This column was originally published on RealMoney on Nov. 10. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

People will chase

Conexant

(CNXT) - Get Report

today. They always do. You can't resist.

It's a $2 stock. It just got

a big piece of business from

Motorola

(MOT)

for set-top boxes.

No can do. I'm still daunted by the news of the

big refinancing of some of Conexant's debt.

I usually don't mind some debt. But this company's had the worst balance sheet for so long, and all that has happened is that its interest expense has gone up.

When I went out as bullish on this one when it got to one and change, I figured the risk reward was pretty good. Now we are right back to where it becomes problematic.

Don't get snookered. This company is simply

not

investible until that balance sheet is fixed. This big refinancing isn't the fix.

Random musings:

College students, listen up!

RealMoney

is offering you something special... a free subscription through May 31, 2007. The only requirement: You must have an email address that ends in .edu. Email

collegetour@thestreet.com

to accept my personal invitation to come read my blog every day, plus all the other writers on that great site. Pass it on!

At the time of publication, Cramer had no positions in any of the stocks mentioned in this column.

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