Jim Cramer announced on a "Wall Street Confidential" segment today that he's renouncing tech, which tech must really be beating itself up over, the loss of Uncle Jimbo's support. Why is he turning his back on a sector he previously shilled for like Alfonso Reibera for Pepsi? Well, he's "frustrated" with it. It's the only cohort where you get a good earnings per share number and the stocks do nothing or go down, it's the worst risk-reward in the game, no "pizzaz," no new product cycles. The disappointment of VMware, blah blah blah let's just cut the bullshit. The real reason Cramer is suddenly saying he was wrong about Tech is that he read a piece from this very website earlier this morning in which the author said he agreed with the bobblehead and it's just been constant waves of revulsion pulsating through his body ever since. Those close to him say that Cramer has put in motion a two part cleansing process (which he'll discuss on "Mad Money" later today).
Step 1: take back anything he's ever said about anything ever
Step 2: ritual suicide on Fox Business (pay-per-view perhaps, though the particulars are still being hammered out).
Earlier: Street.com Correspondent Gets First Date As Result of iPhone
Cramer Throws in the Tech Towel [thestreet.com]
Posted by Theresa, Jan 30, 2008 11:07AM
What's next for TheStreet.com?