"The hardest-hit names are now trading below where they were at the start of the pandemic — in some cases, well below. These are what I call total giveback stories, and while some of them are dangerous, I admit, others represent amazing buying opportunities down here," he added.
The market has see-sawed for months as Russia's invasion of Ukraine, skyrocketing inflation, the Federal Reserve's interest rate hikes and Covid shutdowns in China shook Wall Street and led the market to downturn. Cramer told investors that rather than bottom-fishing for the worst-performing stocks, they should stick to stocks that are down but still have consistent stories that prove they are capable of making a rebound.
Jim Cramer wouldn't know a good stock if it bit him
Those stocks are toast now. Stay Away! 👋
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