In the old days,
would have gone up a buck or two if it had won some
business. Maybe 3 or 4 points. But these days every time a new person hears the news, he buys it. This is the way stocks get bought in the first part of this century.
Earlier today we bought a little. The stock was up 12, at about 112, at the time. I thought it was pretty ridiculous to buy it up 12, but I was on the Microsoft conference call and I said to myself, Why not, just buy some, someone else will take me out.
Then when I flipped to a piece of research that had come out earlier in the week, I saw where the stock had come from: 57. I freaked out and booted it. Made a couple of bucks.
It then proceeded to jump another 20 points as the news kept getting disseminated and re-disseminated, and re-disseminated again.
These days nothing is ever discounted in the market; it has ceased to function that old way. Until it does, I will continue to buy 'em up 12. Next time, though, I just won't look to see where it came from and maybe I will be able to hold on for the bigger ride! (LOL)
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Microsoft. 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