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Stocks discussed in the in-depth session of Jim Cramer’s Mad Money TV program, Wednesday November 19.

Market Triage: Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), GM (NYSE:GM), Ford (NYSE:F)

The Dow jumped off a cliff on Wednesday, falling 427 points and reaching below 8,000 points for the first time in 5 years. The market is in the emergency room with financial stocks Citigroup, Goldman Sachs and Morgan Stanley on one side and Ford and General Motors at the other side. It is a triage situation in which the government has limited resource and has to decide which group of patients to rescue first. Cramer says Treasury Secretary Hank Paulson has decided to save his friends, the financials rather than the homeowners who were really hurting, and Cramer thinks it is unlikely the autos will get the help they need. Cramer once again urged the government to bail out the autos which would mean “more bang for the buck" than bank aid. He fears the failure of the autos might spell another Great Depression. But the doctors in this scenario had better not put off things until the Obama Administration, or the economy might lose too much lifeblood.
 
What’s Good for Hewlett Packard (NYSE:HPQ), Intel (NASDAQ:INTC), Corning (NYSE:GLW), Cisco (NASDAQ:CSCO)
 
Cramer expected to see some pin action from Hewlett Packard’s excellent fourth quarter preannouncement, but what did he see in tech? Not a pin in sight. Intel makes chips for HP computers, but the company announced things are bad. Cisco discussed a slow down and Corning cites a lack of demand for monitors as a reason for the company’s decline. “Hewlett Packard is the kind of company that can generate genuine pin action. What was good for Hewlett-Packard used to be good for dozens of companies. But not this time," observes Cramer. Although the stock is not necessarily recession-resistant and does not have a huge dividend, it is trading at 8.4 times its 2009 earnings compared to 10 times for its peers, so while Hewlett Packard’s success may not be shared by the rest of the sector, its success may breed success for itself.
 
Outrage of the Day: AIG (NYSE:AIG) and Market Wizards
 
Cramer directed his ire at two targets on Wednesday. First, given the billions of dollars taxpayers are devoting to bail out insurance giant AIG, "Is it too much to ask where that money is going?" asked Cramer, who urged AIG to open its big book and “show us the money.”
 
Cramer’s next beef was with people who brag that they “saw the crisis coming” got out in time and have everything in cash. He pleaded with these financial “wizards” to have a bit of empathy for people who have lost everything; their savings, retirement money and college funds, and refrain from bragging at such a sensitive time. In short, he told these know-it-alls to cease from boasting and to “shut the heck up!”
 
“Don’t know what empathy is? Google it!” vented Cramer.

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Source: Cramer's Mad Money - Market Triage (11/19/08)