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Sony, Macy's Rewarded For Mediocrity


Street is looking past earnings, toward future.


Greetings from New York where, in celebration of both the weather and Summer Movie Super Hero season, I'm wearing a cod-piece and cape to the office today. Here's what I'm watching while, curiously, no one in Times Square seems to notice me...

  • Sony (SNE) didn't seem to really knock the cover off the ball, yet the Street is giddy over the outlook. I'd like to believe, I really would, I just can't get my arms around the widow maker that is SNE.

  • Hewlett-Packard (HPQ) is recovering nicely today after taking a two-day beating on its EDS (EDS) bid. Trading is about time-frame. I think the HPQ bounce could give you a couple days and points but huge integrations tend to fail more than they succeed. In fact, now that I think about it, the failure of a huge integration was pretty much how HPQ CEO Mark Hurd got his job in the first place. Hurd is an unquestionable business stud... I'm just saying.

  • I'm afraid to mention that Microsoft (MSFT) is back over $30. In fact, nevermind.

  • Retailers are ripping today after Macy's (M), like Sony, turned in a quarter that didn't seem all that impressive yet was rewarded quite nicely. The idea of trading the group long ahead of the earnings flood next week brings us back to that "time frame" thing. Could I see a long-side spec basket working out well in May? You betcha. Do I own a big stack o' merchants in anticipation of the move? Not unless you count Wal-Mart (WMT) as a free-standing ETF.
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Positions in WMT, MSFT

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