So far, so good on the earnings front. IBM (IBM) - Get Report sounds great. Revenues blew through the roof. I think the earnings should have been even stronger than they were, given the revs, but we are trying to dig down to find out what happened. Microsoft (MSFT) - Get Report gave us a terrific quarter and then followed up with some boilerplate negatives that knocked the stock down to 97, where I stuck a bid in and got whacked. Thanks bears! It is now trading at 98.25 to 98.375.
Of course we need to hear conference calls. As I write, IBM's is droning on positively but we don't have enough data to decide. The stock is halted. Need to hear Softee later. Also waiting on
, which looked good and is trading up as I write.
A word on
. I don't know what I can say here. I like Novellus and bought it all the way down. I don't think there is a problem , everybody just got a little too bullish. I made a prediction that Novellus will get to 100 faster than
. I made that prediction internally and I shared it with our nonviewers on our now famous Lost Episode. Oh Lordy, I could be wrong, but all I can do is tell you how I am betting. I can't do more than that.
Remember, I can be wrong. When I think I am wrong, I throw in the towel. I wasn't about to throw in the towel today when I think the future is bright for the stock. The future, by the way, is based on orders, which everybody says were good.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long IBM, Novellus, Tellabs and Microsoft. 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