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Wednesday, May 24, 2006

Update - SAFM

So Cramer's pick of SAFM might get the award for WORST TIMING EVER. Cramer tells his viewers that bird flu is dead and to buy chicken again and bad news was coming out or already out as he was recording his show. Amazingly the stock traded to a high of $30.38 in the pre-market this morning at 8:44am before tanking just after the bell. Did people actually buy this morning after the news from yesterday? I might not be that up to date on the whole bird flu thing but I'm pretty sure that when the WHO can't come out and say human to human spreading of the disease can't be ruled out after several people apparently died that way is pretty big news. The concerned people I assume are the ones that probably sold ASAP at the opening bell as the stock went down to $28.69 by 10:08am, a drop of 5.6% from this mornings high and a drop of 7.5% from the after hours high last night of $31.00. The stock did recover a bit from its lows and closed at $29.30.

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