Updated from 7 a.m. EDT

It's time to crack open the old econ books. The Commerce Department reported yesterday that gross domestic product shrank at a 0.3% annual rate in the July-September period. This marks the worst showing since the economy contracted at a 1.4% pace in the third quarter of 2001, at a time when the nation was suffering through its last recession.

So are we in a recession yet? Most economists agree that there must be two consecutive quarters of a shrinking GDP to officially signal a recession.

What does this mean for the market? Stocks responded positively today, with

Oracle

(ORCL) - Get Report

,

Vale

(RIO) - Get Report

,

Intel

(INTC) - Get Report

and

Apple

(AAPL) - Get Report

leading the way.

So what does Jim Cramer think of all this?We thought we'd take a look at some of the stocks people have been searching for lately on

TheStreet.com

, including

Exxon

(XOM) - Get Report

and

Citigroup

(C) - Get Report

, and see what Cramer's had to say about them.

To find out,

visit Stcokpickr.com

.

(Editor's note: At the time of publication and/or original publication of his posts and shows, Cramer owned Freeport-McMoRan for his Action Alerts PLUS charitable trust.)

Stockpickr is a wholly owned subsidiary of TheStreet.com.