A Lot of Impatience With Amazon

Cramer shorted a little of the stock yesterday off the conference call, which, by now, will go down as a legendary anticapitalist rendition.
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Will the Street take away

Amazon's

(AMZN) - Get Report

currency?

Oppenheimer

,

Merrill Lynch

and

Prudential Securities

downgraded the stock today. That's a lot of impatience.

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We put out (shorted) a little Amazon yesterday off the conference call, which, by now, will go down as a legendary anticapitalist rendition. The company just doesn't play by the rules, and Oppenheimer, Merrill Lynch and Prudential Securities have had enough. (The rules, by the way, are that unless you are small enough to be acquired by another Net company, you actually have to attempt to make money.)

Mary Meeker

and

Lise Buyer

from

Morgan

and

First Boston

stuck with it. Maybe that's enough. Maybe it takes a hit then comes roaring back. But the phalanx of

Bezos'

supporters has at last been broken. Some of the people who gave Amazon its currency to be able to do so many amazing things don't want to give them any more currency until some sense that the promotion is going to pay off.

With this one, our 6,000-share short -- put out more this morning -- is being done more out of the need to be a voyeur then to go for the homer. Too exciting not to be there.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was short Amazon. 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.