As bad as things are, we could always have it worse. For example, FCStone Group (FCSX) could be our largest holding; or a top 10 holding; or any sort of holding! It's a derivative of the commodity boom. Would seem like a safe bet. Not so much - down 45% this morning off of earnings. Did I mention every day during earnings season is like running through a mine field?
- Commodity risk management firm FCStone Group Inc (FCSX) reported third-quarter profit below analysts' view, hurt by bad debt write-off and decline in value of derivative instruments.
- Net income for the quarter ended May 31 fell to $8.0 million, or 28 cents a share, from $8.1 million, or 29 cents a share last year. Excluding items, net income was 42 cents a share.
- Analysts expected the company to earn 47 cents a share, according to Reuters Estimates.
- Revenue, net of cost of commodities sold, rose 29 percent to $83.4 million, while analysts were expecting $82.55 million.
Again, I realize retail traders absolutely love to "bet" before earnings - but I don't understand the mentality. The idea of the stock market is to put the odds in your favor, not take a 50/50 chance.
No positions - thank god