Game Plan for the Week of July 9

Growth is back, Cramer said during his weekly installment of Game Plan.

Not that it ever left. It just fell out of favor like a seasonal fashion. Lately, it might have seemed like only a takeover bid could move a stock’s price – even great earnings reports weren’t moving the needle – but last Friday’s upside surprise from Research in Motion sent shares up 30 points. (It has since jumped another 15.)

The younger set might not remember, but growth stocks have been known to double – and then double again. Being the old-timer that Cramer is, he knows that this is what happens when the market pays up for growth and there’s a scarcity of it. But the latest generation of money managers is shorting the growth. They can’t bring themselves to believe that stocks can go up this much, Cramer said.

As far as he’s concerned, this is pretty easy to understand: It’s a reversion to the old days. It harkens back to a time when growth was hallowed wherever it could be found and rewarded over and over as analysts and buyers look toward what’s known as the outyears, which are the earnings that the company may earn in years like 2010 or 2012, and justify their buy ratings that way.

So while the newest money managers think stocks like Garmin and Baidu are booby-trapped, Cramer sees them as cheap in relation to 2012 earnings. They also have the “new year” going for them. On the Street, July 1 is when studying 2007 numbers gets left behind for 2008’s, which makes some growth stocks look cheap because their earnings next year are a lot larger than their earnings this year. Add to all this the fact that there just aren’t enough growth stocks to go around right now, and Home Gamers have a few worthwhile reasons to think about buying some growth stocks.

So which should you own? Cramer recommends his four horsemen of tech: Google , Apple, Amazon and RIMM, with an extra emphasis on RIMM and AAPL. If you’re looking for a chipmaker, NVIDIA or Level 3 Communications might do. (Keep in mind that LVLT is a bit more speculative than NVIDIA.) Cramer has liked LVLT as a play on what he thinks is a coming bandwidth shortage, and for that reason, Corning, a fiber maker, also gets the thumbs up. Rounding out tech, Cramer is positive on Oracle and Ciena as well.

Finally, two standard-bearers that Cramer has been talking up for a while now are Crocs and Under Armour. These stocks define momentum, he said, and he thinks they’re going higher.

Bottom Line: There’s always a bull market somewhere, and right now we’ve got so many to choose from that Cramer feels unnecessary. Don’t worry about paying through the nose for some of these high growth stocks, he said – that’s the point. If he’s right, you’ll make it all back and then some anyway.

Jim's charitable trust owns Corning.

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