MGM sent me a hand selected bouquet of hand grenades this morning, as they widely missed earnings estimates. I’m used to the love/hate affection that comes with this stock. One of these days I’ll respond in kind, Rahm Emanuel style with a week old fish wrapped carefully in a newspaper – a business edition that’s highlighting the stock’s returns.
I’ll dig through the company’s latest information, but I expect to find what I’ve been seeing all along.
Outside the realm of absurd variance of that godless stock, my portfolio is doing very well today, with all my other positions except MGM, CLP and AWK broadly outperforming, thus far.
BG is being especially well behaved, running upwards. Let’s see that position cut through $80, on its path to becoming comparably priced to ADM and other similar operations.
In my own life, I have something interesting in the works, which shall come to fruition later today. I will be tied to that matter throughout the afternoon.
Now if you can excuse yourself from the 9th floor; I’m rather busy.
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Right after you posted this, AWK had a big spike up on volume; apparently someone mentioned them on CNBC and they are interviewing the CEO tomorrow. They also have an investor day at the NYSE tomorrow and are releasing their quarter numbers early – something I don’t think they’d do if they weren’t going to be good.
Excellent, that is good news.
Ironically, to some extent nailing the next big movers may be as simple as finding stocks trading near par. If the dollar drama keeps up, then money managers looking to allocate their portfolios are going to have to start finding other stuff to buy. Having the dollar plummeting limits what kinds of trades they can make, and eventually the hot stocks will become too hot to trust.
Utilities may just start to run on the grounds that no one is buying them. Obviously, I think they should be especially attractive to bond players looking for a safe space over the next year.
NRP and TLP ripping higher on the backs of solid performance. TLP has, once again, raised its distribution.