February 23rd - BSTE SUNW

Cramer's first speculative play for Speculation Friday was Biosite Incorporated (BSTE)

Closing Price: $55.32
After Hours High: $ 58.00
Percent Increase at High: 4.84%
After Hours Most Recent Price: $ 56.74
Percent Increase at Most Recent Price: 2.57%
Sector: Healthcare
Days to Cover: 11.7
Short %: 33.57 %
% Held by Insiders: 22.91 %
% Held by Institutions: %
50 Day Moving Average: $52.62
200 Day Moving Average: $47.39


Three transactions for a total of 800 shares at $58 were sold right as Cramer mentioned the stock, only for the price to drop immediately to mid-56 level. Nothing like an instant $1200 loss for those 3 trades (unless they were short covering). The stock is now well above the top band at $55.86 which leaves plenty of room to the downside. The short percentage is very high though and could explain the decent price pop for a stock of this price. $57 would be a number to watch on Monday morning and I would be curious to see if the price breaks that. If it does, I would be afraid for a squeeze since the stock is approaching the 52-week high, so that means anyone that shorted in the last year are likely losing money right now and may cover here.

Cramer's final speculative pick was Sun Microsystems Inc. (SUNW)

Closing Price: $6.27
After Hours High: $ 6.41
Percent Increase at High: 2.23%
After Hours Most Recent Price: $ 6.28
Percent Increase at Most Recent Price: 0.16%
Sector: Technology
Days to Cover: 0.7
Short %: 0.99 %
% Held by Insiders: 2.01 %
% Held by Institutions: 62.60 %
50 Day Moving Average: $6.01
200 Day Moving Average: $5.09
Average Price Drop for Sector: 4.3%

The stock is only up 1-cent after hours as Cramer pleaded for caution when buy the stock. The price is closer to the bottom band so there is some upside potential, but I wouldn't bet on it.