Wrong! Dispatches from the Front
Put on Your Crash Helmet! By James J. Cramer 12/15/99 2:11 PM ET
Oh, ye of little faith, you doubters and shortsellers of Intel (INTC:Nasdaq - news), you are getting your comeuppance today. A nasty headslam of a comeuppance. Intel's always like that. You have to go the opposite of what people are thinking at a given moment on Intel. This company has been written off more times than just about any company I know, and each time it comes roaring back when you least expect it.
Earlier this week, after that downgrade, people were emailing me,
pleading with me to say that Intel had lost it, or didn't know what it was doing. Others were pounding away at their short positions, telling me that gross margins were bad, or Copper Mine was imploding or Advanced Micro Devices (AMD:NYSE - news) had finally gotten the Tiffany accounts. To which I say: (*&%(*&%(*&$&*$!
Intel is rapidly evolving into a communications-chip company, as I said the other day on my Yahoo!(YHOO:Nasdaq - news) chat. You can't keep this company down, because it reinvents itself constantly.
Right before I left SmartMoney (and well before that jerk Bestman of Julie and Brad's was shooting his mouth off), I wrote that Intel had just had a huge run and it was time to double down, not sell. It was my best call ever.
I don't know if this is one of those times to double down again. But I do know that selling here seems pretty stupid to me.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Yahoo! and Intel. 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. |
