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Shut out of Alibaba IPO? 4 tech stocks to consider instead.

Alibaba fever has investors trimming their tech stock portfolios just to get in on the Chinese tech giant's hotly anticipated US IPO. And as the frenzy to buy Alibaba drives other companies lower, CNBC analyst Jim Cramer suggests taking advantage of the bargains.

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Chance Chan/Reuters/File
A woman stands next to a door inside the headquarters of Alibaba in Hangzhou, Zhejiang province, in April. The Alibaba IPO has investors selling off their other tech stocks for a piece of the action, meaning certain stocks are a relative bargain right now.
  • By Lee Brodie CNBC

Jim Cramer thinks pros are so eager to buy Alibaba that they're willing to throw away perfectly good stocks. That's silly. Fortunately Cramer is smart.

And as the frenzy to buy Alibaba drives other companies lower, Cramer suggests taking advantage of the bargains.

"The first buy? I know it is barely down, but I would make it Apple," Cramer said.

"Here's a company with the most successful launch of all time, a company that got pre-orders for four million iPhone 6s, much more than anyone thought. But the stock didn't do anything because it, too, is a source of funds for Alibaba. You should not be able to get Apple at these prices. And, if the watch is a hit, the estimates will go up even more."

Also Cramer suggested keep an eye on Facebook. If sellers drive it down to $70, Cramer suggests pull the trigger. "That's an almost irresistible price because business is excellent," Cramer said.

In addition, Cramer thinks the selloff in Celgene presents opportunity, "It has about the same price–to-earnings multiple as Alibaba," Cramer said. And, the broader theme behind this stock is unaffected by Alibaba. That is, Celgene as well as other biotech companies are developing so many exciting new drugs, collectively, Cramer believes they promise to change the entire pharma landscape.

Also, Cramer thinks an Alibaba-inspired selloff in Google presents opportunity. "It sells at a price that is cheaper than Alibaba but has some of the best growth characteristics out there," he said.

Depending on the degree of the selloff, Cramer said you can probably start legging into the names above as soon as Tuesday. "And as we get closer to launch I will highlight others, but for right now, these will have to do," Cramer said.

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