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Strategies & Market Trends : The Art of Investing

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Nov 28 4:00 PM EST

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To: Wren who wrote (564)	3/13/1999 9:58:00 AM
From: kendall harmon	Read Replies (1) of 10653

My response to Cramer on RAD. I like the guy but this was a disappointing effort. I write as one of James Cramer's big supporters, but confess bewilderment as to his column on Rite-Aid today comparing it to Cendant and explicitly citing "accounting problems," not only in the text but also in the column title. Rite-Aid blew it, and for sure there are serious management problems, since they clearly overextended themselves in opening too many new stores too fast. They also had acquisition costs from a merger that got moved forward and may have been higher than anticipated. There were even concerns about the company's financial condition because of the large amount of short term debt, although Moody's made positive comments about senior notes right after the close. Lots of concerns and problems, yes, but accounting problems--nothing in the many news releases today mentioned this. Unless Mr. Cramer can be specific with many examples, he needs to admit he was far from accurate. Your use of his inaccurate statement in the title of his piece only makes it worse. Like Cendant? Come on! Where is the need to restate earnings for multiple prior quarters? Where are the questions involving accounting firms? This is not good, but Cendant two this is not.

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