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Jim Cramer's 'Stop Trading!': Nab Nabors

Erin Burnett and Jim Cramer started Tuesday's "Stop Trading!" on CNBC by discussing the newly released FDIC list of 117 financial institutions having problems.

Since it's a list of numbers and doesn't mention the names of the banks, Cramer offered his own list of banking institutions that he thinks could follow in the footsteps of IndyMac (IDMC). The banks he fears are in deep financial trouble are Downey Financial (DSL), Corus Bankshares (CORS) and BankUnited Financial (BKUNA).

Each of these banks, he said, "is going to swear up and down that they're in good shape," but he's "just looking at nonperformers" and finding the banks that "look like Indymac." So when they inevitably come after him and say it's his fault, he's going to say, "'Guys, you are fabulous! You're simply fabulous!'"

Moving on, Cramer said that "people want to play the hurricane." But he said he thinks it's too risky, because there is a possibility that Huricane Gustav might not hit the Gulf Coast. Instead, he suggests that investors consider buying Halliburton (HAL - Get Report) and Nabors Industries (NBR - Get Report).

If you take a look at what the XTO Energys (XTO) and the Anadarkos (APC - Get Report) are doing, Cramer said, you'll "realize that there is a tremendous amount of oil service business." He said it's difficult to say which is a better stock to own, Halliburton or Nabors, but in the end he thinks they both are Buys.

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

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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SYM TRADE IT LAST %CHG
NBR $15.58 3.60%
APC $93.55 0.97%
DSL $20.52 0.00%
HAL $48.39 0.81%
FB $82.70 1.40%

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S&P 500 2,122.07 +4.38 0.21%
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