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Buzz Bits: Dow, Nasdaq Plummet

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Earnings Report - MV News

  • Wynn (WYNN) reports 4Q EPS of $0.53 vs. $0.47 cons on revs of $563.6 mln vs. $488.1 mln cons.
  • Deckers (DECK) reports 4Q EPS of $1.82 vs. $1.31 cons on revs of $124.4 mln vs. $110.8 mln cons.
  • Leap Wireless (LEAP) reports 4Q EPS of ($0.60) vs. ($0.38) on revs of $314.5mln vs. $318.6 mln cons.
  • Dreamworks (DWA) reports 4Q EPS of ($0.20) vs. ($0.42) cons on revs of $204.3 mln vs. $159.5 mln cons.



Going back to Cali, to Cali, to Cali... - Todd Harrison - 2:38 PM

  • Reading Professor Goepfert's Buzz below, if you don't know, don't go. If I was told that tidbit prior to a 40% VXO rally (not a typo), I would get long massive volatility. It's harder now and sometimes the ability not to trade is more important than trading ability.

  • Or, do as Professor Fil (and I) like to do--trade "in between," or smaller.

  • Minyan Matt (on his way to Anaheim) offers that this is the ugliest day he's ever seen. I must be old--I don't even know if this makes the top ten.

  • I just pinged Professor Succo on the VXO move and his response is one I wanna share. "Interestingly, I've only seen option sellers. Vega is up a little but not much. There's no panic put buying--the VXO is up only because correlation between stocks is up."

  • If the sharpest corrections occur in the context of a bull market, this is some bull!

  • OK, now I'm officially late. I sincerely hope you have a strong close, a mindful night and a kick-ass manana. I'll be thinking of ya'll as we vibe with our friends at TD-Ameritrade.

  • May peace be with you.


R.P.



Precious!!! - Fil Zucchi - 12:13 PM

Gold has shot up $12 in 50 minutes. These are not "normal" moves...but I'll take it and shed a bit of my supply into it.

A couple more thoughts: dollars to donuts that in the next few days we will be told that the Fed has done some kind of "injection of liquidity." What happens if those happy dealers decide not to pump the cash into the equity markets? What happens if it were to magically find its way into gold?

With those cataclysmic thoughts in mind, I am heeding my own advice not to go overboard with my bearish positions. Things I am nibbling on include Foster Wheeler (FWLT), UnitedHealth (UNH), Zimmer Hldg (ZMH), assorted energy names, Amgen (AMGN) and Applied Signal Tech (APSG) (last night's report adds to the likelihood that defense spending budgets are back).

Trade carefully Minyans, because some day it will be different.

Positions in UNH, FWLT, UNH, ZMH, APSG, precious metals, energy equities, AMGN


Take my kids, please - Jeff Macke - 11:14 AM

Greetings from New Jersey where, after fully infecting me with every conceivable childhood ailment, the kids are finally back in school. It may be the fever talking but it looks like we're actually selling off enough to frighten the masses. While Boo's gotta eat, I'd caution the bears against getting too excited until we actually keep this thing down for a full day. As pointed out by other Profs around these parts, the last few hours of the trading days have been remarkably strong.

In less infectious news...

  • Radio Shack (RSH) is bucking the tape in a HUGE way; up 15% after reporting better than expected numbers and a strong outlook. Shack is just starting to get turned around and, despite the headlines, it isn't the cost cutting which excites me about the story. It's the revenue opportunities if they improve operations in that massive store base of theirs.
  • Speaking of massive, number two discounter Target's (TGT) numbers also looked good but the Street is less receptive, sending TGT slightly lower on the day. More is expected from Target than from RSH; in this tape, high expectations are a recipe for selling off.
  • As discussed on last night's Fast Money, this is the time of year when good retail management does a little sandbagging regarding estimates for the year. With the stocks up this much, a little prudence and pruning of the shares makes all the sense in the world.



Potential Dandruff Alert - Bennet Sedacca - 8:57 AM

As China sinks and the durable good order number was pitiful, bonds rally. I expected a rally into March 1 and then a sell-off into May, but these numbers are a bit worse than I thought to be frank.

But note the dollar sinking. Could that be what halts the rally in bonds? Maybe, maybe not.

But see the chart here. We are very close to forming and almost perfect, symmetrical, 'head and shoulders' formation in 10's.

We'll see. To me, bonds have simply gone from mis-priced to more mis-priced. I don't chase markets. Buy when you can, not when you have to.

No positions in stocks mentioned.

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