Most equity markets closed lower on Monday as anxious investors waited on information out of Washington on both the stimulus package and possible plans to assist banks with bad assets.

Economic news was mixed for the day. Macy's (M) announced 7,000 job cuts and plans to slash its dividend. Mattel (MAT), the world's largest toymaker, reported a much higher-than-expected 46% quarterly drop in profits resulting from poor holiday sales.

On a brighter note, the Nasdaq gained 1.2%, led by Microsoft (MSFT) and Apple (AAPL), as investors made bets that the administration's stimulus plans will benefit tech stocks.

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 Alcoa (AA) and other companies that are cheap right now:

"You always need some sort of thesis, some worldview, to make you buy stocks. You can say, 'With the amount of money being pumped in, something good can happen.' Or you can say, 'Stocks are cheaper than they have been in years.' You can see Alcoa, Textron (TXT), International Paper (IP) -- great American companies in single digits -- and conclude, 'You have to buy something.'

"And then you look at what's underneath: a stimulus plan that's stimulates next to nothing, not even Wal-Mart's (WMT) earnings, it is that small; stocks of companies that no strategic buyer can afford to buy and the Blackstones (BX) -- see that stock's price? -- aren't able to either, even though they claim they can; and the debt situation of all of these single-digit stocks, which require bankers and bond holders to show forbearance and let things roll until the economy gets better. The research is equally as negative, hence the downgrade down here of IP over at Goldman Sachs.

"I keep coming back to this Textron quarter. They have so much money due that I don't see how they can justify saying it's not a problem. Textron reminds me of another lender that's been chronically short of capital: CIT (CIT). If you follow the CIT route, then you know that means you need more capital and the equity market is the logical one to tap, hence why Textron's common stock is down to 9.

"The aggressive shorts and the scared longs look at any company that has debt coming due or needs more credit, and presumes that the money will not be there.

"Last week, for instance, I heard that some smart short-sellers were buying credit default swaps on JC Penney (JCP) to freak people out -- yes, that's legal as they are currently configured -- swaps which then crushed the common. That triggers worries from the agencies, which spikes the cost of borrowing, which makes the company -- unless it has a great quarter -- susceptible to all sorts of whims in credit markets.

"This process is playing out everywhere, so it makes a worldview of cheap stock buying coupled with government-stimulated demand seem like a false theory to base buying on.

"Until something 'good' happens, we will be in more of the same territory, relentlessly, and that means days where you simply can't afford to take advantage of the dips without risking annihilation.

"Random musings: If you really believe in the energy portion of the stimulus package, you should believe in Owens Corning (OC) as an insulation play -- there's money in the bill for it. I don't think it works because of the decline in oil prices. But at least it's a play on it!"

For more of what Cramer's had to say about Monday's top-searched stocks, including Dow Chemical (DOW), Nuance Communications (NUAN) and Boston Beer (SAM), check out the Cramer's Take portfolio on Stockpickr.

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

Posted on Feb. 3, 2009