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"Shorts Will Keep NYSE at Its Heights"

By Jim Cramer
RealMoney.com Columnist
11/6/2006 1:11 PM EST
"When will the New York Stock Exchange's (NYX - commentary - Cramer's Take) stock quit? I don't know. I would've thought there'd be a secondary of down-and-out specialists who need liquidity, but you can't do that when you are making a bid for a company. Plus, you can't borrow the darned stock, which makes it so you have to wonder when the shorts -- and they are considerable -- will cave.

I have been a huge and proud champion of owning this stock. I think that people will always turn to their kids and say "I bought you a couple hundred shares of the No. 1 exchange in the world when it came public, and now it's putting you through school."

That is not a pipe dream. I still haven't seen one sell-side firm embrace my $10 a share number out a couple years, and people who have been negative on this stock have stayed negative even though John Thain is on a mission to create more wealth here than I have seen a CEO drive for in some time.

I think NYSE is like MasterCard (MA - commentary - Cramer's Take): We don't know how much it can earn, but it's more than what we think. When MasterCard was at $60, I told people that while they'd missed a lot, it was still a good idea to buy some and let the stock come in to buy more. MasterCard never came in. And I was a backer of it when it came public but thought that when it got to the mid-$50s that I was being a pig. Thank heavens I went back in. That stock never came in.

Could be the same for NYSE. So I'd buy some and hope it comes in, but remember, it's a rare good stock that has much of a big down move when there are so many shorts and longs that want in. "

(in www.realmoney.com)