While Monday closed on an upswing, Wall Street finished Tuesday on a sour note. Some industry giants came out with disappointing news, demonstrating that no company is recession-proof.

Sony (SNE) reported it is cutting 8,000 jobs, or 4% of its global work force, to cut costs by $1.1 billion a year as the worldwide downturn batters profits. Sony's July-to-September profit dropped 72% from a year earlier.

Meanwhile, Memphis-based FedEx (FDX) shares struggled after industry pundits are blaming the lagging economy for the decrease in package deliveries.

Chipmaker Texas Instruments (TXN) also warned investors of a trend of deterioration in its business. As a result, Texas Instruments' fourth-quarter earnings and revenue forecast was much lower than previously expected.

Investors are still very concerned, and the market is clearly reflecting that.

With this in mind, we thought we'd take a look at some of the stocks people have been searching for on TheStreet.com and see what Jim Cramer's had to say about them recently.

These stocks could be in the news for a number of reasons. Some require immediate attention; others may not. Regardless, it never hurts to hear what Cramer (or any of the other professional investors on the site) has to say about them. The key is to gather as much information as you can in order to make the most informed investment decisions you can.

In a recent post to his RealMoney blog, Cramer had this to say about General Mills (GIS) and other soft-goods stocks:

"Here's a compelling question. How do you divine what the difference is between a shortfall in Texas Instruments or Altera (ALTR) and a shortfall in FedEx or 3M (MMM)? Can you really say that the 'tech' selloff is built in?

"I don't think so. I think that the shorts had swarmed over the semi names ahead of the reports because the channel checks were dismal for all of those. They hadn't attacked FDX because everyone's gotten very bullish on a recovery and on lower gasoline prices.

"Of course, no one can resist Apple (AAPL) and Google (GOOG) now that the economy has "bottomed" even though they hate FDX? I am having a hard time with this, other than to believe that what has happened here is just frustration with shorts.

"I am a buyer of what is being sold. I see General Mills and Procter (PG) down huge and I can only say, 'Wait, we have absolutely no signs of a revival in the economy whatsoever, and we know that these companies are huge beneficiaries of oil going down.'

"Not only that, but you know they are going to come for Johnson & Johnson (JNJ) and Pepsi (PEP) and all the usual suspects in one of the most obvious raids on the stable group in years.

"I have always used these selloffs to pick at these stocks when I see employment going down, because there will come a moment when they switch back. The selloff is so bold today that you can sense that the soft-goods ETFs are going to get schmeissed as shorts pile on.

"Be ready.

"There comes a moment when the velocity of the decline ends and you will have missed the chance.

"I know Doug Kass disagrees with this view. And I know they could have further to fall. But I also know that these stocks rarely get put on sale, and when you can put 'em away like this, you are getting a good chance to buy something you can own through the recession to the revival when, you can then sell them.

"I am cursing myself that I am restricted on most of these. You just don't get PG down this much, or GIS, without something being wrong.

"Nothing's wrong.


For more of what Cramer's had to say about Tuesday's top-searched stocks, including First Solar (FSLR), Motorola (MOT) and TJX (TJX), check out the Cramer's Take portfolio at Stockpickr.com.

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned General Electric, General Mills, Johnson & Johnson, Pepsi and Procter & Gamble for his Action Alerts PLUS charitable trust.)

Posted on Dec. 10, 2008