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A Close Call With Bristol-Myers Squibb

The trader nearly bought this stock right before the company's most promising drug got yanked.
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Oh my!

Bristol's

(BMY) - Get Bristol-Myers Squibb Company Report

got

Vanlev

coming out the wazoo!

Bristol's biggest hope, Vanlev, just got yanked and I can thank my lucky stars I didn't get picked off by that big Bristol trade that happened right before the bad news hit.

Here we were minding our own business, taking some

Pfizer

(PFE) - Get Pfizer Inc. Report

and

Merck

TheStreet Recommends

(MRK) - Get Merck & Co., Inc. Report

and

American Home Products

(AHP)

and next thing you know, boom, someone comes in and tells us that we can buy Bristol at a discount. Big seller.

We almost did it, but we were full up on drug stocks. There, but the grace of ... because Bristol's biggest hope to compete against the drugs of Pfizer and Merck was Vanlev.

That's why they can't get Bristol open. That's why Merck and Pfizer are ramping.

It is better to be lucky than good.

Random musings:

We are thinking about institutionalizing

Buzz Gould and his sidekick Batch Hammer because of popular demand -- it seems like people want to know what these two are thinking and doing at all times.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Merck, Pfizer and American Home Products. 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

jjcletters@thestreet.com.