaround here.

Questions for Cramer?

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