By Rebecca Corvino
Updated at 3:40 p.m. EDT on July 6, 2009

Oil was in the red on Monday, http://www.thestreet.com/story/10534480/1/stocks-go-lower-with-oil.html " target="_blank"> sending stocks and the three major indices lower as well. Bank of America (BAC) was recently losing 65 cents, or 5.1%, to $11.99; Apple (AAPL) was down $1.98, or 1.4%, at $138.04; and General Electric (GE) was slipping 4 cents, or 0.3%, to $11.42.

General Motors (GMGMQ) could be on its way out of bankruptcy after a federal ruling that will allow the automaker to sell assets, including the Chevrolet and Cadillac brands, to a new company, in part owned by the U.S. government.

In upgrade-downgrade news, Keybank upgraded Oshkosh (OSK) to buy with $30 price target, Deutsche Bank upgraded Symantec (SYMC) to buy and raised its price target on the stock to $19, Goldman upgraded Nordstrom (JWN) to neutral, and Stifel Nicolaus upgraded American Express (AXP) to hold.

On Monday afternoon, Oshkosh was gaining $1.48, or 7.4%, to $21.41; Symantec was down 15 cents, or 1%, at $15.55; Nordstrom was up 46 cents, or 2.5%, at $19.09; and American Express was gaining $1.16, or 5.2%, at $23.43.

With this in mind, we thought we'd take a look at some of the stocks in the news and see what Jim Cramer's had to say about them lately.

In a recent post to his RealMoney blog, Cramer wrote:

"So they have already gone back to the defensives, the double-dip stocks. It is incredible how quickly "they" come to the conclusion that the safest course is safety and the presumption that Clorox (CLX) and Colgate (CL) will outperform.

"It is also amazing to me how 30 cents' worth of natural gas is worth 20% to those stocks, or how quickly the industrials give up the ghost back to 4%, or how the retailers look like they are beginning their long march back down. Suddenly JC Penney (JCP), Nordstrom (JWN) and Target (TGT) look toxic, and we are right back to square one with Lowe's (LOW) and Home Depot (HD), as if nothing good has happened in housing.

"Meanwhile, Caterpillar's (CAT) yield goes to 5% as does Federal Realty (FRT), two of my indicators for commercial construction. The only surprises? How little Freeport (FCX) down and how strong the banks are?

"As for the defensives, it is worth remembering that most did not have good quarters. The best were Colgate, Clorox and the just-reported General Mills (GIS). I thought Pepsi (PEP) had a darned good number, but when it was reported it was in the midst of the bottler bailout, which seems to be forgotten -- rather strange. I like the ones with the high yields -- I'm anxious to buy some Altria (MO) and Bristol Myers (BMY), which had good quarters, for that very reason.

"Terrible session, of course. But it's nice to see something rise from the rubble."

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Bristol Myers, Home Depot, Pepsi, General Mills, Bank of America, General Electric and Altria for his Action Alerts PLUS charitable trust.)