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“Patrice Louvet Does a Fantastic Job” — Still “Getting Killed”

We recently published a list of Jim Cramer’s Complete Black Monday Warning Plus 10 Stocks. In this article, we are going to take a look at where Ralph Lauren Corp (NYSE:RL) stands against other stocks that Jim Cramer discusses.

In his appearance on CNBC’s Squawk on the Street on Friday as markets were crashing for the second consecutive day, Cramer commented that China’s decision to announce reciprocal tariffs meant that the world was in a tit-for-tat environment. He outlined:

“Well, I think we are in a tit for tat environment. I think that when you look at what they are gonna bang us first, it’s gonna be ag. It won’t feel that much and the President and Congress will give them checks cause that’s what we do as a country and we’ve done since 1933. I do think away from that it’ll be technology. Or either starting some investigations that are bad.”

Cramer also believes that the situation was poorly handled. He has long supported tariffs against America’s trading partners as he believes that American companies are unfairly restricted from selling their goods worldwide. However, he commented that “we can go further deep into how poorly we’ve handled this situation. And I’m happy to do that. I think that it’s very disappointing, for us who would favor fair trade and tariffs. We’re still struggling with what exactly they were doing. Uh, for a position that I’ve long since held that could have been great. The botching of it is quite extraordinary.”

One of Cramer’s most stunning remarks during the show came when he wondered whether the selloffs on Thursday and Friday were leading to something more diabolical. The full remarks deserve to be quoted:

“Okay so on Wednesday, October 14th, I don’t know if I have to mention the year, Dow was down 3.8%. On Thursday, October 15th, the Dow was 2.4%. On Friday, October 16th, the Dow fell 4.6%. On Monday, the Dow fell 22.6%. That’s where were are unless the President changes course. That’s called a Black Monday, that’s called a 1987. I think that’s a very good analogy. The other one’s with the April 2000, and then maybe March of 2020. Those are the good ones. The good ones are, I was hoping for a good one. But the best I can come up with is April 2020 when there was, March 2020 when we, that was of course one of the worst declines. But then, the April 2000 and the big switch out of tech and into Bristol Myers and Coca-Cola, that works too. Not initially, but that one works.”

Like all of us, Cramer’s co-host Carl Quintanilla was also stunned. He asked Cramer if he was warning about a true market crash. In response, Cramer added that if  “you bottom fish Thursday and if you bottom fish Friday in 1987, you slept with the fishes on Monday.”

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