City Paper is not for tourists
Dan Snyder‘s giga-screwed theme park chain, Six Flags, has more in common with the country’s ailing financial institutions than their shared borderline insolvency. Jim Cramer boldly led investors toward Six Flags throughout its plunge, too.
Cramer’s getting crushed by Jon Stewart, of course, for being so wrong so often about the health of Bear Stearns and other big money types.
Less consequentially, but just as wrong, Cramer has also been in Six Flags’ corner since Snyder took over the company in late 2005.
Among the many Six Flags/Cramer misguidance: In May of 2007, with Six Flags having already taken baby steps on the path toward Chapter 11, Cramer went on the CNBC show “Mad Money” to say he was “bullish” on Six Flags stock (SIX), which was trading at $6.19 a share, and the same month, on the website he founded, thestreet.com, Cramer predicted the stock would go all the way back to $9.00.
SIX had been that level and higher — up to around $12 a share, in fact — a couple years earlier, early into Snyder’s reign.
But, despite Cramer’s early-and-often pumping up of SIX to investors in the last few years, the stock never came close to nine bucks again. Within months of Cramer’s $9 forecast, in fact, SIX was trading for a third of that. And it’s been going down, down, down, ever since.
SIX was going for 21 cents at Thursday’s market close.
Keep the dial right here for all the breaking news in Snyder’s Six Flags soap opera.