NEW YORK ( TheStreet) -- Jim Cramer, on his Monday Stop Trading! segment on CNBC, said that the game for BP (BP) changed at around 2 p.m. Monday when the New York Times reported the company was making major progress with building domes to contain the leaking oil in the Gulf of Mexico oil spill.
Cramer said if this is true, "the worst is over."
Cramer noted that BP will be the major company "on the hook," of all of those that have come under the microscope since the tragic Gulf of Mexico oil spill, and that BP would be responsible for all the costs. Still, those who believe that BP could be wiped out by this catastrophic event are wrong, Cramer said: "BP's debt-to-capital is incredible."
Shifting to the homebuilder sector on Monday, Cramer noted that Standard Pacific (SPF) was his top homebuilder pick. "SPF goes to 8. It's my best name in the group," Cramer asserted.-- Reported by Andrea Tse in New York
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