Don't Be Complacent on GE's Wide Miss

If you read the GE (GE - commentary - Cramer's Take) statement, you should not be in any company that makes loans for finance. Yet here's CIT (CIT - commentary - Cramer's Take), down only 54 cents. It is admittedly already pretty low, but CIT had been arguing that the commercial leasing business has been strong, and that it's the subprime and student loan businesses that are hurting.

There goes that thesis.

I would also want to sell Citigroup (C - commentary - Cramer's Take), which has a lot of businesses that are similar to GE but more poorly run. How about selling Home Depot (HD - commentary - Cramer's Take), which is barely down and yet is precisely the place you want to run from when you see those double-digit appliance numbers?

I would even question health care off this number, that's how bad it was. There's a real sense that both the U.S. and Europe aren't spending for big-ticket equipment.

In short, the market earlier in the day was too complacent about these numbers. One look at the conference call would jar you out of that in a jiff.

Two other takeaways: Infrastructure and oil and gas are on fire. Masked by all the rest. Weakness in those areas (think Foster-Wheeler (FWLT - commentary - Cramer's Take)) should be bought, not sold.

At the time of publication, Cramer was long Foster Wheeler. Cramer is a featured commentator for CNBC, which is owned by General Electric; as part of his contract, Cramer holds restricted shares in GE.

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