Today Jim Cramer has double outrage—a two-for-one special.
First - Going after Mark Cuban for dumping stock in mamma.com -- after he got a tip from management that they were doing a dilutive equity deal -- that's worth going after for sure! Let's give him the business! Today the SEC drew the line on all the chicanery that's been going on under its ignominious stewardship! Today, they stood up and said "No More!" Today the SEC decided to train its guns on Cuban! For trading in mamma.com.
Are you picking up on any sarcasm here? Maybe there should be one case against the Wall Street gangsters that have brought down the western financial world... Does the SEC have a giant army of agents that I'm not aware of? This is a sideshow, a real carnival act.
Second - Target . Here’s a company that bought back 2.5 million shares at $53.93—much higher than the stock’s current price of $32. Target’s earnings, down 24% for the quarter, were hideous, and its credit card business, where earnings were down 83% for the quarter, is absolutely awful. Target was even threatening to ruin Cramer's credit record because they said he had a balance on his credit card bill. They called him and harassed him pushing for the money. Turns out he had a credit balance, they owed him money--$71.29 to be exact. Is that how Target makes its money? Living off the float from guys like Cramer who get talked into paying them when they’re not supposed to?