On today’s STOP TRADING segment on CNBC, Cramer discussed the subprime sector from New Century (NEW) and from the extra fallout in HSBC (HBC).  Cramer said HSBC had really lowered standards, and the New Century (NEW) drop is one that could have been avoided.  Cramer said this does not denegrate the Bank of America (BAC) and Wells Fargos (WFC).  Cramer is still not worried about Countrywide (CFC) and he would be a buyer here of it.

Cramer still likes JCPenney (JCP) and thinks the new Jewel launch and Ralph Lauren (RL) will catapult the stock.  He thinks you should buy ahead of next week.

Earlier today he noted roughly the same earlier today before he talked about some solid retailing same-store-sales numbers.

Jon C. Ogg
February 8, 2007