Three Net Sour Balls

Some of the new Net companies just don't know how to handle themselves.
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If you want to know how the Net "bubble" will end, it will be because the second- and third-tier net plays screw up. In just one day, we had three classic examples of the type of screwups that give an industry a bad name.

First, we saw that

theglobe.com

(TGLO)

secondary on top of the split. Need a shower after that one. Talk about the old sucker punch.

Then, after the close, we had two sour balls. First was this announcement from

Skymall

(SKYM)

, one of the early Net-as-press-release plays, acknowledging that its Net strategy is slow to develop, despite all of the hoopla. Ouch.

Second was the tease takeover of

Xoom.com

(XMCM)

. Xoom just did a secondary on Friday. The buzz around it, which continued today, was that the company could be acquired. The company did nothing to discourage this talk. But just now we learned that whatever talks there were just ended short of a deal.

What is going on here? These aren't things I want from companies. I don't want hype and split, or hype and disappointment, or hype and no deal.

I said two weeks ago we were going to find out how the new Net companies are going to handle themselves now that they have been public for more than a quarter or two.

So far I like the old ones better.

Hey, don't forget to join me in my

chat with

Merrill Lynch's

John L. Steffens. Be there!!

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 the stocks mentioned, although holdings 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 at

letterrs@thestreet.com.