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Commentary: Wrong! Rear Echelon Revelations *New* Alerts! Please click here... 
Lots of times when I was at Cramer Berkowitz, I would look at media stories about stocks, or watch television and say, "Don't those bozos know that the reason all of this telco and telco-related junk is down is because of that crummy offering in the group?" Sometimes, I think, these media guys are as dumb as a bag of hammers. Today's one of those days.
This time the tech providers and cell-phone folk are getting killed because of this bomb of an offering for Orange's mobile-phone subsidiary. Key to the thesis behind the possibility of Lucent (LU:NYSE - news - boards) and Nortel (NT:NYSE - news - boards) and Cisco (CSCO:Nasdaq - news - boards) getting paid for future telco products is the underwriting market. So many of these companies that have ordered equipment or gotten vendor financing needed the equity market to get better to pay the bills. Now, because of Orange, it just got worse. We should have seen this one coming. Orange did the deal with Dresdner and seems to have placed it terribly. But if it were something people wanted, the stock would have been placed effectively by anyone. Don't get me wrong. This stuff can still bounce. But understand this: If the Orange deal had been a hit, Lucent, Nortel and Cisco would be screaming right now, instead of going down or stuck in neutral. Random musings: Don't forget to watch me on CNBC's "Squawk" tomorrow! James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. While he cannot provide investment advice or recommendations, he invites you to send comments on his column to jjcletters@thestreet.com.
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
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