The Labor Department reported yesterday that initial applications for jobless benefits for the week ended Dec. 6 rose to a seasonally adjusted 573,000. Last year at this time, initial claims were 337,000.

This headline comes on the heels of news of layoffs from companies such as Dow Chemical (DOW), 3M (MMM), Anheuser-Busch InBev (BUD), National Public Radio and the National Football League.

Also making headlines is drug-producing giant Eli Lilly (LLY). The Indianapolis-based company expects earnings of $4 to $4.25 per share in 2009, below analysts' average estimate of $4.26 per share. The company said lower than expected earnings can be chalked up to its $6.5 billion dollar acquisition of ImClone.

Meanwhile, Cincinnati-based Proctor & Gamble (PG) reported that it is on track to meet its forecasted earnings for this quarter and the fiscal year. The world's largest consumer products maker will likely hits its marks despite reporting that consumers have turned toward private labels in an effort to lower expenses.

With this in mind, we thoughtwe'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 Eli Lilly:

"Oh, doctor! Eli Lilly blows up and it goes higher. You would think it is a steel company!

"Now, here's what I know about Eli Lilly (besides the fact that its bountiful dividend can be covered easily out of those earnings): It has a fabulous chart, and in an endlessly technically driven market, that means upside.

"Last weekend I bumped into my old friend Justin Mamis, the godfather of technicians and a teacher of our own esteemed Helene Meisler.

"We had the following discussion. It went like this:

"'Hi Justin.'
"'Hi Jim, the pharmas have bottomed. Lilly is rock-solid and done going down.'

"So what do I do? Like a moron, I look at the fundamentals, I know they are about to talk, I sense the numbers are too high -- that's the case for almost all big pharma -- I know that stocks get hammered when they cut numbers, and I know to stay away.

"Oops!

"Now, I know people are willing to believe that Texas Instruments (TXN) and National Semi (NSM) and Broadcom (BRCM) have bottomed even though there is nothing good about to happen to those.

"I don't get that.

"But when I scan what Lilly's saying, I do get the sense that, at last, the worst is over (although I don't like Tom Daschle as my drug czar, as he might be willing to use the government's buying power to hold down the cost of Lilly's drugs to Medicare).

"My point: I like a bottom where there is a base and where there is a reason -- that's what we are getting with LLY.

"I don't like a "bottom" where numbers aren't low enough and the prospects are for more bleak numbers.

"And I wish I had just listened to Justin without doing homework!"

For more of what Cramer's had to say about Thursday's top-searched stocks, including Citigroup (C), Harley Davidson (HOG) and McDonald's (MCD), 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 McDonald's and Procter & Gamble for his Action Alerts PLUS charitable trust.)

Posted on Dec. 11, 2008