TheStreet.com (TSCM) shares are too low to pass up

What happens if Jim Cramer doesn't stay with TheStreet.com, Inc. (Public, NASDAQ:TSCM)?  That's what's causing today's panic selling and TSCM shares are down 20% since last Thursday.  Is the drop justified?  Is Cramer the reason?  More importantly, is this the time to pick up shares at under $9?

Last week TheStreet posted record revenue with 38% jump that landed them $19.9 million but that didn't matter, the Jim Cramer debate stole the show. The 125% YOY increase in non-financial advertising revenue wasn't enough to lift the stock.  Total advertising revenue hit $6.8 million, which is a 43% increase over the 4th quarter in 2006.

So why the 20% drop in share price?

One huge negative is that the stock market doing so poorly, who really wants to read about it?  Who wants to invest in this losing market?  That translates to less readers, less future subscribers and all around, less revenue potential for theStreet.com in 2008. 

However the big reason for the sell off is Cramer.  According to a filing with the Securities and Exchange Commission on Feb. 14, TheStreet.com announced that Jim Cramer entered into a letter agreement amending an employment agreement dated August 1, 2005, and extended the term through April 15 of this year. That short-term extension was brought up during the conference call, and has sparked a lot of debate over why Cramer has not signed a long-term contract with TheStreet.com. It is spawning many unsubstantiated rumors and speculation that he may leave the company.

But come on, do you really think Cramer is going to bail on a company he Co-Founded?  Besides his TV and radio gigs, theStreet.com is his baby, and the masses love to read his commentary both paid and un-paid writings at the all new theStreet.com.  Plus, theStreet.com can't score big advertisers without Jim, he's the Shaq, better yet the Larry Bird of their team -- they need him.

Larry Bird has retired, but Jim Cramer is in full swing and he's not going anywhere.  Love him or hate him.  Crowds the size of Yankee Stadium buy and sell stocks the minute he says so and his impact on the stock market is felt everyday in our portfolios. 

I'm surprised to see shares of TSCM trading 20% down after that record quarter reported last week.  But then again, in this doom and gloom marketplace it's becoming common to see stocks tanking after any hint of bad news.

Cramer leaving theStreet.com?  No way.

Fellow Masters, this is one Boo-yah-ski-daddy that you don't want to let get away.  I'm buying at $9 a share, like Jim says, 'back up the truck'.