RealMoney.com's MIDDAY UPDATE
July 6, 2000
Market Data as of 7/6/00, 12:17 PM ET:
o Dow Jones Industrial Average: 10,441.17 down 42.43, -0.40%
o Nasdaq Composite Index: 3,876.28 up 13.18, 0.34%
o S&P 500: 1,446.84 up 0.61, 0.04%
o TSC Internet: 812.13 down 5.07, -0.62%
o Russell 2000: 516.53 down 1.72, -0.33%
o 30-Year Treasury: 105 02/32 down 12/32, yield 5.883%
In Today's Bulletin:
o Wrong! Rear Echelon Revelations: Shameless Jokers
SiliconStreet.com: Ouch! That Hockey Stick Sure Packs a Wallop
Last-minute sales help some firms make their quarters. It didn't work for Computer Associates.
Media/Entertainment: How Scholastic Hopes to Avoid the
The publisher, still smarting from the 1997
fiasco, plays it safe with retailers.
Banking: Ex-First USA Chief Vague Is Certain He Can Play E-Finance
Dick Vague's Juniper Finance is tightly focused on credit cards and checking accounts, but some remain skeptical.
Dear Dagen: Proper Credit, Part III: The Fix Isn't In
What's worse than having an inaccurate credit report? Trying to fix it.
Analyst Actions: Analyst Actions: Del Monte, Entrust, DQE, FirstWorld Communications
Del Monte Foods: DOWN to hold from buy at Credit Suisse First Boston; Entrust: DOWN to market perform from buy at Donaldson Lufkin & Jenrette; DQE: DOWN to hold from buy at ABN Amro.
Wrong! Rear Echelon Revelations: Shameless Jokers
James J. Cramer
7/6/00 10:46 AM ET We are still reeling from this Computer Associates (CA) - Get Report midnight madness. There was a time when bad news used to come out at 6 p.m. on a weekday. Then the really shameless companies started putting out the bad news at 6 p.m. on Fridays.
But nobody ever stooped to putting news out at midnight on a holiday. What the heck were these folks thinking? Did it occur to someone after dozing off, like a startled nightmare? "Oh my God, honey, I forgot to put that release out before I went to sleep?" Did someone else say, "I've got it! We do it at midnight on a holiday, and nobody will know it and our stock will open just as usual?" Did somebody discover the shortfall late that night and couldn't live with himself one minute longer? Did someone think, "What the heck, here's some financial fireworks to go with the ones you are watching?"
This company's actions make a mockery of the process of bad-news disclosure. Now, I guess we have to wait until Labor Day to see the other shoe drop. Jokers.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at
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