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), Vale ( RIO), Intel ( INTC) and Apple ( AAPL) 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) and Citigroup ( C), 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.

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