Tag Archives: Jim Cramer
CNBC's Cramer tells viewer last week to stick with Bear Stearns stock
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Business and Media Institute’s Jeff Poor writes Monday about how CNBC “Mad Money” host Jim Cramer told a viewer last week to keep his money in Bear Stearns’ stock when it was trading above $60. The company was sold Monday for $2 a share.
Poor wrote, “But, on March 11, Cramer told an e-mailer not to sell the beleaguered investment bank’s stock on his show’s Web site:
‘Dear Jim: Should I be worried aboutBear Stearns in terms of liquidity and get my money out of there? –Peter
“Cramer says: ‘No! No! No! Bear Stearns is not in trouble. If anything, they’re more likely to be taken over. Don’t move your money from Bear.’
“On Jan. 17, 2007, Bear was trading at its high of $171.51 a share. Since then, it has been racked by the mortgage turmoil. On March 11, when Cramer posted the e-mail and his response, the stock closed at $62.97. As of 10:00 a.m. on March 17, the stock was trading at $3.72 a share.
“Cramer frequently appears on ‘NBC Nightly News’ and ‘Today.’ On the January 22 ‘Nightly News,’ Cramer was referred to by his colleague Carl Quintanilla as ‘one of the most influential voices on Wall Street.’”
Read more here. And here’s a video of Cramer defending what he said.
Lunch with Jim Cramer
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Chrystia Freeland, the U.S. managing editor of The Financial Times, writes Saturday about having lunch with CNBC “Mad Money” host Jim Cramer.
Freeland wrote, “Even if you buy Cramer’s shtick about his tortured relationship with himself — and this Woody Allen-esque self-loathing is certainly an essential foil to his show’s other excesses and part of what makes it so watchable — it isn’t the whole story. For one thing, he is unambivalently proud to have succeeded as a journalist, a career that seems to have more value for him than his previous incarnation as a hedge fund manager.
“‘I like what I do,’ Cramer says, for a moment sounding absolutely earnest and unconflicted. ”I had done the hedge fund thing. It was fine, but I always wanted to be a journalist. And I think this is more fun for me now. Everybody’s a hedge fund manager. There’s not a lot of guys with their own TV shows.’
“Part of what motivated Cramer’s move is his conviction that his combination of Wall Street pedigree and Animal House slap-stick is the best way to bring the markets — and all the riches he believes they can deliver — to the ordinary guy. Cramer occasionally comes across as the Street’s raucous spokesman, as he did in his infamous and, it turns out rather prescient, summertime rant when he called on the Fed to wake up and start cutting rates.”
Read more here.
TheStreet.com stock falls amid concerns about Cramer contract
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Eric Savitz of Barron’s reports that TheStreet.com‘s stock fell in Thursday trading by more than 8 percent after the business news web site reported fourth quarter earnings and held a conference call in which the company disclosed it has not yet reached agreement with co-founder Jim Cramer on a new contract.
Savitz wrote, “The company did acknowledge that it could be affected by a weakening economy. ‘As we all know, the economic environment has grown more challenging over the past few months, and there is great uncertainty as to how weak economic conditions might become and the impact this might have on our advertisers, subscribers and visitors to our network of sites,’ CFO Eric Ashman said on the call.
“One tidbit that might have made investors uneasy was a brief comment from Chairman and CEO Tom Clarke about the status of negotiations of a new employment agreement between the company and Jim Cramer. Clarke noted on the call that the agreement scheduled to expire December 31, 2007 was extended on the same terms through February 15, 2008. One day before that, on February 14, the agreement was extended once more on the same terms, this time through April 15. Cramer’s writings are a key driver to the site; he also has a 6.4% stake in the company, of which he is a director. It’s not in either side’s interest to let the arrangement expire; but the need for a series of short extensions certainly hints at a drawn-out negotiation process.”
Read more here.
The feud between Barron's and CNBC
by Chris Roush
Dean Starkman of the Columbia Journalism Review writes Friday about the feud between CNBC and Barron’s that resulted after the weekly publication ran a story questioning the effectiveness of “Mad Money” host Jim Cramer‘s stock picks.
Since the August 2007 article, few Barron’s journalists have appeared on CNBC after regularly making appearances before the article ran. Starkman assesses the situation and concludes that the Barron’s article was fair.
He wrote, “In the end, was the Barron’s piece a hatchet job, as CNBC contends? No, it really was not.
“So, was CNBC wrong to throw Barron’s off the air? Actually, no. It’s its air.
“Did CNBC behave unprofessionally, as Barron’s contends? No—except to the extent that its own policies force it into disingenuous arguments about what is and isn’t a “pick.â€?
“This is the contradiction that the Barron’s story, and the subsequent fallout, have exposed. It’s up to CNBC to resolve it.”
Read more here.
Cramer renews contract with CNBC
by Chris Roush
Marisa Guthrie of Broadcasting & Cable writes that “Mad Money” host Jim Cramer has renewed his contract with business news cable network CNBC. Terms were undisclosed.
Guthrie wrote, “Jim Cramer will stay put at CNBC for the foreseeable future. Cramer, the excitable host of Mad Money, signed a multiyear deal with the network.
“‘Jim has played an integral part in CNBC’s rebirth,’ CNBC president Mark Hoffman said. ‘He is not only one of the most respected and successful Wall Street minds, but also happens to be a great entertainer.’”
Read here. Cramer also is a co-founder of TheStreet.com and writes commentary about the stock market on the web site. The official CNBC release can be read here.
Cramer sells some shares in TheStreet.com
by Chris Roush
“Mad Money” host Jim Cramer sold 30,000 shares of Internet financial news web site TheStreet.com, which he helped found a decade ago, according to an Associated Press story.
The story stated, “In a Form 4 filed with the SEC, Cramer, host of CNBC’s ‘Mad Money,’ reported he sold the shares Thursday for $13.50 to $14.20 apiece.
“The stock sale was conducted under a prearranged 10b5-1 trading plan, which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information.
“Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction.”
Read more here.
Jim Cramer's fighting words
by Chris Roush
Ben Grossman of Broadcasting & Cable writes Saturday that CNBC “Mad Money” host Jim Cramer is spouting off against new rival Fox Business Network.
Grossman wrote, “Turns out Cramer doesn’t really have time to do The Apprentice or much else. He is way too busy plotting to murder the upstart Fox Business Network.
“‘We have a competitor now in Fox and it is really important to destroy and mutilate them,’ he says with typical subtlety.
“While Cramer says he likes and respects Fox’s Rupert Murdoch and Roger Ailes—he worked for Fox in 1999—he wants no part of a friendly tussle.
“This is not the NFL where people mingle at the end of a game,’ he says. ‘I’m not collegial. It’s personal.’
“To prove his point, Cramer drops the word ‘turncoat’ when referring to Liz Claman, who jumped ship from CNBC to Fox Business this month. I was actually a little scared to ask if he’d ever do the same thing. I’ve heard the stories from his trading days.”
Read more here.
The end of credible business journalism in society's eyes
by Chris Roush
Dennis Berman of The Wall Street Journal writes on the Deal Journal blog about the latest in cell phone ring tones — “Mad Money” host Jim Cramer‘s favorite sayings.
Berman wrote, “So how do the new Cramer ring tones sound? Herewith a review of each, sold for $1.99. Click here to get your own preview.
“Mad Money ‘Theme Song’: Dick Dale meets Queensryche. A bit over-produced, and hard to distinguish as the ‘Mad Money’ theme given its generic sensibility. Would you be proud to have this ring at your next business meeting? If, perhaps, you’re 17 years old.
“‘Boo-Yah’:Cramer’s signature line, an invocation that few seem to recall actually is supposed to describe the sound of a sawed-off shot gun, as used by gang members. He goes on to exhort the callee, saying ‘Pick up the phone. You can’t afford to miss this call.’ Would seem impossible to bear for more than three calls.
“‘Cramer’s Favorite Sounds’: This tone begins by reminding the callee that ‘Hey, I’m Cramer,’ (with choral ‘Hallelujah’ addition) which seems to create a bewildering identity issue for the callee. You’re Cramer? But you’re my phone. Why are you talking to me?”
Read more here.
CNBC's Jim Cramer is irreplaceable
by Chris Roush
Sheldon Liber writes on BloggingStocks.com about the difficulty that CNBC will have in replacing “Mad Money” host Jim Cramer when he decides to retire.
Liber wrote, “This is not an obituary for his CNBC show. Only the recognition that all things must end and Cramer brings it up all too often.
“He could never do four decades like Louis Rukeyser, who was America’s most popular economic commentator. This when Cramer was just opening his eyes and knew nothing of the world of finance.”
Later, he concluded, “Could Jim Rome co-host Mad Money? Could Warren Buffett contribute for a point-counter-point segment? Does the quick witted, sharp tongued perma-bear Alan Abelson of Barron’s (subscription required) have what it takes to do the show? I think not. When Cramer trades it in for something else it will be over.”
Read more here.
Cramer takes shot at Fox Business Network
by Chris Roush
Jeff Poor of the NewsBusters web site notes that CNBC‘s Jim Cramer, host of its “Mad Money” show, took a shot Monday at new competitor Fox Business Network.
“Cramer appeared on his daily segment on the afternoon CNBC show with host Erin Burnett talking out of one side of his mouth analyzing several stocks. However, Cramer struggled with his speech during his analysis of the potential XM Satellite Radio and Sirius Radio merger and spit all over Burnett when he abruptly said something that sounded like ‘Fox’ for an unknown reason.
“‘I’m having problems,’ Cramer said. ‘I admit it …’
“‘Cramer, you spit all over me and you said a vile word,’ Burnett replied.
“‘I can’t help it,’ Cramer said. ‘I’m having a hard time pronouncing that word.’”
Read more here.