On a brutal market day like Friday, Jim Cramer thinks it is important to remember that picking individual stocks still matters, even if it doesn't always feel that way.
This is why Cramer decided to take a closer look at two peculiar pieces of research that surfaced on Wall Street in two large-name stocks. On Dec. 1, Morgan Stanley upgraded British drug company AstraZeneca to overweight from underweight, and Bank of America Merrill Lynch downgraded large engine maker Cummins to underperform from buy.
Why was this strange?
Cramer found these actions unusual because typically analysts will only upgrade or downgrade a stock by one notch at a time. So, if it has a buy rating, they will take it down to a neutral, and then later maybe downgrade it again to a sell.
"You know that I never take this sell-side research as gospel, and you shouldn't either. But following these Wall Street analysts can be an important part of your homework," the "Mad Money" host said.