Jim Cramer Sees Sonus Networks (SONS) and SandRidge Energy (SD) as Two Great Speculative Plays

Jim Cramer made two speculative calls recently. He sees Sonus Networks (NASDAQ: SONS) as a play on the global network expansion. Although it competes with bigger companies such as Cisco (NASDAQ: CSCO), it has a brighter future, as the company recently completed a series of restructurings. The company looks good based an improved cost structure. The company beat earnings estimates last quarter, and has a solid international customer base that should help it grow.

Secondly, as a speculative energy play, Cramer sees SandRidge (NYSE: SD) as a company to put in your portfolio. He believes that share price doesn't match takeover value. The company has a 48%-to-52% oil-to-gas mix, and 1.3 trillion cubic feet of gas reserves. Cramer believes that the price is where its at because they haven't hedged their production post-2010. SandRidge is also $2.59 billion in debt.

But, Cramer still believes that its a solid play, as debt concerns may be overblown, and the bulk of the company's debt doesn't come due until 2014.

He believes that SandRidge is priced for disaster, but its hard to believe that the apocalypse is coming to the company quite yet.

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