Stocks get slaughtered on bad news from General Motors ( GM) and no new stimulus package from China. Financials dominate the top 10 starting with General Electric ( GE). The CFO of the struggling company tried to reassure investors proclaiming that the selling in GE's shares was "overdone."
Next is Citigroup ( C). The stock finally slipped below $1. Bank of America ( BAC) and Wells Fargo ( WFC) make the list with Moody's Investors Service warning that it might downgrade both companies . JPMorgan ( JPM) is next. Moody's changed its ratings outlook to negative from stable due to higher credit costs and difficulties in raising future capital. Switching gears, oil biggie BP ( BP) is on the list after the company reaffirmed its dividend. Cramer is buying this stock for his Action Alerts Plus Portfolio, to see how he is buying it email firstname.lastname@example.org for a free trial now . Next is DryShips ( DRYS). Stock is down as much as 10% as shares reversed huge Wednesday gains. Industrial, Caterpillar ( CAT), makes the list. Shares are sinking now that China doesn't seem to be getting any new stimulus package. Jim Cramer said on Mad Money that the stock has fallen victim to a short squeeze but is solid for the long term. U.S. Steel ( X) is next after the company announced it will shut some operations in Ohio for a few weeks and lay off 77 employees. Stock also pulled back today after a pop on Wednesday. Rounding out the top 10 is tech favorite, Apple ( AAPL). Reports indicate that the company could start selling the iPhone in China. Also, a new application allows a consumer to access the Amazon ( AMZN) Kindle on your iPhone or iPod touch.