Market Declines Limit Cramer Effect

Yesterday’s across-the-board market declines limited the “Cramer Effect” with only one of Jim Cramer’s stock picks from Monday’s Mad Money show actually posting a gain. The Dow Jones industrial average dropped 161 points while the Nasdaq fell 2.3% on worries over the need for a second stimulus package. 

The one stock lifted yesterday by the Cramer effect was Old National Bancorp (ONB: 12.39 0.00%) which rose 1.7%. Cramer’s call on ONB, “It is a really, really good bank. I would keep buying more. It is not an interesting situation, but it is a cheap situation.” 

Meanwhile, other of Jim Cramer’s bullish stock picks saw massive declines. 

Schlumberger (SLB: 78.41 0.00%) dropped 9.1% – even after Cramer said that at $50 SLB was a good buy and the stock is having a good year in spite of a decline in crude oil.

Transocean (RIG: 49.44 0.00%) fell 9.4% – falling to $67 after Cramer recommended buying the stock at $60.

Boeing (BA: 75.46 0.00%) was down 8.5% – Cramer said that despite the problems Boeing has had with making the Dreamliner plane, the stock still has a safe 4% dividend yield and he would buy Boeing at these prices.

AT&T (T: 30.02 0.00%) dropped 2.1% – “I think buying AT&T is a very smart thing to do. I know it has done nothing, but you get that dividend and that dividend is safe.”