I've seen a couple of news stories appear and then immediately disappear.
Last week, The Financial Times wrote a piece about the Sallie Mae deal might be compromised because the Democrats may reduce subsidies. I'm interested in it because I bought into the First Marblehead debacle on the SLM news. I'm keenly interested. When I went back, not 5 minutes later, it is gone. A search yielded nothing.
Today, there was a headline on Fidelity (under "Market News") that the WSJ editors knew about the Murdoch offer. Then it disappeared. Very odd.
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I've been patiently waiting for SCS to break down. It may now be happening since the company stopped buying back stock on April 30. The stock is finding little support. This is also a stock whose comps are going to be very difficult this year with the waning in the office furniture orders + international sales are ramping up and were nil last year + their effective tax rate was 14% and will return to 35+% this year. I have July $20 puts. I need to pay for my total and complete loss on my April puts, because I was so 'sure' that their stock would go down after earnings like Herman Miller. So much for being sure! Never underestimate a monster buyback.
6 comments:
Re: Sally Mae
http://www.bloomberg.com/apps/news?pid=20601070&sid=aKiEjlxiLl4g&refer=home
Anonymous--thanks for this. It's the basis of the story that disappeared off of FT Times.
Off topic, sort of.
Leisa,
I have been reading your blog right along with Bill Cara, Random Roger, Brett Steenbarger, etc. Just read the Liu article you posted on Cara's blog this AM. Wow. OK, soon.
I respect Roger Nausbaum with his stable long-term approach. But my issues are with tiny long-term growth stories rather than with asset allocations of clients. My risks are high, but minimal with respect to a market melt down. However, I would like to potentially gain from a melt down. Could you start thinking about and posting ideas such as Leap Options or put options on China/BRIC etfs etc. Thanks.
Back on topic--some appropriate reads for you:
http://www.thesanitycheck.com/BobsSanityCheckBlog
/tabid/56/EntryID/608/Default.aspx
http://www.bigeye.com/griffin.htm
The powers that be removed the story where they could.
another great post today from MISH:
http://globaleconomicanalysis.blogspot.com/
titled:
Money Supply is Soaring ... Right?
Anonymous-- Thanks for visiting and commenting. I'm not even in the same league as the folks that you mention. I just try to provide a personal point of view from the average investor. I could give you nothing credible with respect to options or really anything else.
I have a half-written post about the Liu's article and something I read in the economist. But I had to take care of some things today, and it didn't gel yet!
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