No Black Monday Replay

I was wondering yesterday if we were going to have a replay of the black Monday in Oct of 1987 (I am old enough to remember). We didn't. Still, not a great day for many MFI stocks, including ones I own.

CHCG announced their earnings (China 3C Group Reports Fourth Quarter and Full Year 2007 Financial Results). While they made 47 cents per share in 2007, they said 2008 would be a "transitional" year and they would make less. Ai-yi-yi, talk about being thrown to the wolves. CHCG ended up down 38%. I have had quite a few of these fiascos of late. I know it is because I have too many microcaps, but still you'd expect some to have good news and go up a ton.

HBMFF announced their earnings after the bell (HudBay Reports Fourth Quarter and Annual 2007 Results). Not sure what people were expecting, but bottom line the quarter sucked compared to a year ago (22 cents vs 1.32). This stock was recommended by Jim Jubak because of their strong Zinc holdings. So I am optimistid that they won't get torched too badly today as the value of mining companies is driven largely by what they have in the ground.

I didn't own TPX, but it dropped a bunch yesterday as well and is now $10 from a high of $33. I remember TPX was on the first MFI screen I ever looked at over 2 years ago and I kicked myself many times for not buying it. Now it is cheaper than February of 2006. It has been a testing ride with the MFI formula.

Refiners have been crushed of late. HOC is now down 18% for me and FTO is down 25%. These stocks were double digit in the green less than a month ago. I did find a website That shows refining margins and explains why these stocks are down (Refining Margins)).