Stories of the Day for 7/30/2008

Chicago Bridge & Iron (CBI) continues to move up strongly on the release of the Q. Investors are learning that the UK project seems to be a one-off as the rest of the backlog is performing well. The company now trades at 1/2 of backlog.

Current Price: $35.50 Up 4.85% for today. Up almost $5 from my recommendation 2 weeks ago, or 15.6%. AUG 30 Calls moved up from $2.80 to $5.80, or +107%

Garmin (GRMN) disappoints. Delays the release of their phone and weak outlook.

Current price: $39.50 Down 12.23%. LOD was $37.69. I want to take a majority of my stake out at $36.00

SPX Corp (SPW) crushes earnings.

SPX Corp. reports a rise in secomd-quarter net income to $94.8 million, or $1.74 per diluted share. In the same period last year, the Charlotte-based company earned $63.9 million, or $1.12 per diluted share.

Revenue in the latest quarter nearly doubled to $546.5 million from $278.1 million a year ago. The increase was due primarily to the fourth-quarter acquisition of APV, which contributed $217.1 million to revenue for the quarter

SPX Corp is raising its 2008 earnings guidance to between $6.40 and $6.60 per share from its previous estimate of $6.20 to $6.40. The company earned $5.22 per diluted share in 2007.

http://charlotte.bizjournals.com/charlotte/stories/2008/07/28/daily25.html?ana=yfcpc

I am extremely disappointed on this news- it's causing the stock to surge almost 10%. I have been hoping for a strong pullback in the stock before I recommend it. This is a great company and will participate in the future electrical infrastructure boom.

Owens-Illinois (OI) reports after the close. I expect to hear good news. However, I am trying to consistently lower my risk. Let's sell a 1/3 to a 1/2 of the position (depending on your risk tolerance) going into earnings.

Current Price: $48.50

*UPDATE* Currently the DJIA is up 110 points but it feels weak. I think that we will continue to see a sell-off today so don't be afraid to take some day-trading profits on your longs.