Jim Cramer Sounding More Bearish As Markets Pull Back

The stock market dropped for the second consecutive day, with the Dow Jones Industrial average losing 41 points to close at 9,707. Disappointing housing data along with falling commodity prices led to a sell-off in stocks. After the market closed, Research in Motion (RIMM: 16.49 0.00%) reported disappointing earnings results which sent the stock down over 11% in after-hours trading. Jim Cramer appeared to take more bearish tone on his Wednesday Mad Money show as well.

Here is a review of the performance of Jim Cramer’s stock picks from Wednesday’s Mad Money show.

Advanced Micro Devices (AMD: 7.25 0.00%)
AMD shares fell 6.0% today after Cramer recommended investors take profits after the stock’s recent run up. While Mr. Cramer has been bullish on AMD in the past, the stock has nearly tripled since he recommended it and he accurately predicted a pullback in the stock.

Mobile Internet Tsunami
Cramer also seemed to offer an accurate prognostication of the pullback in the leading mobile internet stocks. Mr. Cramer said that investors should expect another 3 – 5% pullback. Today, Apple (AAPL: 476.68 0.00%) only fell slightly, but Palm (PALM: 0.00 N/A) fell nearly 5% and Research in Motion (RIMM: 16.49 0.00%) dropped 3% before falling another 11% in after-hours trading.

Cramer did emphasize that investors should recognize this pullback as a great buying opportunity. He continues to be a strong believer in the mobile internet tsunami and believes we are still early in the trend.

Cramer’s Lightning Round stock picks:

Huntsman (HUN: 13.59 0.00%) fell 2.0% – Cramer was bearish on the stock and believes the rally is over.
Spectra Energy (SE: 31.01 0.00%) dropped 1.2% – Cramer was positive on this stock due to their high 5.1% dividend yield.
Dana Holdings (DAN: 15.51 0.00%) fell 3.1% – Cramer warned investors not to buy until the stock pulls back further.
Philip Morris International (PM: 77.88 0.00%) dropped 1.1% – Cramer believes investors have already missed the move in this stock and is now bearish on PM.