Last week was another great week for us. We had a sad ending to it with a couple misses, but it was still another good week overall. This week, the market is looking to get July started in the right direction. The market is looking to start off this week correctly with a good Monday that will be led by news from the G-20, personal spending and income, and foreign results. Our only open position left open for the week is Micron Technology (MU). We opened a position at 9.66 on Thursday, and the stock ended down about 2% on Friday. I am expecting a big day on Monday before after hours earnings, and we should get some great earnings for MU.
Let’s get to today’s plays and a weekly update from last week follows…
Buy Pick of the Day: IN PROGRESS
Short Sale of the Day: IN PROGRESS
Weekly Update:
We made eight positions for the week. We closed six positions, and four of those were winners.
Winners of the Week:
Lennar Corp. (LEN) – Lennar was our Play of the Week from last week. We liked this company because we were expecting some great earnings, and I thought the company would get some great buzz moving into earnings. Unfortunately, it was one of the worst weeks for a housing play as May new sales and existing home sales came out much worse than expected. We got involved at 14.68 on Monday. We saw the stock dip on Tuesday and Wednesday, but the company reported huge profits while expectations were for no profits at all for the company. We were able to regain our losses and exit for a 2.5% gain at 15.05.
Jabil Circuit (JBL) – We played Jabil twice for two great gains. We got involved with it two Thursdays ago for a sweet 4% gain, but the real success when we played this one on Tuesday to Wednesday for JBL’s earnings. We got involved at 13.80 on Tuesday, and we exited on Wednesday at 14.88 for a gain of 7.8%. The company also had exceptional earnings, hitting an EPS of 0.40 vs. the expected 0.33.
Ariba Inc. (ARBA) – A business solutions company that we short sold on Tuesday. We got involved at 17.42 and exited at 16.90 allowing us a gain of 3%. We liked the company because it was overvalued and had moved too high after an upgrade. The company moved down throughout the day.
Discover…
