Cramer: BP Leak ‘Greatest Well in the World’?

BP’s gushing Gulf of Mexico oil well hasn’t seemed to let up since the company’s deepwater rig exploded back on April 20. Live shots of the spill have shown the black-brown liquid spewing out of the ocean floor unabated, proving that previous estimates of just how much oil had escaped were way off the mark. That in turn has led many of Cramer’s oil friends to describe the well as an amazing find.

“This is the greatest well in the world right now,” Cramer said. “It is literally pumping out more oil than anyone has ever seen. It has not let up one bit.”

“My friends who are oilman are saying the same thing over and over,” he continued, “‘This is the greatest discovery in this planet.’”

BP has been trying to get the pressure down to no avail, and any stalling tactics, as Cramer described them, in hopes that the leak will slow haven’t worked out either.

“It doesn’t stop,” Cramer said. “It’s the greatest find of all time.”

Of course, these oilman aren’t saying these things publicly, Cramer said, “But everybody says this well is unbelievable. No one can believe that this well won’t quit.”

In the pharmaceuticals space, Cramer cautioned overenthusiastic Bristol-Myers Squibb shareholders about the company’s impending “patent cliff.” BMY’s Plavix, used to fight blood clots after a heart attack or stroke, is coming off patent, and some analysts have revised their earnings estimates downward as a result. Cramer said he likes the stock and its 5% dividend yield, but he’s worried that people are “so enamored of the pipeline they forget about the near term.”

“So it’s not as safe, so to speak, as it may look otherwise,” he said of BMY.

One bank that Cramer has been watching closely – as has the whole world, because it’s so crucial to Europe’s financial health – is Banco Santander . The company’s CEO, Alfredo Sáenz Abad, came out on Friday, saying that the midterm outlook for STD was “brilliant.” While some describe the CEO as a “hype artist,” Cramer said, he pointed to the company’s strong Latin American and American assets as possible proof of the CEO’s statements. In any event, Abad’s comments caused a short squeeze which has pushed up STD’s share price in Friday trading.

ArcSight’s seeing a short squeeze of its own, too. Cramer said this stock was one of the most heavily shorted in the market, with few expecting the company to report the great quarter it did, and now the share price is snapping back as a result.

Lastly, Cramer said the action in National Semiconductor shows that “a little bit more optimism creeping in” to the market. This company also reported a strong quarter, though not strong enough to convert the analysts who had predicted otherwise. The fact that NSM’s numbers failed to change some of the Street’s collective mind, yet still the stock is one of the top five percentage gainers in the S&P 500, means that “people want to give this market the benefit of the doubt.”

NSM’s performance makes Cramer feel better about the tech sector as a whole, he said. He now thinks we’ve seen at least a trading range floor on the Dow of 9,760.

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