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Cramer's 'Mad Money' Recap: Dazed and Confused Markets

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NEW YORK ( TheStreet) -- If the markets can reach all-time highs with so many companies reporting miserable quarters, imagine what's possible if things actually improve. Those were Jim Cramer's thoughts on "Mad Money" Monday as he opined on the seemingly dazed and confused averages that have been ignoring a plethora of bad earnings.

Cramer said just about all the major companies upon which investors have come to rely had bad things to say this quarter, including Apple (AAPL), Exxon Mobil (XOM), IBM (IBM) and (AMZN). With his charitable trust, Action Alerts PLUS , owning both Apple and IBM, Cramer said he knows firsthand how dismal both the earnings and the outlooks have been from these former market leaders.

But the weakness continued into other stocks including 3M (MMM), AT&T (T) and Procter & Gamble (PG). Industrials including General Electric (GE) missed their numbers, as did health-care names such as Unitedhealth Group (UNH) and the banks, led by Bank of America (BAC). Restaurants including Starbucks (SBUX) were not immune to the market's wrath either, he said.

But despite all of these earnings misses and dismal outlooks, the markets still rallied, and that's due to all of the other companies that didn't miss their numbers and are, in fact, doing quite well. That begs the question: What is the market capable of doing if all those companies that missed estimates are able to recover?

Executive Decision: Chuck Bunch

In the "Executive Decision" segment, Cramer spoke with Chuck Bunch, chairman and CEO of PPG (PPG - Get Report), the chemical and coatings company that was able to beat the estimates when it reported earnings despite the fact it has a large business overseas. Shares of PPG are up 8.6% for the year.

Bunch said the global markets are a mixed bag at the moment, with continued weakness in Europe but steady growth in China. He expects only stability in Europe throughout 2013 and doesn't foresee any growth in that region until 2014. On China he remains very optimistic as that country is forecasting 10% growth this year.

Bunch was also optimistic on his company's acquisition of Akzo Nobel's North American operations, saying the merger gives PPG a number one position in Canada and is the perfect complement to his company's U.S. businesses. "There are a lot of synergies," said Bunch.
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