Cramer Annoints Exxon (XOM)

On CNBC’s STOP TRADING segment today, Jim Cramer was saying he is ready to annoint an oil company.Today Cramer first went over Cisco (CSCO) as THE new convergence play and he said the stock is not done going up. Cramer said he thinks that drug stocks are now overdone and they should start being bought gradually, but not all at once.Cramer was very positive on ExxonMobil (XOM) now that oil has bottomed. Cramer said it trades at 10-times earnings and this is the one that fund managers want to show they own it. Cramer said the democrats even with the drilling limitations won’t hurt it too bad. This is the one that isn’t a wildcatter and is the most predictable. Cramer said he likes Chevron (CVX) better than XOM, but that doesn’t matter because the street and funds like XOM better.Then Cramer discussed Borders Group (BGP). He called it a Buy at $18 to $19, but now he thinks it can go to mid-$20’s rather than mid-$30’s.Jon C. OggNovember 9, 2006