News Flash! - Refiners Up

What do I know? Not much obviously. PACR got hammered today, down 23% on what I thought was a decent earnings report. Looking at the news, they were downgraded by JPM based on

1. Low volumes in 2nd quarter (not sure I understand as revenue was up)
2. Recent trend of falling fuel prices (I guess they are used more when fuel is high)
3. Upcoming repricing of Union Pacific contract

Don't know that these items are worthy of a 23% drop, but I guess by definition they were.

I was also wrong on BID, which I thought was decent with them beating analysts expectations for the quarter and then saying next quarter would be better than 3q 2007. With that neagtive news (read sarcasm) they dropped 7.8%.

MRX did have a nice day on what I thought were respectable earnings but mixed guidance and they went up 8%.

HSII announced before the bell this morning, and they were kind of flat with 2007 (Heidrick & Struggles beats by $0.06, beats on revs; guides FY08 revs above consensus). Again, in today's world and with stock prices that have dropped 30 to 50%, that feels alright. They were up 4% on the news.

HOC reported earnings before the bell and the headline wasn't positive (Holly misses by $0.42, misses on revs). Yet they went up 10%! Go figure. It was a great day for the refiners (a beaten down sector if I ever saw one) as FTO was up a nifty 12% and WNR (no longer an MFI stock for me) was up 6%.

My Portfolio which is competing against MagicDiligence continues to do well and is up 8.6% against the S&P 500. We are now trailing MD as they had a monster day yesterday and have zoomed ahead by 8.9%!

Symbol	Date	Original	Current	Dividend	S&P O	S&P D	Stock Chg	S&P Chg	Diff
DTPI	2/2/08	4.75	5.30	-	139.58	1.31	11.6%	-6.7%	18.3%
AIRV	2/13/08	5.08	5.80	-	136.37	1.31	14.2%	-4.5%	18.7%
CITP	2/16/08	9.98	11.81	-	135.14	1.31	18.3%	-3.6%	22.0%
PRXI	2/16/08	4.29	4.20	-	135.14	1.31	-2.1%	-3.6%	1.5%
CAST	2/23/08	5.06	4.14	-	135.62	1.31	-18.2%	-4.0%	-14.2%
GSB	3/12/08	2.08	1.40	-	131.36	1.31	-32.7%	-0.9%	-31.8%
IGC	3/12/08	3.70	4.60	-	131.36	1.31	24.3%	-0.9%	25.2%
LGTY	3/12/08	6.70	6.97	-	131.36	1.31	4.0%	-0.9%	4.8%
MRX	3/12/08	19.45	21.45	0.08	131.36	0.67	10.7%	-1.3%	12.0%
DEPO	3/22/08	2.74	3.98	-	132.08	0.67	45.3%	-1.9%	47.1%
NVTL	3/22/08	8.98	9.96	-	132.08	0.67	10.9%	-1.9%	12.8%
VRGY	3/22/08	17.42	22.14	-	132.08	0.67	27.1%	-1.9%	29.0%
DLX	4/6/08	19.58	16.89	0.25	136.89	0.67	-12.5%	-5.3%	-7.1%
NTRI	4/6/08	14.94	19.13	0.35	136.89	0.67	30.4%	-5.3%	35.7%
IUSA	4/6/08	5.28	5.19	-	136.89	0.67	-1.7%	-5.3%	3.6%
LRCX	4/11/08	41.08	36.06	-	133.38	0.67	-12.2%	-2.8%	-9.4%
SLXP	4/11/08	6.47	7.77	-	133.38	0.67	20.1%	-2.8%	22.9%
CHRD	4/19/08	5.03	6.16	-	138.48	0.67	22.5%	-6.4%	28.9%
QXM	4/26/08	6.26	4.97	-	139.60	0.67	-20.6%	-7.2%	-13.4%
MDP	5/9/08	33.79	27.14	0.22	138.90	0.67	-19.0%	-6.7%	-12.3%
OMPI	5/9/08	7.11	9.49	-	138.90	0.67	33.5%	-6.7%	40.2%
PPD	5/9/08	43.45	43.41	-	138.90	0.67	-0.1%	-6.7%	6.6%
ELNK	5/25/08	9.21	9.16	-	137.64	0.67	-0.5%	-5.8%	5.3%
FTAR.ob	5/25/08	4.37	3.82	-	137.64	0.67	-12.6%	-5.8%	-6.7%
CHKE	5/31/08	27.25	21.02	-	140.35	0.67	-22.9%	-7.7%	-15.2%
APKT	7/5/08	4.62	4.83	-	126.31	-	4.5%	2.1%	2.5%
CSY	7/5/08	11.06	12.98	-	126.31	-	17.4%	2.1%	15.3%
VALU	7/5/08	32.00	35.96	0.40	126.31	-	13.6%	2.1%	11.6%
QCOR	7/26/08	4.84	5.18	-	125.48	-	7.0%	2.7%	4.3%
MSTR	8/1/08	60.56	62.00	-	126.16	-	2.4%	2.2%	0.2%
						Totals	5.4%	-3.2%	8.6%
73.3% of stocks beat the S&P 500 Benchmark
S&P C			128.93