"Most likely reversed."

Those are the three words that you hear from every Wall Street analyst in the country any time the words "

Philip Morris

"

(MO) - Get Report

and "court case" come up. They have been saying the same thing over and over again. They are brainwashed.

They are fools.

I learned one thing at

Harvard Law

: You don't have a clue about what a court is going to do. It is disgusting how these analysts give these glib assertions. At worst, they should just shut up. At best, they should say "lookin' real bad."

How bad is it? The tobacco companies chose yesterday to make a big splash against the admittedly weak

Justice Department

case against them. The

Journal

, which has been pretty good on this tobacco stuff, blew it by leading with that "no legal right" story. Big deal!

Join the discussion on

TSC

Message Boards. The action is in the class-action suit. The dividend depends on that suit being thrown out. And yesterday the conservative

Florida Supremes

didn't throw it out. The

U.S. Supreme Court

doesn't like to intervene in these matters. Which is why the "most likely reversed" line is such a pile of &^#&^##&^.

Don't be lulled. Don't be fooled. These companies are in the fight of their lives. The stocks are saying they aren't going to win.

The market doesn't lie.

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

jjcletters@thestreet.com.