“I’ll be the first person to tell you that splits don’t actually change anything objectively, but they can make a difference subjectively in the eye of the beholder,” he said. “And I think we need them because these down-100-point moves are just too emotionally jarring for words.” (Related:Apple Investigating Stock Split: Top Analyst)
Cramer pointed out two stocks that took a beating: Priceline, down $115 per share, and Chipotle, which last month saw a 100-point drop.
Priceline, the travel-booking site, took a hit due to European weakness. “”But at the same time, there were plenty of good parts to the quarter that were overshadowed by Priceline’s stunning deceleration in bookings,” he said.