Sandbagged!

That's how the analyst community feels about

Williams-Sonoma

(WSM) - Get Report

. And you can see their revenge acted out on the price of the stock this morning.

Williams-Sonoma is one of those classic disconnect stocks. Everybody loves their stores. I know I always send my kids in there to buy gifts for their mother because the stores have plenty of cheap price points and are very nice to shop in.

Ahh, but the stock. Let's call it inconsistent at best. I knew this stock was going to take a pasting -- just a real beating -- when I saw that

Robbie Stephens

put out a note right before the shortfall was announced predicting great things from the current quarter.

That was a sign that while the analysts were all leaning one way, Williams-Sonoma was lurching the other way. When you see this kind of contempt from the Street for a stock it takes forever to rebuild faith. Which is why I think it is still a better sale, even down here.

Making matters worse, of course, is that Williams-Sonoma's Internet initiative, which had been praised as an inexpensive model initiative by a brick-and-mortar store, is going to cost a lot more and be a lot more of a drain than anybody thought.

TST Recommends

Frankly, I am surprised the stock is only down 12!

Random musings

: Value buyers, still no interest in

Bristol-Myers Squibb

(BMY) - Get Report

? I didn't think so. Still has a 22 PE! Heck,

Lycos

(LCOS)

has a PE of 40 on next year's earnings if you back out Lycos International. Who needs Bristol-Myers?

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