Recap of Jim Cramer’s comments on Stop Trading! Thursday June 26.

Dow Drop: Cramer is not so hopeful about the next week or so, and says the setup is bad for another 400 to 500 points over the course of the next ten days.

GM (GM): While GM’s CEO Rick Wagoner says his embattled company has plenty of liquidity, Cramer thinks he will cut the dividend and bury the common stock with preferred. Stop Trading host Erin Burnett suggested perhaps GM might merge with Ford or Chrysler. Cramer says the main issue is the common stock, which is the wrong instrument; “If I were in my hedge fund business, I would be selling the common stock, or at least trying to set it up for when the preferred piece is issued,” Cramer said. “Maybe if I really like GM, buy that then."

Research in Motion (RIMM): Cramer reiterated his comments last week that no matter what RIM does, the stock is going to get slammed and it must be bought.

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