NEW YORK (
) -- As the market continues its recent bloodbath, sliding lower Monday afternoon, defensive names like
are on the upswing.
"There's been an endless accumulation of General Mills," Jim Cramer said during his
segment on CNBC.
Meanwhile, Cramer noted, quintessential mineral company
Freeport-McMoRan Copper & Gold
is being hammered, down 4.2% to $60.19 in midday trading. Cramer said that Freeport is the best-run mineral company and that it's is "painful" to watch as it "trades like death."
Cramer said he would be behind
, but is worried states may begin taxing the Internet retailer.
is starting to see some backlash in China. Goldman Sachs is often viewed as the most successful foreign investment bank in China, and Cramer says the government there can make life miserable for Goldman.
But Cramer suggests that to see how the country really feels about the brokerage firm, investors should wait on upcoming initial public offerings. "Let's see how much Goldman gets in on them. If they really hate Goldman, they will cut them out of IPOs."
-- Reported by Jeanine Poggi in New York.
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