If Henry Blodget’s been Googling himself lately, he’s probably pretty pleased with the results: the “I own this town” picture to your left is the second thing that comes up when you search for images of the old rapscallion. If Henry Blodget’s been Googling Jim Cramer lately—and let’s be honest: that’s the more likely scenario—he’s probably very pleased with the results: some unhappy cult members are calling for Cramer's head.
On March 28 JC told viewers to sell shares of Dendreon, a biotechnology company in Seattle, a call that “turned out to be dead wrong.” The stock price has tripled since the day after Cramer’s recommendation (closing Thursday at $18.05.)
Here’s where it gets ugly:
Some bloggers thought he was being dense. In investment chat rooms, people called Mr. Cramer “a fool” or worse, and demanded that CNBC cancel his show.*
On later episode of Mad Money, Cramer, rushing to his own defense, kidded about the bad call, brushing it off and saying that he “did not expect the good news from Dendreon” (Provenge, the company’s prostate cancer vaccine was endorsed the next day by an FDA panel). When that didn’t work, Cramer tried again to diffuse the tension by making a joke about confusing the stock with Provasic, from “The Fugitive.” (It’s unclear whether or not it was actually Cramer who posted jokes of the same “I was just messing with you guys!” nature regarding his previous gaffe on thestreet.com—“I thought the SEC was just a fictionalized institution out of Wall Street!”; “I was drunk”; “Spitzer made me do it”—that quickly spiraled into vitriol—“What the fuck do you people want from me?”—or a prankster. This confusion, Carney would like you to note, arises from the fact that what you just read was made up, and I should be packing the car for our drive to Legs and Eggs).
In a Television Carnival, Buy, Sell or Cringe [NYT]
*A quaint idea but a little far fetched, considering CNBC’s standards for on-air talent.