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Buzz Bits: Dow, Nasdaq Gain Ground


Your daily Buzz & Banter highlights...


Editor's Note: This is a small sample of the content available on the Buzz and Banter.

Earnings Report - MV News

  • BEA Systems (BEAS) reports 1Q revs of $345.8 mln vs. $347.18 mln cons, BEAS does not report EPS due to ongoing investigation.
  • Longs Drug (LDG) reports 1Q EPS of $0.56 vs. $0.50 cons on revs of $1.3 bln vs. $1.3 bln cons.
  • PetsMart (PETM) reports 1Q EPS of $0.34 vs. $0.33 cons on revs of $1.11 bln vs. $1.11 bln cons.
  • Hewlett-Packard (HPQ) reports 2Q EPS in-ine of $0.70 on revs of $25.5 bln vs. $25.52 bln cons.
  • Advance Auto Parts (AAP) reports 1Q EPS in-line of $0.71 on revs of $1.47 bln vs. $1.49 bln cons.

Answers I Really Wanna Know - Todd Harrison - 3:33 PM

  • Is the expiration noise deflecting attention from the more pertinent "asset class vs. dollar" toggle, particularly with the CRB sitting pretty at an important inflection?

  • Is corporatocracy the way of the world or is there hope for independent entrepreneurs to affect change?

  • How can a six floor move be so much work?

  • How can you not root for the Phoenix Suns?

  • Hey Ameritrade APEX Minyans, are y'all gonna be on the 4:00 EST Huddle?

  • Are you over-trading today's nine handle move?

  • Aren't video games the natural extension for Madison Avenue as ads get squeezed off television?

  • When's the last time you smiled so hard that your face hurt?

  • Are NYC Minyans gonna join Rizzo and the boyz a week from tonight?

  • Does today's trading have a summery feel to anyone else?


The Glamorous Life - Jeff Macke - 12:21 PM

Greetings from New Jersey where I just got home from shooting a segment for tomorrow night's Fast Money. It's a weird way for an ex hedge fund manager to spend his morning but I had fun. Besides, after four houses and two coasts in the last four years, I'd do just about anything to avoid another moving experience. Things I'm eyeballing as I get back up to speed...

  • Another day, another retail miss as Federated (FD) comes up at least a penny short this morning. Despite hanging in there a'ight today, FD is off over seven bucks from its highs two months ago and has given up almost all of what once was a 20% gain for the year.

  • CNBC reported heavy put buying in FD last night, going into today's report. Not to Monday Morning QB the trade, but getting long puts when "everybody knows" a miss is coming isn't typically a money-making trade. Just something to keep in mind as we get into the heart of retail earnings missing season.

  • Staying on retail, though I have a long history of abhorring the idea of using weather as an excuse for weak results, there may be some merit to the case this year. Companies like Home Depot (HD) do a HUGE amount of gardening business. The word on the Street is that an abatement of the April showers has lead to a pick-up in outdoor business.

  • Of course, that still doesn't make me long to be long the retailers... but I might sniff into something like fertilizing concern Scott's Miracle Gro (SMG), where business continues to bloom.

An open apology to all my sell side buddies... - Bennet Sedacca - 10:09 AM

This is a first for me. I have not done a single significant (non odd lot) bond trade in eight days.

That, so you know, is a record for me.

Why is this important? I can find nothing of value, particularly with me being tucked away in Ginnie Mae's and T-Bills.

So, apologies to all my sell side buddies. But I cannot find anything of value. Nothing. Nada. Squat. Zippola.

Even if I were permitted to buy junk bonds ( I am not by charter) I wouldn't buy 'em anyway.

Sometimes it is just better to do nothing if the market offers you no upside. This is the most important rule of money management.

Never trade just to trade.

Of course, when new money rolls in as it did today, I have to put it to work. But existing portfolios are essentially static. This is a sign of the times. I think it is also a very big negative for brokers in the long term. LBO's won't be here forever...

Positions in Ginnie Mae's and T-Bills

Some rules are not made to be broken... - Rod David - 8:58 AM

S&Ps probed prior highs intraday Tuesday, but still closed back under prior highs - back under three prior highs, actually...

  • Rule 1: A new high that is rejected back under two prior highs will signal simultaneously both that momentum has peaked, and also has reversed down.
  • Rule 2: A new high that is rejected back under at least one prior high close forms a "Gotcha!" setup, which signals at least a near-term trend reversal.

A rally overnight and into this morning's Housing numbers stopped short of recovering any of the prior highs. Falling back into negative territory with any sort of pace could become a session-long downtrend. Buyers best hope is for an early recovery above SPX 1505 to improve through the first hour.

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No positions in stocks mentioned.

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