The mystery of
continues. That rally, starting at 3 p.m. in New York when the stock was at 174, took the company's stock to 184 in one hour! A close look at the trading during that hour reveals that no single large trade moved the stock. In fact, it was concentrated buying of the 2,000- and 4,000-share variety. In other words, this stock went up on nothing big at all. You would have expected to find some giant block trades of the 50,000 to 100,000 variety to move up a large-cap stock like this.
I figured that maybe there was a heavyweight buyer over in Finland, and New Yorkers were simply, and illegally, front-running him. Not true. The stock opened down 4 in Helsinki and then traded up ever so slightly to 180. No big buyer there.
So what happened? I think someone wanted this stock higher and simply bought it in a series of staccato, Gatling-gun purchases. I could be wrong. But this kind of manipulation up doesn't make the markets better; it makes them worse.
Join the discussion on
Message Boards. When stocks go up this fast, they become traps, like avalanches in the Tetons. Forgive me for worrying what the downside would look like, but I don't like coming in on top of what has to now be regarded as a most shaky foundation and then having it pulled out from under me. Knowing and remembering the foundations and their makeup, shale, clay, granite or water have made me a boatload. Nokia is one of my favorite stocks, but I don't like those last 10 points. They can't support a run to 200 that I was hoping for before this one rested.
Just sold 200 shares of
at 746. Now there's a stock that doesn't know how to quit.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Nokia and Qualcomm. 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