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Non-Tech : James Cramer

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To: ERIC SCHEPPS who wrote (126)	12/22/1998
From: ERIC SCHEPPS	Read Replies (1) of 766

CNBC's Cramer Returns After Squawk .c The Associated Press NEW YORK (AP) -- Money manager James Cramer will return to CNBC as a guest analyst Wednesday after being pulled for one episode while the network reviewed controversial comments he made about the stock of a small Internet company. WavePhore Inc. complained that Cramer said on the Dec. 2 CNBC program ''Squawk Box'' that he had tried to ''short'' WavePhore Inc.'s stock -- a legal investment strategy based on the expectation that a company's stock price will fall. Cramer has denied that he tried to short the stock and said he did not mean to give that impression. Cramer has been appearing biweekly as an unpaid guest analyst on ''Squawk Box'' for about a year, but CNBC asked him not to appear on last week's show while the network reviewed his comments. CNBC spokesman George Jamison said Monday that the network would discuss the results of its review on Wednesday's ''Squawk Box.'' ''He was never suspected of doing anything wrong. It was just a matter of reviewing the way in which the information was presented and its appropriateness,'' Jamison said. In short-selling, an investor bets on a decline in a stock's price. The investor sells borrowed stock, hoping for a drop in the price before buying shares on the open market to return the borrowed stock. WavePhore stock had soared 72 percent to $15.25 the day before Cramer's comments but have fallen sharply since, closing Monday at $8.37 1/2 on the Nasdaq Stock Market. WavePhore has asked the Securities and Exchange Commission and the Nasdaq to investigate trading prior to the remarks. Cramer has said he does not own any shares of WavePhore and that he discloses all of his holdings to CNBC and other media where he appears, including The New York Observer and TheStreet.Com, the Internet investment news service he co-founded two years ago. AP-NY-12-21-98 1830EST Copyright 1998 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. All active hyperlinks have been inserted by AOL.

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