Blue Nile Leads Today's Ticker Parade
The tape has been loving and harping on Blue Nile all year and is genuinely impressed with the company's business model and execution.
What's my take on the tape? I think it looks a little tired, a little surly but generally determined to finish the week strong. What's more, I think it's genuinely annoyed to the point of self-loathing that it's not long a ton of Blue Nile (NILE), since it's been loving and harping on the stock all year and is genuinely impressed with Nile's business model and execution.
There's a slight chance that the line between my perception of the tape and my personal mood is getting a little blurred. Occupational hazard. Both me and the tape are aware of the blurring but we're thinking a relaxing weekend may help us sort things out. Towards that end, I'm taking the tape and Mrs. Jeffmacke to a Broadway show tonight. In retrospect, I probably didn't need to buy that third ticket. Other thoughts...
- All Hail Zod Ellison! There was a lot of talk about this being a throw-away quarter for Oracle (ORCL). Good companies don't throw away quarters.
- On that point, the seemingly sinking tide of the economy is going to reveal which companies are truly executing and which have been skinny dipping in the surf of robust global growth. Orca and Nike (NKE) set the standard for what you want to see from your longs during the coming earning's period. Both companies beat estimates, grew their businesses where they could and saved the econ-speak for the throw-away portion of the releases and conference calls.
- Companies you don't want to own? How about Consumer Electronics companies who delay product releases until after Christmas? Sony (SNE)... I'm looking at you.
- Harmon International (HAR) is the latest example of why playing arb on the bet that all the deals from the first half of the year that are still waiting to be consummated will get done is a tough game. As the folks betting on Home Depot's (HD) Dutch tender can tell you; prices can and will change between the time of the press release and the time you actually get your money.
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