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Graham Corporation (AMEX: ) shares dropped sharply today, losing nearly all of the ground it gained on Friday, despite a positive recommendation by CNBC's Jim Cramer on his Mad Money Lightning Round. The hedge fund manager turned television personality said he likes new technology companies, like Graham, that are producing vacuum rings, pumps and other new tools to service the energy sector. As a result, Cramer recommends holding the stock as it is doing better than that rest.

Last week, Graham Corporation reported first quarter profits that were up 113% on a sales growth of 38%. Meanwhile, the firm also hiked its dividend 33% and instituted a two-for-one stock split to lower its share price. The results are clearly bullish for the company while the dividend and stock split are clear signs of management's confidence in the future of the company. However, shares sold off early in the day today after hitting a new 52-week high on Friday.

Graham Corporation designs, manufactures, and sells custom-built vacuum and heat transfer equipment to customers worldwide. The company's products include jet ejector vacuum systems, surface condensers for steam turbines, vacuum pumps and compressors, various types of heat exchangers, and plate and frame exchangers. These products produce a vacuum, condense steam or transfer heat, or perform a combination of these tasks in order to assist the energy industry.

Shares of Graham Corporation dropped $6.87, or 6.74%, to $95.10 in early trading today.

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