Reminiscing About IBM

Cramer remembers the day well, the last great chance to buy IBM.
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Two months ago, on a sleepy options expiration, IBM (IBM) - Get Report got downgraded at a moment when the stock was "set up" to go out at 175.

It was your last great buying opportunity.

I'll never forget it. I was long the stock through the March 170 calls.

I was looking really good going into expiration.

By the end of the day, I wasn't even long. The stock went out below the strike in a frenzied crush of selling, as the market figured that the analyst must know something.

I remember the moment so well. All of the analysts were reacting to the same calm guidance from IBM that things were neither so good or so bad. But the last guy interpreted negatively, and it caused the downward spiral.

If there could be a motivation for a CEO, that day certainly provided it. I believe that IBM's chief got energized by the downgrade, which was dead wrong, and cracked the whip.

I know that corporations aren't supposed to be like sports teams. But somehow I see a Captain

Gerstner

tacking up that downgrade on some IBM bulletin board, blowing the whistle, and saying "Let's show that &%&$* that he's wrong."

The stock never looked back.

What a buying opportunity.

Random musings

: So

CNBC's

David Faber

denies that

J.P. Morgan

(JPM) - Get Report

is in talks to be acquired, and the stock soars 8? David, I have a half-dozen other stocks for you to say aren't in talks if you want to deny those, too!

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

letters@thestreet.com.