October 24, 2008

Friday, October 24th, 2008
Diamonds
Stocks tanked on Friday morning as markets around the world, in particular Russia, led us lower at the open. With stocks in the red, a couple of financials rose higher. PNC Financial (PNC) rose over $1 to $57.94 after they picked up struggling bank, NCC for $5.6 billion dollars which a "take under
Dogs
Daimler (DAI) fell $2.41 to $27.91 as auto stocks drove off the cliff. DAI still owns almost 20% of Chrysler and Chrysler, led by arguably the worst CEO in history, is in desperate shape. Chrysler announced that they are firing off 25% of their white collar workforce. That workforce represents 18,000 plus people as this stock screeches to the finish.

Thursday, October 23rd, 2008
Diamonds
Amgen (AMGN), the godfather of biotech stocks, rose $5.85 to $55.55 after reporting earnings. AMGN more importantly, raised its outlook going forward and that helped propel the stock forward as well. Down 3%, this year, AMGN and bio-techs in general, are possible rebound stocks if and when the markets turn higher.
Dogs
Snake eyes! MGM Mirage (MGM) is falling on hard times, along with the entire casino industry and closed the day at $10.85, down 12% for the day and 85% for the year. I thought the house always won?


Wednesday, October 22rd, 2008
Diamonds
The market staged a late day comeback and finished higher for the day. That burping wasn't Will Ferrell but it was the sound of Tupperware (TUP) going higher. TUP rose $2.18 to $21.48 after their earnings rose by 4X. They also announced a ramping up of their stock repurchase program. TUP is still down 31% for the year, so the stock they are buying is at least cheaper.

Dogs
In another job loss headline, Merck (MRK) announced the elimination of 7200 jobs over the next two to three years. MRK reported earnings that were lower than the previous year and fell $1.96 to $28.01.

Tuesday, October 21st, 2008

Diamonds
Put this on your sticky pad, 3M (MMM) is on the upswing. MMM reported third quarter income that was better than expected and the stock swung to $60.04 up $2.53 on the session. Emerging markets are discovering the beauty of scotch tape and crazy glue as sales there went right to the bottom line.

Dogs
Talk about your car wrecks. Ford (F) traded down to $2.17 as investor Kirk Kerkorian sold over 7 million shares and is throwing in the towel. Unfortunately, these shares are just a portion of what he owns. I believe he owns 125 million more. F can't go lower than zero can it?

Monday, October 20th, 2008

Diamonds
The market was able to finish higher today, as the Dow climbed 400+ points and the S&P gained 45. Many stocks were green today, but the green card gets the diamond for the day as American Express (AXP) rallied up almost $3 during the day and after hours on the heels of a better than expected earnings report. AXP had profits fall from a year ago but expectations had fallen as well, giving the stock a long awaited surge. AXP finished at $25 and change.

Dogs
"Hey Norton, where's my bowling ball?" Brunswick (BC) fell to a 25 year low as the sporting goods manufacturer was downgraded by a credit agency. BC finished the session in the gutter as the bowling, billiards, and boating company is choking underneath the weight of its debt. BC closed down $1.28 at $4.49, less than the cost of a round at the lanes.