[Beginning of Cramer's verbatim comments for this segment...]

Jim:          Major mea culpa time… Last night, TriQuint Semiconductor, Inc. (TQNT), a semiconductor company that makes chips for mobile phones… which I originally recommended at $5.79 on June 12th… and then mistakenly I guess in retrospect recommended it at $7.39 not long after… got slammed when it reported a quarter last night that missed the streets consensus revenue estimate… issued really disappointing guidance… warned that a Korean handset maker, thought to be Samsung, would slow production… TriQuint’s stock fell from $8.10, I had a big gain on it for everybody, what did I do… it went down to $5.854 today.. .that is a 28% beheading. .. luckily I never put this one in the mobile internet index… I should have been reminding you to take profits in TriQuint… this is a perfect example of why I say take money off of the table when you have those big percentage gains...

So now what do we do?… Part of TriQuint’s problem is that it is not all smart phones… its legacy business is ordinary dumb mobile phones… and you know those dumb mobile phones are not growing… so there is a transition going on that has hurt the ordinary phone side of things… but I do not think the issue justifies the huge drop in the stock… practically back to where it was when I first recommended it…. plus the Korean handset maker that is cutting back seems to be an isolated one time innocent… not something that could derail the smart phone revolution.

I think that TriQuint is still part of a great long term theme… it is still surfing the mobile internet tsunami…and remember everyone is surfing now, including TriQuint … and that means the sell off in the stock is an opportunity to buy… the fact is that TriQuint generates more revenue per handset for its components in smart phones… including the iPhone… which has three of TriQuint’s transmit modules vs. one ordinary phone… hence the problems with the ordinary phones… the demand for smart phones is improving… and it is improving TriQuint’s gross margins too… what it makes after sales… and the strength of the smart phones should also allow the companies sequential handset growth to get back to 8% to 10% in the fourth quarter.

.90 cents in cash… come on, like my colleague Dave Pelletier who writes the “Stocks Under $10” newsletter at TheStreet.com where I am Chairman, and he just recommended people buy some TriQuint for the under $10 portfolio today… I think that TriQuint is attractive… now, TriQuint’s results also took down two semiconductor stocks that do belong to the mobile internet tsunami… Skyworks Solutions (SWKS), that is David Aldrich, the CEO… and RF Micro (RFMD)… they were down 4% and 5% respectively… those are big hits… both companies do a lot of business with Samsung.. that seems to be the problem… but after today’s thrashing the concerns about a reduction in orders, I believe, are priced into both stocks.

I think that you are getting a chance to buy these two smart phone components much cheaper than you should… they are just collateral damage from TriQuint… and since the mobile internet tsunami is a massive multi year theme… so big that I wrote about it at length in my new book, Getting Back To Even… the worst that happens is that Skyworks Solutions and RF Micro go down further and you get to buy some more at lower and better prices.

Here is the bottom line…

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Market Results today: Dow:  + 132 Nasdaq:  + 15 S&P 500:  + 12 1 2 3 4 6 See all of tonight's stocks mentioned on Yahoo! Finance, here...