An up day. Finally.

On Friday, it took an announcement that Tim Geithner would be nominated as Treasury secretary to get things going. The market struggled earlier in the day, and Citigroup (C) plummeted to a 52-week low of $3.05 at one point. There was also news from one Fed official that weakness would stretch well into 2009.

The question now is whether or not the market has discounted enough of the bad news.

Technically, we were oversold and due for a bounce, but now everyone will be watching to see if it can be sustained.

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 light of the nice bounce on Friday, we'll kick it off with Cramer's take on stocks with high yields that have no problem paying them. In a recent post to his RealMoney blog, Cramer wrote:

"If we didn't bounce today, you have to wonder whether we would ever bounce. We had the technical setup to bounce off a 50% retracement. We have a ton of stocks that have gotten to absurd levels, no doubt pushed down by the sector ETFs and the S&P 500 selling.

"We have tons of companies where nothing happened, but they have lost 25% to 30% this week! We have lots of companies where the fundamentals have improved because of the lower price of oil. We have many companies that will improve when the ECB cuts rates, and now that the price of oil, the big inflationary bugaboo, is down big, Europe can act. But oil isn't down so much that we can slash price-to-earnings multiples of 4 and 5, as the cash flows are totally intact.

"And we have stocks with historically high yields that have no problems paying them: Altria (MO), Kraft (KFT), Bristol-Myers (BMY), BP (BP), Caterpillar (CAT), Nucor (NUE).

"Frankly, we are overdone, and even if we go down, we have to start focusing on companies that benefit from lower oil prices or don't get so hurt by them -- particularly because I don't think oil is going $10 lower, using Exxon Mobil (XOM) as a tell, because there is more upside than downside for many of these stocks."

For more of what Cramer's had to say about Friday's top-searched stocks, including Teva (TEVA), Fastenal (FAST) and Family Dollar Stores (FDO), please click here.

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Bristol-Myers, BP and Kraft for his Action Alerts PLUS charitable trust.)


Posted on Nov. 23, 2008