*Well, very interesting. Love him or hate him, Cramer is now long SGI (see below). Wall St may be waking up to this value tech/cash/takeover/undiscovered Linux play. Maybe the last restructuring will be Belluzzo's positive legacy to long-suffering SGI shareholders...
thestreet.com
COMMENTARY >> WRONG! DISPATCHES FROM THE FRONT
Where Credit's Due
By James J. Cramer
8/25/99 11:58 AM ET
The point of what we are trying to do here sometimes gets
lost, even among our fellow media services.
Take yesterday. I had a column on how the Street loves
Richard Belluzzo from way back when he was at
Hewlett-Packard (HWP:NYSE). I knew from Adam
Lashinsky's excellent story that Belluzzo wasn't leaving
Silicon Graphics (SGI:NYSE) just to go to Microsoft
(MSFT:Nasdaq). I knew he was going to head the software
giant's Internet division. I put the two and two together that a
manager has to and said that this story means good things
for Microsoft's Net spinoff. I wasn't alone.
I knew a half-dozen managers who agreed with me. I shared
this judgment with the site immediately.
The stock is now up 10 points. That's a humongo move on
Mister Softee.
But when I saw all of the accounts of this move, the gain
was linked to some totally unimportant appeals-court battle
with Sun Microsystems (SUNW:Nasdaq). (Sun didn't even
get hit on the news. And 10 points in Mister Softee would
translate into a heck of a lot of Sun points.)
Wrong!
Lately it has been driving me crazy when I hear so many of
our ideas pilfered by others without attribution. But this
wrong-headed extrapolation of a stock move really galls me.
OK, I have vented.
You, the reader, are the winner. You get to take advantage
of the correct spin even as others get it wrong. I guess that
has to be enough for me. It's beyond me how all of these
other news organizations can simply avoid citing us, but
whoever said life was fair?
Random musings: At any give time, we have about
150,000 people looking at us, from paid to trial subscribers.
Three years ago, that would have been 1,500 paid and trial
subscribers. Sorry for the confusion this morning.
James J. Cramer is manager of a hedge fund and
co-founder of TheStreet.com. At time of publication, his
fund was long Silicon Graphics and Microsoft. His fund
often buys and sells securities that are the subject of his
columns, both before and after the columns are published,
and the positions that his fund takes may change at any
time. Under no circumstances does the information in this
column represent a recommendation to buy or sell stocks.
Cramer's writings provide insights into the dynamics of
money management and are not a solicitation for
transactions. While he cannot provide investment advice or
recommendations, he invites you to comment on his column
at jjcletters@thestreet.com.
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