Why is the market acting so terribly? One reason has to be AT&T (T) - Get Report. This is one of those stocks that people really own. It is one of those stocks that hits the market right in the kisser.

I ought to know. Last night we had a sitter and my wife and I went out to our favorite diner in Millburn, the town adjacent to where we live. As I was walking out after a very satisfying meal, the proprietor stopped me and asked me what he should do with his AT&T. I told him I was extremely disappointed with these guys and the near-term prognosis was terrible. I always hate to tell people something when I know it hurts, but let's face it, this company really screwed up and people are going to sell it because it is doing far worse than they thought.

Next it was off to



to get some birthday cards and a bag of Swedish fish for a nasty sweet tooth -- and wouldn't you know it, a guy in the aisle next to the housewares says he can't believe it is me and, "What do I do with my Telephone?"

I gave the gentleman the same prognosis. Ugh. It was received with total resignation.

On the way out toward the car, someone started walking toward me with his hand out. I waved him off and said, simply: "Telephone? Sell it."

And we got in the car and went home.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at