Qualcomm Queasiness
By James J. Cramer
12/30/99 7:20 PM ET
Click here for the latest filings from James J. Cramer.
Did I get the top tick for Qualcomm (QCOM:Nasdaq - news) this century? Right now, with fewer than 24 hours of trading left, I am looking darned good with 200 shares sold at 746. It was pure happenstance, just total instinct.
I walked in this morning thinking, what a moron, what was I doing holding on to some Qualcomm after this huge run? Bulls, bears and pigs.
After my workout, I greeted Matt "Cellular" Jacobs, who sauntered in at about 6:14 a.m. I immediately launched into what a greedy son of a gun I had been about this Qualcomm.
He suggested we play voice mail to see if any other analyst raised his price target for the stock. When we did and no one raised targets -- how unfortunate -- I grew furious at myself for not blowing the stock out.
Join the discussion on TSC Message Boards.
And at that moment, Mark Kantor, my trader, said, "There's a 746 bid for 200 shares in Instinet." Matt did a double take. I did a spit take. "That's up another hundo," I rejoiced.
Just like that, I switched from chilly fear to dreamy greed. "What if it gets to 800?" I thought to myself. "What if it goes to the price target? Does PaineWebber raise its price target today?"
Matt asked, "Aren't you going to sell some?"
I snapped out of the 1,000 Qualcomm reverie and said, "Hit the bid."
And at 6:43 a.m., the deed was done.
Qualcomm never traded a penny higher. In a year where every single sale was a bad sale, I had finally made a good one. Fitting that it happened with one day to go.
|
