Cramer revisited some of his favorite developing-world wireless stocks, which are down a collective 12% since he recommended the names back on February 25. The list includes Mobile Telesystems (MBT) and Vimpel Communications (VIP) in Russia, Millicom International (MICC) in Africa, Asia and Central America, Telkom Indonesia (TLK) and Turkcell (TKC) for Turkey and the Ukraine. Cramer said in regards to Turkcell, a new competitor hurt the company, and a unfavorable ruling from the government hit the stock hard. With Telkom Indonesia, Cramer explained he failed to consider that the company’s wireline business was declining and subsequently dragged the entire company down. Turkcell and Telkom Indonesia have both lost 31% since his original recommendation. Cramer advised investors to sell both TKC and TLK immediately. As far as the remaining names – MBT, VIP, MICC – investors should sell these into any strength. “Wireless is not a basic need,” he pointed out, saying that in countries with increasing wealth, people prefer to spend on food and shelter, not cell phones.
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