Back in the Badlands

Intel reports, and the after-hours shouting at Cramer Berkowitz could be heard blocks away.
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"Two cents light."

Those were the words that rang through my office at the moment that

Intel

(INTC) - Get Report

reported. Immediately we fixed our eyes on

Instinet

.

Our trader,

Mark Kantor

, yelled out the cadence. "Offered at $65. Offered at $64 and a half. Offered at a quarter. They are hitting the $64 bid. Offered at $63 and three-quarters. Offered at $63 and a half. Offered at a quarter.

And then came the phrase "Intel sees a good second half."

"Take him, take him up to $63 and three quarters," I yell out.

"No, take him at $64. This is really bullish for Intel." I stare through

Jeff Berkowitz's

window into his office. He's nodding. "Grab it," I say. And then I heard the words no trader ever wants to hear. Kantor yells out, "Too late. It's gone."

Silence.

"How about four, can we take four stock."

Gone too.

"Jeff, I don't think we should pay four-and-half, that's too tight, four-and-half," I shout to Jeff.

He

AOL

(AOL)

instant messages me, "Don't pay."

No matter, that stock's gone. Now it is offered at $65.

In the background

CNBC

is talking about the stock being at $63. Holy cow is that wrong. Sure it was at $63, but that was a lifetime ago, I think to myself.

Better pen a piece fast, lest people get the wrong impression.

And that's what you saw at 4:57 p.m.

Random musings

: Weather forecast tonight: Blue Moon. That must mean "see you on

Squawk

!"

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel and America Online. 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.