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Cramer said Obama's comments regarding Russia scared the markets, causing it to reverse course and head even lower. Investors now fear sanctions could impact upon global growth, causing a flight to safety in bonds. "No one's sure what to pay for stocks in this environment," Cramer continued.
That was the case with PVH Corp (PVH), a company that paid $2.9 billion to acquire Warnaco last year only to miss estimates, sending shares down 14% for the year. That was until today, when investors changed course, spiking shares up 3.5% on the hopes that the deal may actually bear fruit in the second half of 2014.Then there's Facebook (FB), a stock Cramer owns for his charitable trust, Action Alerts PLUS. Facebook shares are up 139% over the past 12 months. Yet, the recent acquisitions of WhatsApp and virtual reality goggle maker Oculus have sent shares skidding as investors just can't figure out how either of these deals will be accretive to earnings. Cramer said when there's no news, the markets fill the void with politics -- and that's almost always bad for stocks. As we've seen today, investors are heading for the hills, not quite sure what's coming next.