Good Morning, Good Morning!

For you film buffs, you'll remember that silly song from Singing in the Rain.

Looks like a typical Texas Summer morning... amazingly it is cooler here than it has been in the Northeast. I am waiting on earnings from PTEN (Penn and Teller with dyslexia) this morning. Analysts are expecting 95 cents with 607m of revenues... we shall see. Early morning futures are pointed down, tough sideways market.

It is now the end of the day. My portfolio was up .15%, about the same as the benchmark. I was once again dazed and confused at the market reaction to PTEN. They earned $1.00 per share (5 cents better than expected), had great revenues (up over 50%) and said good things about the future ("Demand for our drilling services continues to exceed the supply of available rigs. As a result, the pricing of our drilling rigs has continued to improve but the current gas storage overhang has moderated the rate of increase.") With all this positive news, the stock proceded to drop a dollar to $27.26. (Patterson-UTI Earnings Surge). Not to worry, I am sure it is just short time idoicy.

Now some other good earnings news (which will hopefully result in stock appreciation). True Religion Jeans (TRLG) had a very very good quarter (True Religion Apparel Posts 40% Sales Increase to $30.7 Million in 2006 Second Quarter ). Not only were sales up 40%, but they made 31.9 cents for every pair of jeans sold compared with 30.3 cents a year ago. So better margins and better sales. They're up a couple of percent in light AH trading, we'll see what happens tomorrow. TRLG also announced they are engaging GS to help "unlock" shareholder value. That could mean putting themselves up for sale.

The other good news of the day was that ANF had solid same store sales in July. Overall sales up 20% and same store sales up 3% (Abercrombie & Fitch Reports July Sales Increase Of 20%; Comparable Store Sales Increase 3%). The news caused ANF to spike up 6%, but it remains ridiculously cheap at 11x next year's eps.

Well, time to run... watching RV in the hotel with the kids. Silly, but funny movie.