A Close Call in Outdoor Systems

When Cramer received word that Infinity Broadcasting was buying Outdoor Systems, he sure got one bad scare.

Author:: Jim Cramer
Publish date:: May 27, 1999 11:37 AM EDT

For a second there, I almost broke out those Percodans I have left over from my last root canal. What, you ask, would make me want to drug myself in the middle of trading hours? A down-130 day? A vicious

Nasdaq 100

sell program?

Wrong!

Outdoor Systems

(OSI)

. I owned it. I sold it. The other day. It just got a bid from

Infinity

(INF) - Get Report

But before I could pry off the safety top on the Percodans,

Jeff Berkowitz

gave me the "good" news: It was a takeunder! The company sold out for less than we sold shares of it for.

It's funny how awful you feel after you've just sold something that got a takeover bid. It feels worse than any loss. It takes your craw (wherever that is) and sticks salt in it after you've been stuck!

I feel like I have been given a reprieve by this takeunder. I can hold my head up high today. Phew!

Random musings:

Before any wise guys email me and say, I am betting against Cramer with

Pfizer

(PFE) - Get Report

and

Intel

(INTC) - Get Report

, please note that I

deliberately

waited for a day when they were going up to write that

piece. Unlike analysts, I don't like dumping on stocks when they're down. ... Lots of sell programs, Nasdaq 100 programs and

Morgan Stanley Hi Tech

index put programs going on today, all with the intent of profiting from the downside. To me, that just means more fodder when they ramp them, as I just don't see things rolling over from here today and I bet these put buyers are short-timers who can't take the pain. I think they will puke these puts as surely as

Regan

spews green vomit in my favorite scene of one of my favorite movies.

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

letters@thestreet.com.