Here's an interesting story
New York, April 6 (Bloomberg) -- TheStreet.com Inc. co- founder Jim Cramer said the media are to blame for the decline in the online financial news company's shares, USA Today reported. ``The stock price of the TheStreet.com is set by what I call the chattering financial classes. ... (the media) reports every day on every wrong move that we make and a lot of wrong moves that we don't make,' said Cramer, also the TheStreet.com's chief columnist, at a conference in New York. Cramer argued that the New York-based company's stock, which rose 1 1/32 to 7 17/32 today, is cheap because the company has about $4.70 per share of cash, the newspaper said.
So, let's see, Kramer says his shares are cheap because he has almost five bucks per share of cash. Where did that cash come from? According to the 10Q,
Cash provided by financing activities of $129,711,000 for the nine months ended September 30, 1999 consisted of funds contributed by private equity investors ...
So, because they have cash on hand, from investors, they are cheap. My head is spinning in circular patterns. Blame it all on the media. Oh, they ARE the media...
Are you with me, Vern??? |
