Updated from 6:57 a.m. EDT
Deja vu all over again. Another bloodbath. It began with
Research In Motion
earnings and ended with oil prices spiking to near all-time highs. The increase is arguably attributed to OPEC's saying that oil could surpass $150 and Libya's stating that it may cut production.
Meanwhile, the U.S. economy performed better than expectred in the first three months of the year according to a Commerce Department report released yesterday. While the 1% first-quarter growth in GDP is a positive move, the performance is still subpar on a larger scale. Some analysts have stated that normal growth would be along the lines of a 2.5% to 3% pace. The growth is widely attributed to stronger sales of U.S. products overseas.
Making other headlines,
, saying its $46 billion takeover offer is too low. This could set the stage for a hostile takeover battle.
We also had Goldman Sachs issuing a sell on
as well as on
. There simply wasn't much to cheer about yesterday.
With this in mind, we thought we'd take a look at yesterday's most-searched stocks on
and see what
These stocks could be in the news for a number of reasons. Some require immediate attention; others may not. Regardless, it never hurts to hear what Cramer (or any of the other professional investors on the site) has to say about them. The key is to gather as much information as you can in order to make the most informed investment decisions you can.
getting hammered, we'll kick it off today with
recent post to his RealMoney.com blog
, Cramer breaks down the natural gas plays, including Devon:
"Are they lying or just stupid? That's what I think when I see oil down big. Once again, we took our cue from the oil inventories, which simply fluctuate in America week to week, but we never seem to factor in how unimportant we are. Consider this: We have about a 4% decrease in driving year over year. If that's the marginal fact that influences oil, shouldn't we be down year over year with oil? Shouldn't oil be softer than last year, when we were driving more? But the people who endlessly trade everything are so micro-focused that they never ask themselves how that can be. It is why I always urge people to buy these stocks when they are ugliest, which tends to be on the Wednesday after a big inventory number. Let me give you another heads up: Natural gas is down because of an inventory build. Here's what you need to know, and I know it because I met with Spectra Energy (SE) - Get Report last night and follow Williams and own El Paso (EP) for Action Alerts PLUS. We have increased storage for natural gas by about 10% year over year, but overall there is VERY LITTLE STORAGE SPACE for natural gas to begin with, so it doesn't really matter what the inventory numbers are. You catch five hot days, and that inventory is gone. What matters is simply that natural gas has historically sold at a 6-to-1 ratio, and the longer the $130 price holds, the more obvious that natural gas is way too cheap. Now, natural gas is taking big share for homeowners right now, but there are still many places where we need more power plants to be built. Yesterday there was a classic article in the Metro section of The Washington Post that residents in Western Virginia -- coal country -- are fighting to keep a coal plant from being built. They want natural gas. That's the issue right there. If the people in coal country won't build coal plants, if oil is so expensive, and if nuclear is pretty ridiculous as an alternative and solar is still not ready for prime time and wind only works where it is windy, there is only one alternative, the cheaper alternative -- natural gas. So hold your nose and buy the usual suspects -- Devon, Ultra (UPC) , El Paso, Apache (APA) - Get Report, Southwestern (SWN) - Get Report, Chesapeake (CHK) - Get Report and Anadarko (APC) - Get Report -- because they have all been endlessly hammered and are way, way too cheap."
For more of Cramer's opinions on yesterday's most-searched stocks, including
, check out the
portfolio at Stockpickr.com.
(Editor's note: At the time of publication of this article and/or of original publication of his posts and shows, Cramer owned El Paso, Goldman Sachs, Devon and Southwestern for his Action Alerts PLUS charitable trust. Cramer is a featured commentator for
, which is owned by General Electric; as part of his contract, Cramer holds restricted shares in GE.
Stockpickr is a wholly owned subsidiary of TheStreet.com.