Friday ==> Travel Day

After 12 days in idyllic Switzerland, I am getting on a jet plane this morning and headed back home.  Looking forward to the return, though I will be less prolific on my blogging :).

Yesterday was at one point a blowout day for me, I was up just about 1% at one point.  But then gravity took hold on the market overall, and at the end of the day I had a 25 basis point day to the good.  That makes me up 16.7% for the year, which is a 1.9 point lead over the R3K.

NVDA reported earnings last night.  I guess they were generally good (NVIDIA Reports Financial Results for First Quarter Fiscal 2014).  All the press was positive and the stock did trade up a bit.  When i read the earnings, I did think they have some work to do.  Revenues are down.  The chip world in highly competitive and continually changing.  I am not an expert, but it looks like a lot is riding on a new chip called the Tegra.  That being said, they have a ton of cash, are making decent money and buying back shares and paying dividends.  And while NVDA also uses the misleading Non GAAP measures which conveniently omit share-based compensation, they were at least more transparent (I did not have to pull out a calculator, they had a nice table) and it was not a huge number... I think it was 4 tenths of a point on their gross margins.  We will see what the real street thinks today, I would be surprised if they went up.

Yesterday had to be the largest earnings day in pure stock count that I have ever had. CDE, CF, RIG, STRZA and TC all reported. I did not comment on RIG or CDE.  CDE was obviously poor and I ended up selling them. RIG seemed ok to me, though they were down about 1/2 a percent.  The real excitement will be their dividend announcement and proxy.  Pretty funny, but their AGM is next week here in Switzerland, not that far from me.  Had it been while I was here, I was going to attend.  Maybe next year... I am sure they would not know what to do with me. I at least hope they would have coffee and cookies....