Don't Fight the Battleground Stocks

The water around Warner-Lambert and Compaq is just too muddy right now.
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Warner-Lambert (WLA) wore me down. I booted it this morning because I am so sick of hearing about the prospects of Rezulin after the FDA meeting that was meant to clear things up on Friday. It just muddied them further.

Sometimes things just get too hard and it is time to move on. This is one of them.

Warner-Lambert has become a battleground and I like to avoid battlegrounds. There are people who think this meeting was the death knell to the drug. There are people who think this meeting was the death knell to the company. Others are saying the meeting was meaningless. And there are still others who regarded the fact that the drug can still be sold as good news.

When people are all over the map like that, I like to go elsewhere. I have enough problems with clean stories. Who needs this aggravation?

Meanwhile, what is with this

Compaq

(CPQ)

? No preannouncement this morning, just a product introduction. Does that mean a short squeeze will ensue from people who were betting that the announcement would be negative? Talk about batttlegrounds. Compaq is the Verdun of stocks.

Next!

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund had no positions in stocks mentioned in this column, 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. While he cannot provide investment advice or recommendations, he invites you to comment on his column by sending an email to

letters@thestreet.com.