He sounded real down on his radio show today, and I can relate, as my NT shares from $5.30 contributed to one of my worst daily hits in a long long time. His radio monologue today was about NT, crisis management, mistakes, and hanging tough. FWIW, he said he added to his NT position, but I'm inclined to sit on NT for a while.
And then this:
Oh no
Dear Action Alerts PLUS Subscriber,
Nortel (NT:NYSE) now has broken through $4 a share, as I
expected it would; it's at $3.95 as I write this. The one
number that management could confirm this morning was its
$3.6 billion of cash on the balance sheet. This eliminates
any "going concern" issues, and I'm going to step up and
buy 2,500 shares after you read this.
Again, apologies for getting us into this situation, but
I'm right alongside you readers riding this Nortel out.
I've sussed out all of this morning's events, and feel the
stock is now firmly in overreaction territory. This
purchase will give me a total of 50,000 shares of Nortel,
or 5.7% of my total portfolio.
Regards,
James J. Cramer |
