NEW YORK (TheStreet) -- TheStreet's Jim Cramer is not happy about the Treasury Department's announced revisions to the U.S. tax code that would discourage U.S. companies from performing tax inversion deals by merging with foreign companies and moving their headquarters outside the U.S.
Cramer asked Secretary of the Treasury Jack Lew in July if he could do anything to stop inversions, and Lew said the law did not allow his department to change anything and that it was up to Congress. But on Monday, the Treasury Department and the IRS announced the changes to the code to stop the inversions.
Cramer says he finds this ridiculous but theorizes this could be a gambit to get comprehensive legislation through Congress. But he notes that the government's announcement is causing tremendous havoc in the stock market.
The only company Cramer would buy off this news is AbbVie (ABBV) because he thinks it is a good company that would work either way. Medtronic (MDT) and Covidien (COV) are also coming down, but Cramer says he likes St. Jude Medical (STJ) .
ABBV data by YCharts