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*Extra* Iomega Blows Up. Besides Herb, Who Cares, Already?

Now, even Cramer doesn't get it.

Don't forget to read this morning's regular edition of Herb on TheStreet.

The headline above came from the last line of one of



dispatches today. (Sorry, I lost count of which one it was, and it's still early. Am I the only one who sometimes doesn't care about every twist and turn of the market?)

So, who should care, already? Who should care about this tired old name,



, which this morning reported that it's laying off 450 people? Which reported this morning that its Jaz sales are lousy? (Surprise, surprise.) Which reported that its second quarter will fall short of analysts' break-even estimate and instead post an operating loss?

Who should care? Maybe not some trader who makes his living on eighths and quarters and sixteenths, as he daytrades in and out of whatever is or isn't hot at that particular moment. (Never mind that arrogance is an investor's worst enemy. I'll bet you dinner at a good restaurant in New Jersey that you-know-who probably missed


trade. Hoo-hah!)

Who should care? Certainly not the legions of investors who continue to buy the stock because, at 4, they think it's cheap. (Never mind that it still has a market value of $1 billion.)

Who should care? Certainly not Iomegans (better, yet, Iomidiots) like reader

Richard "Dick" Poenisch

. In an overnight email, before Iomega's warning this morning, he advised: "I really hope that you are way short on IOM and that you get your butt burned good and proper, again."

Who should care?

Every investor who thinks they've found the Holy Grail of investments.

Every investor who thinks a stock split will cause a stock to rise. (Remember Iomega when its stock, pre-split, was around 35? That was the high!)

Every investor should care, especially in this environment, because Iomega is the quintessential, if not original, Internet stock -- born, reared and kept alive longer than it ever should've by the lunacy of message boards. It sucked investors (and short-sellers) in, made some of them rich, but then spit many out penniless. (Yes, even the shorts.) Iomega will go down as the ultimate case study in investor psychology, investor arrogance and investor stupidity.

Who should care? Every investor who sometimes confuses brains with a bull market should care.

Even a certain trader I know.

Herb Greenberg writes daily for In keeping with TSC's editorial policy, he doesn't own or short individual stocks, though he owns stock in He also doesn't invest in hedge funds or other private investment partnerships. He welcomes your feedback at Greenberg also writes a monthly column for Fortune.