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NEW YORK ( TheStreet) -- Today could have been called "national lemming day," Jim Cramer told "Mad Money" viewers Wednesday, because analyst after analyst took the plunge and downgraded their favorite stocks.
That was certainly the case with
(AAPL - Get Report), a stock Cramer owns for his charitable trust,
Eli Lilly (LLY) posted good numbers, said Cramer, but that, too, wasn't enough for the analysts, who felt cost-cutting needed to be coupled with revenue growth. That was enough to take down the whole drug sector.Meanwhile, Amgen's (AMGN) revenue miss took that stock down over 6% in today's trading, taking the rest of the biotech group, including Gilead Sciences (GILD) and Celgene (CELG) along for the ride. The lemmings followed suit in the telco group, with AT&T (T) giving investors an excuse to sell Verizon (VZ), among others, while Procter & Gamble (PG) spurred selling in Kimberly-Clark (KMB) and Clorox (CLX). A few stocks managed to escape the analysts, Cramer concluded, including Starbucks (SBUX) and Chipotle Mexican Grill (CMG). But for most stocks, it was a classic tale of follow the leader.