Bad Stocks Turn Out Worse Than We Thought

We just keep finding out that things are much worse with the bad stocks than we thought.

Take Sprint (S - commentary - Cramer's Take): everyone knows Sprint was bad. But this bad? Maybe, but it is now beginning to be priced for something drastic.

Or take MBIA (MBI - commentary - Cramer's Take). Think about how much this sucker is down after getting a big cash infusion for a really big chunk of the company from really smart guys -- I mean, really smart. Or Ambac (ABK - commentary - Cramer's Take), what the heck? A $32-a-share charge?

Cramer: I Stand By My CNBC Rant

Or how about Under Armor (UA - commentary - Cramer's Take)? Crushed and crushed, and it turns out it was still too high because the company has decided not to show profits but to grow! That just raises a ton of questions, because most good companies can do both!

Or take American International Group (AIG - commentary - Cramer's Take). Over and over again we have heard that the company has very little risk to the mortgage mess as a percentage of its book of business. But there it goes, lower and lower.

I don't even know if these are buying opportunities because I don't even know what the heck they are worth. I can't even guess.

So the process goes on and the bottom gets more and more elongated.

At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.

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