Cramer’s Quest – Seeking Value Stocks

With the Dow Jones Industrial Average sitting at an all time high, where in the market can you still find value?

Jim Cramer said that's the question money managers are asking themselves all over the country. And he thinks it might be found in overlooked, unloved technology.

Texas Instruments, he said, may be a prime example.

Earlier in the week Texas Instruments gave an intra-quarter update that may have bullish undertones.

"It suggested the company might be having a growth spurt. Orders are better. Inventories are lean," Cramer said.

Cramer went on to say that Texas Instruments is getting talked about by fund managers who haven't looked at it in ages.

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"I suspect it will be charging higher soon, breaking out of this long-constrained range, because if things are indeed getting better, the earnings estimates are probably too low. And in the interim it has raised the dividend to the point where it yields 3.20%, a nice cushion if it gets hit while you are waiting."

Cramer also said JDSU, Ciena and Cisco are getting the same kind of investor attention. The bet is that Corporate America hasn't spent a lot on technology, and if the economy improves it may start spending again.

"Also, old software plays, chiefly companies that provide information technology help, like Computer Sciences or Compuware or BMC, are coming back to life," Cramer added.

Again, he said they're believed to be beneficiaries of renewed corporate spending.

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What's the bottom line?

"Overlooked unloved technology is beginning to work," Cramer concluded. "And I suspect it stays working as long as the stocks don't go so high that they are no longer considered cheap any more."

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