CSCO cruised up nicely into its above-expectations earnings announcement, where CEO John “one-man tech wreck” Chambers decided to introduce the subprime vortex into his forecast. He might as well have asked Jeffrey Dahmer to babysit. What followed was two days of a broad tech sector sell-off that wiped out $150B of shareholder value. Long calls get hammered.
Then just for grins, the sector that is actually responsible for subprime enjoyed a nice little rally. Even WM, under the pitiful helm of CEO Kerry “one-man rate cut” Killinger, got a bounce. Hopefully this was just a short squeeze. Short puts get hammered.
November 10th, 2007 at 3:43 am
True that.
November 11th, 2007 at 2:10 am
TGIF, indeed. One helluva week.
CSCO cruised up nicely into its above-expectations earnings announcement, where CEO John “one-man tech wreck” Chambers decided to introduce the subprime vortex into his forecast. He might as well have asked Jeffrey Dahmer to babysit. What followed was two days of a broad tech sector sell-off that wiped out $150B of shareholder value. Long calls get hammered.
Then just for grins, the sector that is actually responsible for subprime enjoyed a nice little rally. Even WM, under the pitiful helm of CEO Kerry “one-man rate cut” Killinger, got a bounce. Hopefully this was just a short squeeze. Short puts get hammered.