With the averages taking a tumble on Monday, Jim Cramer wants investors to use the weakness to buy technology stocks. After all, the tech sector is desperate for consolidation.
As soon as he saw the news of Microsoft's $26.2 billion acquisition of LinkedIn at $196 per share, Cramer knew tech was back. With tech representing more than 18 percent of the S&P 500, this was big news.
"Tech is back in a big way that makes me feel like the kind of oil-related overseas imported decline we had to day is giving us some excellent buying opportunities," the "Mad Money" host said.
Many analysts described the deal as an aggressive overpay on Microsoft's part, but Cramer didn't agree. With more than $100 billion of cash in its offers and a stock down almost 10 percent for the year, that cash hoard was doing nothing for Microsoft, Cramer said. Therefore the deal was additive to the company.