Trade Alert: Real World Wall Street
This is the true story… of strangers… picked to live in a house…work together and have their lives taped… to find out what happens… when people stop being polite… and start getting real…MTV’s Real World Wall Street.
Good morning and welcome back to MTV’s Real World Wall Street.
There’s a bunch of news with a lot of our stocks, so let’s jump right in.
First off, our biggest short, Apollo Group continues its descent, down at new 52-week lows yet again after yet another for-profit education company, DeVry, reported a disastrous quarter. The stock is now down 50% from where it was when we started building the short position, and I think it’s got lower to go, but it’s probably time to cut back on this one a little bit. I’ll cover some of my common stock short today in Apollo.
Secondly, PCXCQ is down again this morning and I’m now down more than 20% on the trade — we’d made big money on every other bankruptcy trade like this that we’ve done, but the entire coal industry has been smashed with political headlines driving the trade more than the technicals I was looking for when we bought it. I sold half for a tiny gain on Friday and I’m going to take a loss right here on the remainder and move on.
Finally, one of our newest Revolutionary Investments, Baidu, is up 12% after a strong quarterly report last night. We’re now up nicely on that position, and of course, I’m wondering why I hadn’t loaded up on even more before this pop. I am holding my BIDU steady.
