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Mid Week Musings

PFE is a not a good company. They boosted dividends, one would assume because they can’t think of anything better to do with their money even though you could practically throw a dart at the biotech sector and pick a winner. The company also did not buy back any stock (although it is authorized to buy back Billions) while it sat at 8 year lows last month.

Revenues (-8%) and profits (-30%) going to be off this year but, with the stock off by almost 50% since early ’04, you would think it’s a bargain. Don’t. Just stay away from this thing.

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Oil builds were higher than expected but we could have known that was going to happen when VLO opened down. CHK was a gift down at $32.60, already back to 33.20 in an hour!

SIRI has now developed a channel at $6.86, staying in this spot indicates it is being held down for option expiration.

I’m not sure which way GD will head now. Surprisingly, analysts seem to like the deal more than I thought. The Jan ’07 $120 puts are up $1.40 for the day and this would be a good spot to get out with a small gain given the uncertainty ahead. I’m stuck with a batch of $110 puts I picked up for .20 (couldn’t resist) but I already made a profit on the initial put position so it’s house money…

The dollar is collapsing against the yen which should be good for GM, bad for Toyota (TM), SNE and other Japanese companies where a couple of percentage points matter.

This goes back to my dreary weekend theory that our debt levels are unsustainable and the hint that the Fed may stop tightening might make our markets happy but scares the hell out of foreign investors.

I will have to take my head out of the sand and reassess the markets as this may be a trend that doesn’t stop.


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