Cramer's 'Mad Money' Recap: News That Matters (Final)

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"Don't let the stories in the newspapers cloud your judgement on the markets," Jim Cramer told viewers on his "Mad Money" TV show Tuesday.

He said newspapers are in the business of selling papers, not reporting on what's important. Investors who take their cues from the papers, he said, will be misled.

Using today's major papers as examples, Cramer showed viewers the "headlines" of the day, including several major stories on how the auto and airline industries are in the amidst of a terrible summer, with a horrible fall season looming large.

"This is not news," said Cramer, noting that the airlines and the autos have been in decline practically his entire career. "News is something, well, new," he said, "something you can't predict."

What is real news? Cramer said it's railroad CSX (CSX Quote) beating its numbers. He said it's semi-conductor equipment maker Novellus (NVLS Quote) not getting crushed at this point in the economic cycle.

Yet he said neither of these stories are being covered because they don't sell papers.

According to Cramer, both CSX and Novellus are newsworthy, because unlike the airlines and the autos, these companies cut costs, made the hard decisions and made themselves competitive in an increasingly competitive and challenging market. "These companies are the opposite of the autos and airlines," he said.

Cramer cautioned investors to be cynical of news headlines and do their homework to dig out the real news and the real winners in the market.