Zeev...
Yes, I noted CDWC's earnings and guidance, and watched the AH trading in today's three musketeers (IBM, QLGC, and CDWC), while going through IBM's and CDWC's reports - I do not follow QLGC that much so I just glanced through it. Speaking of QLGC, congratulations to you and others here who rode that tiger into the earnings - a gutsy move in a bear market and it seems to have paid off.
As for CDWC, the earnings were no surprise since they had already said a while back what a great quarter they had due to a one time bonanza from MSFT licensing. I was counting on the fact that the news was already in the stock and with the stock sitting on an island above its upper bollinger band I felt it was a good risk reward play, although it remains to be seen whether or not it works out. I did note that the trading AH in it was very thin and it moved more on the IBM news than on its own earnings report. CDWC also guided for the current quarter in line with current expectations, which I think some folks will find disappointing, and which I also think they will not make.
I went through the IBM data several times and found it neutral, at best, with a good deal of room for smoke and mirrors in the numbers. I found the jump to $70 in AH trading pretty bizarre, but since I have no pony there I can wait for the market to sort it out. Similarly, I saw nothing to get excited about in QLGC's numbers, although like I said I do not follow it that much.
Overall, the earnings season so far has been full of bad news (INTC, MOT, GM, JPM, C, COF, KO, etc.), but there has been a major effort to put a good spin on even the bad ones, and I suppose IBM and QLGC will be no different. Tomorrow morning we get CY (which should come in between poor and ugly) and NOK, SAP, and EGLS. I think the net effect of these will be to put somewhat of a damper on the IBM reaction, and perhaps there will be some second thoughts about IBM before the day is over.
We shall see. Again, congratulations on the good move in QLGC.
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