Unemployment jumped to 7.2%, leaving investors running for the exits on Friday.
While this was expected, and while overall the week brought no major surprises, investors still recognized the dismal news and gloomy outlook.
Oil also sank, bringing energy stocks along with it. Occidental Petroleum (OXY) and Schlumberger (SLB) both got hammered on Friday.
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 lately.
These stocks could be in the news for a number of reasons. Some require immediate attention while 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 Lennar (LEN):
"I get it. The numbers are much worse with the revisions. So people don't 'like the action.'
"And now they remember that we are overbought. Plus, Lennar's 'Ponzi scheme' charge and the miserable numbers and horrible projections at KB Home (KBH) make people feel that all of these mortgage declines don't mean anything.
"It's funny, I can more easily craft a positive housing story off the cost of mortgage money -- and I don't believe the Lennar story, although as soon as you see 'Ponzi scheme' these days you freak out -- than I can for tech.
"Looks like I am not alone today.
"Yet the day is early. I am taking Bob Byrne's guidance on where the bears can take us before we bounce.
"The reason I think that today's a tough day to rally is that the oil leadership is not going to be here with nat gas collapsing ahead of big winter storms, oil not holding $40 and Exxon (XOM) seemingly going back to $75 and not $80 -- all of those big oil stocks always trade toward a particular strike. Chevron's (CVX) bad news is actually affecting the stock! Egads!
"Yesterday someone tried to run up the Oil Services HOLDRs (OIH) in my face. The puts I suggested buying looked like losers.
"Nah.
"They are still the best place in town. That group's just started getting hit. Sell 'em."
For more of what Cramer's had to say about Friday's top-searched stocks, including Las Vegas Sands (LVS), Halliburton (HAL), DryShips (DRYS) and Heinz (HNZ), check out the Cramer's Take portfolio on Stockpickr.
Posted on Jan. 11, 2009
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