This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The 5 Dumbest Things on Wall Street This Week: June 14

1. Ramey's Return

Welcome back Dumbest fans to the latest installment of "As Tim Ramey Turns."

Previously on the D.A. Davidson analyst's soap opera-like coverage of Herbalife (HLF - Get Report), Ramey upgraded the embattled supplement seller from neutral to buy. This was in April when Tim "reestablished" his price target to $78 from $38. That shocking move came a mere three days following the longtime Herbalife bull's decision to downgrade the stock over concerns about the company's exposure to the KPMG insider trading scandal.

Said Tim at the time: "Chalk it up to the heat of battle. These are unique circumstances."

Yes, Tim, we know how things can get heated. And we also know how hot you are for Herbalife.

(In case you need a quick plot recap, it all started when hedge fund manager Bill Ackman announced he was dumping the stock last year. Then Bill's rival Dan Loeb swooped in as a love interest -- and boy, did he lovingly squeeze the shares -- only to leave it soon after. The equity in distress was then gathered into the waiting arms of a wealthy older man, billionaire Carl Icahn, who swore to himself he would crush Ackman for his ungentlemanly conduct.)

True. Things have cooled down since Ramey's April reversal with the stock settling in the mid $40s. Of course, this standoff is to be expected in a stock with nearly half its shares sold short.

Hey, all shows get into a rut! That's why they bring in new characters.

Still, Ramey spiced things up this week - or at least tried to - when he restated on Wednesday that Herbalife is his "Single Best Idea for 2013".

"The bear case is in tatters. From day one, we dismissed Pershing Square's 300+ page assault as not particularly interesting. And for seven or so slides, we believe Ackman clearly distorted facts that Pershing Square knew, or should have known, were materially false," wrote Ramey, who slapped a $180, five-year price target on the stock. "We think this was a bald-faced attempt to destroy a company and its stock for profit. Nothing new about that. Why the media and investors continue to give it any credence is a mystery."

Excuse us, Tim! Speaking on behalf of the media, we think this a gripping yarn, complete with insider trading and a fierce hedge fund battle. It has everything a Wall Street reporter could want, which is why we never miss a chapter.

More importantly, after they cancelled "One Life to Live" last year, we need to watch something!

-- Written by Gregg Greenberg in New York

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
5 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
DOLE $0.00 0.00%
BAH $28.97 1.20%
FNMA $2.43 -1.62%
HLF $41.95 0.22%
LULU $63.29 -1.10%

Markets

DOW 17,692.58 +14.35 0.08%
S&P 500 2,059.76 +3.61 0.18%
NASDAQ 4,878.7580 +15.3960 0.32%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs