Cramer on market plunge: Coronavirus impact on companies could be 'more severe than thought' - CNBC

Jim Cramer on CNBC's Halftime Report.

Scott Mlyn | CNBC

The global stock market selloff on the widening outbreak of coronavirus beyond China indicates further negative effects on U.S. multinational companies' earnings, CNBC's Jim Cramer said Monday.

With U.S. stock futures pointing to a more than 800 point decline at Wall Street's open on Monday for the Dow Jones Industrial Average, Cramer tweeted just before 5 a.m. ET that he wanted to "deal with the facts" and not engage in speculation.

Coronavirus cases spiked in Italy as the euro zone's third-largest economy grapples with the largest outbreak outside of Asia: More than 150 reported cases and four deaths.

South Korea's cases climbed to more than 830, with seven deaths.

Global confirmed cases rose to nearly 79,500 with over 2,600 deaths — still with the vast majority of cases and deaths in China where the new virus originated.

Cramer, host of CNBC's "Mad Money," said the global nature of the outbreak makes it tougher to address.

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On Friday, Cramer was already warning that the market was not taking the coronavirus seriously enough as major U.S. companies including Apple, Coca-Cola, and Procter & Gamble sounded the alarm about dents in profits down the road.

"The virus is totally underrated," Cramer said at the end of last week.

"What I think is a little too premature is they all presume that it is going to be solved within a foreseeable time frame," he said at the time. "At what point do we say that many, many companies are going to be hurt by the virus [and] we're paying too much for stocks."

Intensifying outbreak concerns sent the Dow down 227 points or 0.8% on Friday, breaking a two-week winning streak.

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Cramer on market plunge: Coronavirus impact on companies could be 'more severe than thought' - CNBC
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