Cramer Bullish on the Dow in '09 -- Part III

This is the third part of Jim Cramer's series of predictions for the Dow components in 2009. Be sure to read the first and second parts.

Cramer's Dow Outlook for 2009 Company Target 2008 Close % Change Dow Point Change GM $2.00 $3.20 -60.00% -9.6 HPQ $44.00 $36.29 17.52% 61.4 HD $26.00 $23.02 11.46% 23.7 INTC $15.00 $14.66 2.27% 2.7 IBM $92.00 $84.16 8.52% 62.4 JNJ $71.00 $59.83 15.73% 89.0 Source: TheStreet.com

General Motors (GM Quote): I believe GM will disappear from the Dow in 2009, a historic change. GM could, like AIG(AIG Quote), become a zombie stock, if the common stock isn't crushed in 2009 by bankruptcy. The GMAC deal is a windfall for the company, though, and a "soldier on" situation could be in the works.

The best hope here is a Citigroup-like(C Quote) investment where the common stock is bolstered, but the union situation makes it highly unlikely that the company's fortunes can turn. This one's problematic for my whole Dow Jones projections because I believe its near or total obliteration will allow the Dow keepers to replace it with something that can rally in 2009. Cost-cutting just won't make it; there is way too much overcapacity in this industry. ...