Micron may have had a terrible quarter. But remember that stocks trade on outlooks, not rearview mirrors, and the outlook for this stock is just dynamite.
The outlook, the conference call, was bullish. Not only that, but people were short this huge, just huge, because they heard it was a crummy quarter. They tried to press it down in after-hours trading by offering a ton of stock. But it didn't incite panic. It incited new buyers who liked the fact they could buy a tech stock at a discount.
There is no manipulation here. Often bad things don't happen to stocks that have bad quarters. If you reacted to the printed number, the reported number, you were foolish, and I mean that in the traditional sense. (Thanks to the many people at
who were kind enough to send greetings after I defended the Fool's disclosure policies after the
attack, and double thanks for the incredible work the Fool is doing on excessive margin.) Think forward, not backward.
It will make you a lot of money.
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund had no positions in any stocks mentioned. 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