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Stocks discussed on the in-depth session of Jim Cramer's Mad Money TV Program, Wednesday October 28.

The Correction is at hand: Google (GOOG), Apple (AAPL), SPX (SPX), Panera Bread (PNRA), Colgate-Palmolve (CL), Walmart (WMT), Coca-Cola (KO)

The 5-7% correction Cramer has been predicting seems to be here; the Nasdaq's 2% decline, the Dow's 119 point drop and a "tell" on the industrial sector, SPX (SPX), fell 11% after a "major guide down." Panera's (PNRA) strong quarter and 7% rise in stock price seems to be the exception to the rule. However, weak home sales, oil prices and computers indicate increasing bearish sentiment; "We are right to worry that a new leg down might have begun.”

The banking, oil and technology sectors that propelled the market after March lows are starting to show signs of weakness; even Google (GOOG) and Apple (AAPL) are starting to slow down. The only strength on Wednesday came from defensive stocks, such as Colgate (CL), Walmart (WMT) and Coca-Cola (KO). Cramer recommends taking profits while some stocks are still healthy, and he added,“My conclusion is this market smells no end to the recession, and that we have seen the highs” for the year.

L-1 Identity Solutions (ID) CEO Bob LaPenta

After Cramer recommended the stock on October 16th, L-1 Identity Solutions (ID) has declined 4% after reporting a mixed quarter and giving weak guidance. Did Cramer make a mistake or is the stock's decline a buying opportunity?

Bob LaPenta discussed the company's progress; just three years ago, L-1 Identity Solutions was a $50 million company that was not yet profitable, but today ID is the leading stock in the biometrics space. Its revenues are $700 million and earnings are $100 million. LaPenta says analysts are nervous about an acquisition L-1 paid cash for, but predicts once the debt is paid off, the company will have a strong cash flow once again. LaPenta reminded Cramer that he is the number one shareholder and he sleeps well at night. Cramer reiterated his recommendation to buy L-1 Identity Solutions.

The Redemption of Lewis Campbell, CEO Textron (TXT)

Cramer wishes more of his "Wall of Shame" CEOs would behave like Lewis Campbell, who redeemed himself and turned Textron (TXT) around. The CEO of the aerospace and defense company was placed on Cramer's infamous wall in June for reducing guidance and failing to turn Textron around. Instead, Campbell made secondary and bond offerings out of desperation to rescue Textron's failing financial division. Campbell's luxury flights at the company's expense also didn't put him in a good light.

However, since June, Textron's stock price has climbed 61% and the company beat earnings estimates by 5 cents. The secondary offering was not so awful and might have made investors money. Campbell also made the wise decision to wind down the company's financial division. Cramer said he hoped to see other redemptions from his dreaded wall in the future.

Under Armour's (UA) Underhanded Math and The Dole (DOLE) Debacle

Under Armour (UA) thought it could get away with "creative math" but investors are not fooled. The company announced it beat expectations by 8 cents a share, but raised guidance by 5 cents a share; this means the company was actually 3 cents short. Cramer expects investors to punish the stock. Cramer was also critical of Goldman Sachs's (GS) tricky addition of $300 million in corporate bonds to Dole's IPO (DOLE), a move which caused the stock price to drop from $12.50 to $12.10. While the action was not illegal, Goldman's sleight of hand might be the kind of strategy that will drive investors away from IPOs.

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Source: Cramer's Mad Money - The Correction Is upon Us (10/28/09)