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FedEx's fiasco sends another sell signal. But some stocks won't be hit as hard

Published Thu, Sep 15 20228:13 PM EDT

Jim Cramer @jimcramer

Let's just say I wanted to be more positive — but there was, alas, nothing to be positive about really. I am talking about my interview Thursday evening with Raj Subramaniam, the new CEO of FedEx (FDX), who literally gave me no reason whatsoever to have any hope about avoiding a worldwide recession. In fact, I asked Raj if that was going to happen and he said: "I think so." First, let me say it took a lot of guts for him to come on after the company reported a terrible quarter, withdrew forward guidance and announced cost-cutting measures. That's a positive, I guess. Second, the stock was plunging so fast — down more than 16% in after hours — that it might settle-in in a couple of days. As I said at the top of "Mad Money," most of our problems are manmade. If China were to use Moderna 's (MRNA) vaccine and if Russian President Vladimir Putin would simply realize he can't win in Ukraine, then we won't care one whit what Raj had to say. But I have been saying those positives could occur for months now, and they simply may not be relied upon as the people who run these two countries — China and Russia — are responsive to no one but themselves. What jarred me so much Thursday evening was that I have such respect for FedEx that I kept thinking the CEO would say something positive. Twice, I asked him just to tell me something good and he had nothing good to say. Things had gotten worse pretty much week after week since the end of the June analyst meeting, shocking in itself. He did say he would continue the company's buyback, but I actually am not so sure that's a good idea because the holiday season is coming up and he needs to keep a competitive edge. But what will be most worrisome for people is the notion of the U.S. clearly now headed downhill. You literally have to hope that Federal Reserve Chairman Jerome Powell