To all the Fatheads that listened to Cramer dog LU with his big mouth lies he called 'rumors' just before earnings, listen up! This scmuck's own self serving PR firm Street.com is in serious trouble. Just goes to show you what Cramer is all about, a pie hole spewing HOT AIR!!! He cant even get along with his partner. I know that guy's a cocaine addict (not really). Ever seen anybody so wired up so early in the morning (CNBC)? His eyes are dilated to a 20!
Now the Fatheads are losing out on LU's gains and your leader is going down the tubes. No wonder CNBC loved him, he's a no nothing like all the rest on CNBC (except Bob Pisani).
GO TO H*LL CRAMER!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
cbs.marketwatch.com
TheStreet's CEO walks away
Update: Comment from co-founder Cramer
By Brenon Daly, CBS
MarketWatch
Last Update: 12:59 PM ET Nov 7, 1999
Pulse Report
NEW YORK (CBS.MW) -- TheStreet.com shares might face a
rocky opening Monday after the online financial news service
said Chief Executive Kevin English would leave his post just a
year after taking the helm.
Thomas Clarke, who
serves as the chief
operating officer at
the company (TSCM:
news, msgs), will
replace English, the
company said
Friday.
Investors and
analysts said the
resignation raises
questions about the
future of the news service, which went public in May and just last
week launched a joint news page with The New York Times
(NYT: news, msgs). The subscription news service in its most
recent quarter suffered a loss of $7.8 million vs. $3.2 million in
the year-ago quarter.)
"You have a real problem when a company goes public and then
months later a top-ranked executive leaves, said Derek
Reisfield, a managing director at I-Hatch, a venture capital firm in
Manhattan. A strong management team at a start-up is
imperative, said Reisfield, who is a former president of CBS
New Media in New York.
Still, the financial news company has the backing of several
powerful partners, including The New York Times and venture
capital firm Flatiron Partners in New York. In TheStreet.com's
announcement, the company said Fred Wilson, a managing
partner of Flatiron Partners, will become chairman.
TheStreet.com's shares dropped 2 1/8 to 16 7/16 after the
announcement Friday -- on trading that was twice as heavy as
average. Since going public in May, the stock has fallen steadily
from about 60.
Joel Krasner, an analyst at FAC\Equities, said he doesn't expect
the announcement to signal any dramatic change in policy
near-term at the New York-based company. "At some point it
may be worthwhile for a company like them to look to merge with
someone else that can complement their product line," he said
Others said any sale would be difficult. "Given the Street's
valuation, I'd be surprised that they are an acquisition target,"
said Mark Goldstein, a venture capitalist at Softbank.
For its part, TheStreet.com said in a release that it "remains on
track to meet all of its financial and operating performance
objectives." Analysts expect TheStreet to lose $1.38 per share
next year, compared to a projected loss of $1.39 this year.
More pressure
There may be more pressure on the stock next week, as the
lock-up period following the company's IPO expires on Monday.
An additional 11 million shares will be available for trading, on
top of a float of about 6.3 million.
English won't be leaving the three-year-old Web site empty
handed.
He's got options for a total of 521,316 shares, at a strike price of
just 15 cents, according to David Coleman, editor of Vickers
Weekly Insider Report. His departure package wasn't
immediately released.
The co-founders of the site are Martin Peretz and James
Cramer, both of whom also serve as directors for the company.
Cramer, a columnist at the company, is a well known fund
manager. (Editor-in-chief's note: Cramer said a report by
CBS.MarketWatch.com that Peretz and he are no longer
talking to one another was untrue. "Marty and I talk three times a
day, every day. We reconciled five months ago, and I toasted
him at his 60th (birthday)," Cramer said in a note to
MarketWatch.com this weekend. "We work closely together."
CBS.MarketWatch.com apologizes for the error.)
TheStreet has built its reputation -- and a $450 million market
cap -- on its gadfly financial journalism and commentary, which
includes regular articles from Cramer and columnist Herb
Greenberg. The media company on Friday closed off its
conference call to reporters. |
