DoubleClick Sneak Attack - TheStreet

Just when we were focusing on

Greenspan

and the

Producer Price Index

, we get hit with this

DoubleClick

(DCLK)

investigation.

That means thinking on the fly. It is not the

SEC

; that's worth 20. It is not

Justice Department

; that is worth 15. It is just the

Federal Trade Commission

. I figure it is worth 10. Someone else is selling it down 19 though. What does that guy know I don't? Why is he so worried? Why aren't I more worried?

I'm thinking back to

Tyco

(TYC)

which was down to 25 on an SEC investigation and then bounced back 15. I am thinking it just can't be that big a deal. Meanwhile on

CNBC

some guy who has a beef with DoubleClick is all over saying negative things and the

New York State Attorney General

is weighing in. It's a pile-on!

I am squarely in the overreaction camp on this one. Looking long and wrong. For now. Whack, they just hit me at 92. Better keep some firepower for the 90 level. Lock and load.

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