Cramer on Top-Searched Stocks: GM

Thursday provided an assortment of financial news. Two former Bear Stearns managers were arrested and indicted on securities fraud charges as a result of the collapse of two funds they oversaw. Ralph Cioffi and Matthew Tanin, ex-managers of Bear Stearns hedge funds that collapsed last year, face criminal charges stemming from a yearlong probe. The two are suspected of misleading investors about the risks inherent in the subprime mortgage market.

In related banking news, the CFO of Citigroup(C Quote) warned there could be further writedowns, and Fifth Third Bancorp(FITB Quote) seems to have stabilized a day after falling nearly 30% after announcing a dividend cut and $2 billion capital raise.

A new Labor Department report also made headlines Thursday. Jobless claims fell by 5,000 last week to 381,000 after having surged by 27,000 the previous week. The number of newly laid-off workers filing applications for unemployment benefits dropped slightly last week but remained at a level showing the strains of a weak economy. The nation's unemployment rate soared to 5.5% in May, up from 5% percent it April. That represented the biggest one-month jump in 22 years. ...