Beer Suds and Internet Froth

Plus, a look at press releases and stock movement.
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Here's a knotty question for you lawyers and securities types out there. Given the volatility of companies' stocks after press releases involving the Net, did

Skymall

(SKYM)

do anything wrong by issuing a .com release and then, after the run-up, revealing big shake-ups that stood to rock the stock back to earth?

An enterprising prosecutor could make an interesting case that press releases have become material events in themselves and that Skymall should have realized its stock would at least double when it announced its good Web site news. Since then, bad news has come out and the stock has plummeted. People who bought late on the new must feel awfully abused.

Definitely worth looking into, don't you think?

Random musings

:

Anheuser-Busch

(BUD) - Get Report

is down two-and-a-half points. Is Bud's Web site late? Has Bud.com gone down? Is Michelob.net a disappointment? Is Bud's tie-in with

Yahoo!

(YHOO)

delayed? Maybe the Anheuser-Busch people have renounced the Web as an unsafe place to drink and surf? Have Frank and Louie left to develop their own site?

At least I am thinking like a Net trader!

James J. Cramer is manager of a hedge fund and co-chairman of TheStreet.com. At the time of publication the fund was long Anheuser-Busch and Yahoo!, though positions can 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.