"What you want here are boring, mature companies—the kind that are often derisively referred to as 'old tech,'" Cramer added."I say out with the new, and in with the old.""Even with the stock's 34% run last year ... it's now pulled back $10 from its highs earlier this week thanks to the tech meltdown. Whenever you get a buying opportunity like this with Apple, you've got to take it," Cramer said..
"Those last two quarters weren't bad because of demand. We're actually seeing a surge in enterprise tech spending; the problem was the supply chain crisis," said Cramer, who also touted the computer networking company's move into software and the recurring revenue streams that accompany it. "[Cisco CEO Chuck Robbins] says things should start turning in the second half of Cisco's fiscal year, which starts February. I'm inclined to believe him because he's a real straight-shooter," Cramer said.Cramer said he wouldn't be surprised if IBM's stock sells off when the company reports earnings in a couple weeks, but he holds a favorable view over the longer-term.
"I still like IBM for two very simple reasons: it's incredibly cheap, selling for 12 times earnings, and even afterHe also said he's on board with CEO Arvind Krishna's"mission to unlock value at any cost.""This one ran up about 51% last year, but thanks to the sell-off in recent weeks, you're getting a very nice buying opportunity here. The stock's down 10% from its late November highs. That usually doesn't' happen," Cramer said.
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