Back from my quick 6 day get-a-way. Great day in the market though I am still not exactly setting the world afire. Three of my companies reported earnings after the bell. I am pleased (and relieved) to say that the results were generally strong.
PACR - This has been a great company (finally for me) as they got renewed this past winter. They're up a snappy 53% for me, and likely to move up a bit further tomorrow (Pacer International Reports Second Quarter 2008 Results). They were up 90 cents after the bell. Reading the report, they're up year over year about 10% both in revenues and earnings. In today's near-recessionary times, that strikes me as pretty fierce.
BID - the auction business seems to be going well (Sotheby's Announces 2008 Second Quarter and First Half Results). They were off last year a bit (about 5%), but this was apparaently due to the shift of a major event last year from the 2nd quarter to the third quarter. They expect the 3rd quarter to be strong than the third quarter last year. They did top expectations, so I expect tomorrow will be a green day.
MRX - the vanity business still seems good (Medicis Reports Second Quarter 2008 Financial Results). Revenues were actually up a robust 20%. Their non GAAP earnings of 40 cents were above guidance. They gave guidance for the rest of 2008. While it was a bit mixed, all-in-all they expect to make between $1.32 and $1.36 for the year. That is pretty much even-steven with last year at $1.32. Again, all things considered, including a stock price down 50% that seems decent in today's world.
Not much else new. QXM was a bit disturbing today. It was down 14% on no news that I saw on a huge up day in general and large volume. I can only assume that some institutional holder was selling. Hopefully to cover some margin calls on oil.
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Although I couldn't read the actual story, and I couldn't find anything regarding this info from the QXM website, there is a story claiming that revenues are down this quarter:
http://www.telecom.paper.nl/news/article.aspx?id=225107&nr=
I just bought QXM in two accounts so I am interested. I wonder whether it's possible that the website report can be accurate but not have been reported anywhere else.
I believe that article refers to qiao xing universal (XING as opposed to QXM). XING was down 17% on that news.
Now QXM is a subsidiary of XING, so I am sure the drop in QXM was related to the XING news. I am not sure how the parent can report earnings while the sub hasn't, that is nonsensical.
Also XING has a market cap of 121m and qxm is 250m, I have no idea how a sub can have the larger market cap. I clearly don't have a good grasp on the structure.
You jinxed PACR!!!
-AlexG
Yup, that didn't last very long...
I was seriously wrong about PACR. I'll try and figure out what happened. Amazingly I actually had a good day anyway with CHCG, IAR, HSII, HOC and FTO up nicely.
Did you buy IAR recently? How does what IAR does have ANY effect on your portfolio? It's down 93% for me since I bought it, and even when IAR goes up 10 or 15%, it's basically meaningless in my portfolio -- never mind when it goes up by a mere 3% like it did today.
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