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Tech stocks may make Cramer break out in hives these days, but he’s got a “love contract” with Texas Instruments, the Mad Money host told Erin Burnett today on “Street Signs.” TI is bent on boosting its stock price, Cramer said, so it’s initiating a buyback. While the company is levered to Nokia and the cell phone market, which is see a drop in prices, TI doesn’t have to follow by dropping prices on its semiconductors.

“This one should not be thrown out with the Applied Materials bathwater,” Cramer said, referring to the poor numbers that dropped that stock today. He was amazed that analysts were still recommending AMAT ahead of the quarter.

Wachovia downgraded Bear Stearns on weakness in its mortgage and initial-public-offering businesses, but Cramer thought that was a mistake. “Jimmy Cayne, who runs Bear, he should not be bet against,” Cramer said, adding that BSC sells at 10 times earnings – “How can that be?” He believes that as Goldman Sachs works its way to $350 (his prediction), BSC won’t be left behind.

Traders shorting Halliburton may have to change their strategy, Cramer said. The shareholders are meeting today, and the company plans to increase its dividend, putting to work the money it has been holding for some time. Cramer thinks this stock should go to $37.

Federated Department Stores reported today, and the stock is barely down despite a less-than-enthusiastic management during the conference call. Cramer’s recommendation for FD: Cut back on the number of stores and keep on with the buyback. He’s a believer in Terry Lundgren – “He gets the benefit of the doubt,” Cramer said.

Questions? Comments?