Oh well, here we go again. After spending the last week or so losing 700 points and falling below 10,000 points at the close. Everyone who feels that the stock market is on the rise again. Earnings season is upon us as a matter of fact we have Disney reporting after the close. I am pretty sure that they will not beat the street. Why is that? Besides the fact that I am a season ticket holder and have seen how much business they have lost in their Parks. Their latest movie, The Princess and the Frog, did not do as well as it was expected. They also have to take into account the fact that they bought Marvel Entertainment Inc.
To get back on my original thought, It seems that the media is talking about how this rally is “real”, I don’t think so. How can it when you have sales down in many business’ and people are still losing their jobs. Look before you leap back into any stocks at this time. Yes, I know the markets have corrected themselves in the last week or so, but isn’t that what we were saying a year and a half ago? History has shown us that there is always a second bounce. It’s my opinion that we will see the second bounce some time in the first half of this year.
I’ve been sitting on the sidelines for the last few months when it comes to actively trading on a day-by-day basis. I did make some acquisitions of some stocks like Ford (NYSE: F), as well as Apple (NASDAQ: AAPL). Those trades were made for the long haul since I do have confidence in those companies and the people running them. I’m going to continue to wait for the other shoe to fall before I get back into the day trading. My advice to you is to do the same, but then again who am I?
Do what you may ,but consider yourself warned.
Happy Trading.
P.S. If you’re looking for some help in the stock market, Try out a free trial of Jim Cramer’s Action Alerts from The Street.
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Agnico Eagle Mines Ltd is up and running again today after they reported their second quarter earnings report. I’ve spoken about them in the past in regards to having a position and using a technique referred to as channel trading..
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Well so much for that idea now that the company has posted some good results and given some (in my opinion) great guidance. It will be some time before I’ll know what their new trading range will be. On top of all the news that AEM released, there have also been several analysts that raised the target price for Agnico Eagle.
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Yesterday when I saw the price dropping I put in a limit buy order at $52 per share. Unfortunately the low of the day was $52.17. I figured that I’ll just get the shares today at even a lower price, but when I was watching Mad Money with Jim Cramer, he had the CEO of Agnico Eagle on to discuss the report. I knew at that point the shares would go up in the pre-market and continue to do so throughout the day. So I had to put in a limit buy in for 54.00 (hoping that it would be a good bid) before the market opened and was lucky that it did trigger. I think we’ll see some great thing from this company in the next few quarters and I expect to make some great gains with this stock.
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Their two newest mines, Kittila and Lapa have achieved commercial production as well as their other mine Meadowbank and will be operational in the first quarter of 2010. If you haven’t jumped into Agnico Eagle Mines Ltd., do your research and maybe this can be a winner for you and your portfolio.
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Second quarter 2009 highlights include:
- Record Production – record gold production of 119,053 ounces. First gold poured at Pinos Altos in July
- Good Cost Performance – LaRonde, Goldex and Lapa achieve good
minesite cost performance
- Commercial Production At Lapa And Kittila – commercial production
achieved as of May 1 at both mines
- Remaining Two New Gold Mines On Schedule – Pinos Altos and Meadowbank remain on schedule for initial production in third quarter 2009 and first quarter 2010, respectively
- Growth profile bolstered – expected after-tax internal rate of return (“IRR”) of 76% at Goldex expansion and 17% at Pinos Altos expansion at Creston Mascota
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Happy trading.
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It’s that time of year again that comes every three months. That’s right, it’s time for earnings reports. Alcoa (NYSE:AA) is the first company to come out with their results for the second quarter for 2009 (actually it’s just that they are the biggest company to report). Alcoa will release their report after the closing bell on Wednesday July 8th.
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After last week’s debauchery, who really know what to expect. I not expecting anything good from any one company, so I will be watching the companies that I favor to buy on the dips. I’ve again back out of a lot of the positions I had in the past couple of weeks, so I’m in a good position to pick up some of the companies I was in at a lower price. Unfortunately, I’m not all that comfortable with the way the government and the Federal Reserve are handling things right now, that I just might sit out for the next month or so.
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Of course with me doing that, I just may miss out on some great moves, but when in doubt, sit it out.
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On Thursday the DOW lost 223 points. It started off bad in the morning and was pretty much steady all day until the end when the rest of it fell out. The whole week was trading on light volume, which makes it hard to really see which way the markets could have gone. It’s not easy to get a feel for the markets during a holiday week.
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I will wait until tuesday to get a feel for the market tread, but the way the markets have been lately, it’s doesn’t stay one way or the other for long. Take your time and do your research carefully, like you should do all the time.
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There are many different stocks out there that fall under the term “speculative”, of course that not really the case when it comes to the electric utility stocks. I just want to write about a sector that seems to be building up steam (literally and figuratively) later that needs to be addressed.
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A little over a month ago I started looking for a new speculative stock to trade (oppose to invest in) and I happen to stumble over a company that is in the electric utility sector, but because it is mainly a nuclear play, I thought it would be a decent opportunity. I looked around at other companies that are also trying to expand their nuclear plant output, but this one stuck in my mind.
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I invested a small amount (like I always do on speculative stocks) in the company after reading their
earnings reports and reading the transcripts from their conference calls. Since then the stock price has moved up over 30% in just 5 weeks.
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What really made me think that I had to write a post on it, was the fact that the company was profiled on a CNBC special this week titled Nuclear Option. In the show there was a lot of positive talk about the use of nuclear power being used in this country. There hasn’t been a nuclear power plant built in the United States in over thirty years, but now there are two being built as I type this post. One in
Texas and the other in Maryland.
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The company that I’m referring to is NRG Energy Inc. (NYSE:NRG). The company looks good to me and I will be buying more of it on the dips. I do expect it to lose some value because of profit takers as well as the overall market taking it down some as the DOW and the economy take a roller-coaster ride throughout the remaining part of the year. The chart looks healthy and with the price of oil expected to go back up, it will continue to rise.
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As with any stock you look to invest in or trade, you need to do your own research to see if it’s right for you.
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Happy Trading.
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Yesterday I spoke about building a position in Research In Motion (NASDAQ:RIMM). My first buy-in was at $76.25 when the price dropped. Share price opened this morning at $77.86 and within the first five minutes of trading, it was up to $78.40. Unfortunately that was as high as it would go. Minutes later it fell to $76.13, where it would continue to bounce within that range.
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Research In Motion was scheduled to release their first quarter
earnings report after the closing bell today. I was looking for some more upward motion from other
traders getting on board in expectation of RIMM beating the street.
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Shortly after the bell, RIMM released their report. RIMM earned $1.12 per share for the first quarter on revenue of $3.42 billion, compared with $482.5 million or 84 cents on revenue of $2.24 billion a year earlier. Included in the results were non-recurring items. $96.4 million relating to certain employee tax liabilities along with a gain of 175.1 million primarily as a result of the enactment of functional currency tax rules. While the analysts were only expecting $0.94 on revenue of $3.43 billion, RIMM earned $0.98 per share.
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What I didn’t expect was after the company beating expectation by $0.04, the stock dropped more than 6% in after market trading. By the time after hour trading was done, the stock moved back up to $76.06, just off by 0.5% from where it closed at 4:00pm today.
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One thing that I wish I was able to do was to buy more shares when it fell to $73 shortly after the release. In April, Rimm beat expectation by 7% and since then the stock price has moved up 55%. Today they beat it by more than 4% and it moved no where today. Many investors and traders were looking for more and the knee-jerk reaction was to sell. The more they were looking for was in RIMM’s second quarter guidance. RIMM”S range for earning in the next quarter is $0.94 to $1.03 per share on revenue of $3.45-$3.70 billion. The mean analyst estimate is for 97 cents on revenue of $3.61 billion. After the conference call, I guess people realized it wasn’t as bad as it originally sounded.
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With the information I have on this company, I believe that RIMM is still fundamentlly sound and will continue to grow. I will continue to buy into RIMM under $80, after that I will sit back and watch the gains from this great company with a fantastic product. The BlackBerry is a great smartphone with many different applications to do the things you want to do. As a matter of fact RIMM just released their latest BlackBerry model, the Tour, earlier this week.
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Jim Cramer doesn’t call this company one of the four horseman of the tech sector for nothing.
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