Wal-Mart has been known for its everyday low prices and discounts, but Jim Cramer saw the company put the entire stock market on sale when it lowered its guidance for both sales and profits. This announcement prompted the Wal-Mart's stock to cascade down 10 percent, taking the market down with it.
"What's done is done. If you owned any stocks involving consumer spending you got clobbered today, and it continued after the close today with Netflix reporting domestic subscription growth that lagged expectations," the "Mad Money" host said.
But was the hideous reaction to Wal-Mart's stock justified?
Wall Street initially fell in love with Wal-Mart CEO Doug McMillon when he took over the reins in 2014. Its stock ran to $90 on Jan. 8, 2015, from $77 when he took office. Unfortunately, it has been downhill since, with the stock down an astounding 30 percent for the year as of Wednesday.