I bought some FMD during its demise. They report earnings after the bell tomorrow. I bought it to flip it quickly, but in looking at it more closely, it seemed to be a worthwhile holding. Plus I have no exposure to financial stocks (other than an ill-advised put on HIG).
FMD did well coming off it's lows, and it opened strongly today, only to creep downward. I could be wrong, but it looked like a shakeout to me. There was strong buying interest around 3 p.m. I hung on. I'll admit that I'm a bit nervous holding through earnings. But the expectations around this stock have to be low going into earnings. Probably more upside than downside risk given that it has already coughed up 25% of its value on investors' fears regarding the Sallie Mae deal. Tom Brown had a pretty decent write that I just read that assuaged my concerns a bit.
I bought some IIVI on its' demise yesterday. I flipped it today for a decent gain. I'm not familiar with their business. It's been interesting to see the earnings action--fairly turbulent +/- swings depending on the news. Ryland and Pulte had earnings after they bell. It wasn't pretty. Ryland will not give any further guidance.
MarkM comments in another post about the liquidity pump. There will be nothing good to come of the housing slowdown, but those risks have been soft-pedaled.
RTH was up ~1.25% though 80% of its composition stocks were up less than .5%. What's up with that? Needless to say, my puts suffered for this buoyancy. I still think April numbers will disappoint; and Target's warning seems like a lost daydream to the market. Asian markets are higher as I write--success begets success.
Party Hat time: