-0.69%
+0.00%
Last evening’s earnings calls were pretty much a clean sweep for the bulls with Akami (AKAM), Whole Foods (WFM), Cisco (CSCO) and Visa (V) all posting better than expected results. I will not put Johnny-Come-Lately Groupon (GRPN) in the same company as those other four more established stocks. Needless to say, tech and consumer discretionary stocks are still leading the market. Of course, so are the financials. Bank of America (BAC) hurdled above $8 yesterday. I expect it will make a fast run to $10.
I am leaning to cash in on the balance of my AKAM position. Recall that I mentioned last year that I was aggressively buying the stock at just above $22 last year. I sold half my position at just over $32 a few weeks ago. With the stock looking around $39, the upside potential is diminishing and it could be a prudent source of cash.
Today’s calendar of earnings is a bit less exciting with stocks such as PepsiCo (PEP), Nuance (NUAN), Dunkin Brands (DNKN) and XL (XL) reporting. Weekly jobless claims will be announced before the market open as well.
Yesterday I actually put some bets on the pass line for Greece. I added to some existing positions in Hellenic Coca Cola (CCH) and bought a small position in National Bank of Greece (NBG). The former is just Greek in name but most of its revenues are derived in other European and African nations. NBG is plain and simple, just a crap shoot. Then again, I am playing with lots of the house’s money.
Disclosure: At the time of this commentary Scott Rothbort, his family and/or clients of LakeView Asset Management, LLC was long V, AKAM, BAC, NUAN, PEP (small residual position), CCH and NBG — although positions can change at any time. x
Scott Rothbort is also the publisher of the LakeView Restaurant & Food Chain Report, a newsletter focusing in on food, restaurant and agricultural stocks. You can subscribe at www.restaurantstox.com
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