When a $122 stock has a big swing in one day, like Boeing did on Wednesday, then Jim Cramer gets suspicious.
Generally, this means that something has gone wrong. Either there was a problem with the reporting process in general or with the stock in particular. That leaves investors to wonder if someone misled them, creating a false sense of positivity.
But that's not always the case, explained Cramer. He uses the case of Boeing as a cautionary tale, not about the company itself, but about how analysts can perceive a stock. He says that's what led Credit Suisse to downgrade such a strong stock on Thursday.
Taking a look back, investors breathed a sigh of relief on Wednesday when Boeing reported and raised its guidance substantially. The stock traded higher at first but then quickly unraveled after the company conference call.