Friday, December 18, 2009

Huffington Post, ZeroHedge wrong on Cramer Citi attacks (C)

I'm not suprised to see utter buffoonery from Huffington Post, but was surprised to see such laziness from ZeroHedge, whose entire "M-O" is attacking idiotic journalism.

They both TORE INTO Jim Cramer's gushing, pound-the-table argument to buy Citi (C) shares, but they got their facts wrong.

Huffington Post - Jim Cramer's Insanely Passionate Citigroup Recommendation Falls Flat (VIDEO)

They're both citing Citi stock at $3.70 at the time of Cramer's call. Had they bothered to LISTEN to Cramer, however, they'd have heard him say ONLY to buy at the offer price, which turned out to be $3.15. The shares are trading at $3.34 right now, so that's a 6% gain had you taken Cramer's advice, not a 14% loss.
There's plenty of reasons to attack Cramer's Citi call, especially his admitting that he "has no idea" what's going on with the company. But at least get the numbers right.

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