The phenomenon doesn't appear to be limited to drug stocks. Cramer sees it across a wide range of sectors.
"How about telecom and AT&T," he added. AT&T reported a decline in revenue that was below market expectations, but the company added more wireless subscribers than expected, driven by sales of tablet computers with cellular connections.
Nonetheless, "AT&T's 'weakness' was subsequently used as an excuse to sell Verizon," Cramer said.
Even more lemmings.
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The same phenomenon appears to be underway in consumer staples sector, too.
"Procter & Gamble's beat was regarded as a beat with no soul," said Cramer. As a result, Cramer said investors sold Colgate, Kimberly-Clark, Clorox and even PepsiCo and Hershey – all finished the session in the red.
So many lemmings.
What's the bottom line?
Cramer can't help but question the weakness in many of the stocks listed above; in other words he wonders if the selling was really warranted by fundamentals or if it was simply one seller following another.
"Now, I understand that some of these stocks were up too much," Cramer conceded. "But in many cases these stocks have the characteristics of classic growth equities: that is, terrific prospects, strong predictable growth that's not expensive in the out-years, and crystal clear balance sheets to fund them."
Cramer thinks it's entirely possible that investors clobbered some of these stocks recklessly.
"Could this be an opportunity," Cramer mused. "Perhaps. But, then again, there may be far too many lemmings in the market."