In this article, we will look at the stocks on which Jim Cramer shared his take, explaining that dot-com analogies do not hold up for this market. The host of CNBC’s Mad Money said Monday that the current market is punishing stocks even more severely than investors experienced in 1999.

We keep hearing this drumbeat that 2026 is 1999 all over again, with the AI stocks this time playing the role of the dot-coms. There’s a reason why we’re hearing this. It’s because lots of people want to scare you out of stocks. They want you to sell everything because after 1999 comes 2000, and 2000 ushered in a vicious bear market. Look, I’m no stranger to that era, so I can see where we have some similarities developing. I’m not obtuse here, but as I’ve been saying repeatedly, stop trying to pigeonhole this market like it’s another kind of market. No one has ever seen anything like it.

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Cramer went on to explain that one major difference between now and 1999 is the speed and intensity with which the market punishes companies that disappoint investors. He said any company that “dropped the ball” is getting crushed regardless of valuation, and added that shareholders are “unsafe at any level” once sentiment turns negative. He noted that the selloff in underperforming names has become even harsher than what investors saw during the aftermath of the dot-com bubble in 2000. He also said that some technology and industrial stocks are showing similarities to that earlier era because investor enthusiasm has become excessive in select names, while other companies have completely fallen out of favor.

Here’s the bottom line: There’s some hated socks, and some loved stocks. Right now, the hated are overhated, and the loved are overloved as they’re very good companies, but ones that have gotten overvalued in a hurry. I think every one of these stocks just needs to catch its breath. But then again, they aren’t human. It’s just humans bidding them up and humans dumping them with a level of fear I can’t ever remember seeing, certainly more emotional and less rational than 1999 or 2000, for that matter.

Our Methodology

For this article, we compiled a list of 24 stocks that were discussed by Jim Cramer during the episode of Mad Money aired on May 11. We listed the stocks in the order that Cramer mentioned them.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).

Jim Cramer’s Take on 24 Stocks: Cisco, Eli Lilly, and Ford

24. The TJX Companies, Inc. (NYSE:TJX)

The TJX Companies, Inc. (NYSE:TJX) was one of the stocks on which Jim Cramer shared his take, explaining that dot-com analogies do not hold up in this market. Cramer was bullish on the stock and other similar ones, as he stated:

The most important question today wasn’t how high QUALCOMM should go or whether Intel can get to $150. Whoa. It’s why… doesn’t the war have some more impact on Wall Street beyond a handful of retailers, travel and leisure plays?… The president tells you there’ll be a deal over the weekend, so oil plummets, then there’s no deal… It’s hard to believe that anything good will happen without a third party. The fierce rhetoric may be mere saber rattling, but it sure doesn’t make you feel like the peace deal’s on the horizon… It’s now pretty clear this war’s with us for the long haul… Lots of consumer stocks are indeed falling apart, even if they shouldn’t be.

If the consumer’s really getting weaker thanks to gasoline at $4 and change, then investors should be buying the stocks of TJX, Dollar General, Dollar Tree, Ross Stores, and Five Below, not selling them like they did today. Those have always been the natural trade-down names. TJX is superb in this environment. You can get all the merchandise at once, as other retailers are presumably burdened with too much inventory. TJX is happy to take it off their hands for pretty much pennies on the dollar. We own it for the Charitable Trust. We’ve owned it for years and years, debating whether to buy more or not. It’s come down so much.

The TJX Companies, Inc. (NYSE:TJX) sells off-price apparel, footwear, accessories, and home goods. The company offers a wide range of merchandise, including clothing, beauty items, furniture, decor, kitchenware, and seasonal products.

23. Caterpillar Inc. (NYSE:CAT)

Caterpillar Inc. (NYSE:CAT) was one of the stocks on which Jim Cramer shared his take, explaining that dot-com analogies do not hold up in this market. A caller asked for Cramer’s thoughts on the stock’s potential to go higher. In response, he said:

Caterpillar’s, you know, people forget, Caterpillar is oil and gas, and we’ve been pumping a lot more oil and gas. Caterpillar’s construction and infrastructure; we’ve been doing a lot of infrastructure. And Caterpillar’s got engines that line up and make you get to be able to have the electricity that you need to be able to hit the gigawatt numbers that all these hyperscalers want. That means that Caterpillar is a buy. Good stock to end on.

Caterpillar Inc. (NYSE:CAT) provides heavy machinery, engines, turbines, and rail equipment. In addition, the company offers power systems, parts, and support that keep the equipment working. Cramer discussed the stock during the April 30 episode, as he commented:

I remember the days when our economy ran only on the consumer… However, with the arrival of data centers, no surprise to see that Caterpillars on the list of hottest stocks, up 10% today… It’s got a ton of business from the data center build-out. In a new twist, though, investors, actual investors, are putting together groups, buying and then going and buying, okay, get this, buying hundreds if not thousands, of engines, CAT engines.

They’re stringing them up… And they are taking the natural gas from the hills in West Virginia, pumping it through these actual Caterpillar engines and building their own power plants basically off the grid. And this is just driving a huge amount of business for CAT. I was always worried these guys might have too much inventory. After I heard that story, I worry they don’t have enough. And again, if the power grid has to get much bigger, that means a lot of construction for the utilities. Who do you think they’re going to call? That’s right, Caterpillar, and a huge number of workers. Again, strong for the economy.