Normally I am all over these delayed opening gaps down. But not when they concern accounting problems, and this one is a doozy of accounting problems. Did the CEO just not have a clue when he guided analysts to rosy forecasts recently?
I got enough problems with good companies. Who needs this headache? Funny, we are almost celebrating the anniversary of the Cendant news. This Rite Aid situation makes me almost nostalgic for that gaffing -- the largest of my career, by the way.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. 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 by sending an email to firstname.lastname@example.org.