eBay's (EBAY) - Get eBay Inc. Report down 11? What's the matter with eBay? What did it do? What's wrong? Did the John Glenn busts not sell that well? Is it some lame attorney general? What could be wrong? Should we call the company again? This is an outrage, just an outrage. Another day like this and it is history.
OK, that's just me getting into the mindset of a Net overnight trader. Here's a stock that went up 80 yesterday. And, amazingly, I think there are people who probably seriously believe that eBay has no right to be down, that it violates the code.
These Net stocks have spoiled everybody. Take
. It is a distant, distant No. 2 to
. But here it goes up 15. As soon as it is up 15 it gets the call from
to come on. Then
promos it as "are they for sale?" and it goes up again. What an amazing lifecycle!
It's enough to make the serious companies out there, the ones where hundreds of thousands of people work and real revs are generated, look like boring, horrible wallflowers, or worse, venus fly traps that let you in but never let you out.
In the meantime, behind me, the pros drone on about how the market doesn't seem healthy, or doesn't have enough money coming in to it, or looks toppy. Hello? I don't know which is more wrong, thinking that eBay after its plus-80 romp shouldn't be going down, or focusing on the poorly acting transports, as if they are somehow a measure of how goods are still transported.
Whatever, all I can tell you is that Net traders must think that they own Park Place and Boardwalk with hotels on both. And hapless people keep coming around to the last corner and landing on them on the way to Go!
Way to Go is right.
(Oh yeah, and this just in, Jamie Kiggen over at DLJ is taking his
price target to 500 right now, I kid you not!!!)
James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At the time of publication the fund was long Yahoo!, though positions can 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 by sending an email to email@example.com.