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Pastimes : James Cramer Skeptic Thread

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To: Lazlo Pierce who wrote (234)	6/20/1998 11:59:00 AM
From: James J. Cramer	Read Replies (4) of 1254

Dave: I genuinely believed that Dell was being unfairly punished because it was a good clean quarter. In fact, I think the stock would be doing well today had the fundamentals of the industry not taken a downturn again in the middle of May. Compaq has gotten much more aggressive on price as has gateway. I think those reasons, not Dell's quarter, has more to do with the punk action in the stock subsequent to when I was on Squawk. Was I cheerleading? Let's just say that Dell has been a corelong of mine for years and has made me a ton of money. The fact that periodically it has not acted well has nothing to do with the shorts or the longs but the fundamentals of the industry. I think Dell is biding time. I was ENTHUSIASTIC about the quarter because, I have said many times, Dell amazes me with how well-run it is. That said, this is a tough time for the p.,c. biz--ask Compaq, Hwp, IBM and Gateway--and Dell can't avoid being hit by this. If you watch Squawk, you know that I am just as quick to point out my mistakes--Japan, and Cendant yesterday. I don't regard 7 points in Dell--how much it has fallen since I said I liked it, as game over. Hope that helps. jjc

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