Pharmacy retailer Walgreens (WAG: 33.13 -0.99%) dropped 5.7% after reporting worse than expected quarterly results. The disappointing earnings results weighed more heavily on the stock that Cramer’s comments on Friday that he liked the stock “a lot”. 

Other stock picks that tumbled today: 

MetLife (MET: 37.69 -0.03%) down 7.5% – “MetLife did not need TARP. It’s a very good situation. Two thumbs up.”

JP Morgan Chase (JPM: 38.30 +1.14%) down 6.1% – “It’s a good time to buy JP Morgan on sale.”

Union Pacific (UNP: 114.35 -0.29%) down 5.3% – “They have the ability to cut costs and grow not just revenue but income.”

First Merit (FMER: 16.55 +0.30%) down 4.5% – “I still think that FMER is going to be the winner, when the smoke clears.”

BP (BP: 46.97 +0.79%) down 4.1% – “It’s a good time to buy BP on sale.”

Hasbro (HAS: 35.73 -1.87%) down 3.3% – “Hasbro is a cheap stock and has steady, consistent growth.”

Cramer took yesterday’s positive new housing starts number to indicate that demand is returning to the market as inventory levels decline and homebuilders feel confident that they can get to work again. While Cramer warned against buying homebuilders just yet – he did recommend buying banks with significant mortgage exposure like Wells Fargo (WFC: 30.63 +1.22%), JP Morgan (JPM: 38.30 +1.14%) and Bank of America (BAC: 8.13 +3.57%). 

Unfortunately, financial stocks took a beating today with Wells Fargo dropping over 5%, Bank of America fell over 3% and JP Morgan Chase falling more than 2%. 

Bullish comments about Sociedad Quimica (SQM: 59.31 +0.88%) and Terra Nitrogen (TNH: 210.50 +4.31%) also failed to lift their stock prices today with SQM falling over 4% and SQM dropping more than 3%. 

In a contrarian play by the markets today, all of Cramer’s bearish stock picks on yesterday’s Mad Money show ended up posting gains for the day. Domtar Corporation (UFS: 92.43 +0.49%) gained nearly 2% despite Cramer saying, “I’m not buying it. I think it’s going right back down… sell, sell, sell!” Bearish comments about Taiwan Semiconductor (TSM: 14.19 +1.00%), Duke Energy (DUK: 21.38 -0.47%) and Gamestop (GME: 24.49 +3.20%) also failed to influence the markets as all three posted solid gains. 

However, the “Cramer Effect” helped lift the semiconductor sector today after Cramer recommended Cadence Systems (CDNS: 11.76 +0.17%), Broadcom (BRCM: 37.66 +1.32%), and Brocade Communications (BRCD: 6.12 +1.66%).