"Day Late and a Million Dollars Short"

 Today the WSJ ran an article detailing how MGM was cutting condo prices by 30%.  They acted like this was big news.  It sounded scary and terrible.  This is a great example of how following the media for your stock picks is hazardous to your health.  MGM management already stated that they were going to cut condo prices a few weeks ago.  Stock is up 5% today on the "news" - in other words, it's not news at all.  Someone somewhere is wondering why they keep underperforming the market.

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The Pause That Refreshes...?

We just had a nice 4 day "correction," so let's see now if all the people that have been chomping at the bit to buy stocks after a correction will really do so.  Earnings season is nearly upon us, so let's watch for pre-announcements.

MSFT: ISI says they disappoint short term, but earn $2.02 eps in FY11 vs. street $1.98.  Buy on pullbacks, ASP increase underestimated by street.

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I Guess Chinese Enjoy Gambling

 M&A…Thursday? CSCO is buying a Norwegian video conferencing company for $2.6B (Guess they couldn’t wait til Monday.  Paid 11% premium to stock closing price, 3.2x T12M sales of $808M.)  Comcast in talks to buy NBC Universal.

Economic data:Jobless claims worse than surveys – 551k v 535k. Personal income +0.2% v 0.1% survey.  Spending +1.3% vs 1.1% survey.

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