These headline writers sure make it tough on us stock pickers. Once again, Hewlett-Packard (HWP) will make us all feel like idiots. It will go down despite beating estimates. We will say, "What about this crazy market, who can possibly make a dime in it? It doesn't do anything rational."
And we will be wrong because of the headlines. Hot Water Pipe, as the Street calls it for its stock initials, ran in advance of a better-than-expected quarter. It rallied 10 points. Instead, when the sum of the gross margins and the revenue and the orders -- the stuff that the Street is really looking for -- was put together, we got an
Stocks that run and then deliver an in-line number aren't the kinds of stocks that go up the next day. When the headline writers get together, sometimes I think they say, "Let's throw the market a curveball. Let's just focus on one line that comes out that won't really determine anything and let's put this story to bed." They surround the story in confusion. They should know better by now.
Picking individual stocks, as
points out, is how people are making money right now. ... Interested in shorting? Read what short-seller Bill Fleckenstein said about it
during last night's Yahoo! chat. ...
, one of the best reporters who ever worked at
is now doing great stuff for the U.K. version and it is beginning to run here. Check out
her piece on
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Yahoo! and Qualcomm. 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