I've been reporting on CRVL's misfortunes lately - not to be picking on the "best of breed of 2006" or anything like that but, yes, I am picking on the best of something ... Sum it up - whatapieceacrap.
But that, of course, sums up my feelings regarding nearly every company on the face of the earth. Example, I was in Wally World yesterday taking advantage of their rock bottom, low prices and I actually found myself commiserating with the checkout lady who was bemoaning the fact that they would only give her 5 hours a day. That, of course, is to prevent having to provide her full-time benefits and a stock option plan. Now here's the punchline - I was buying bird seed to scatter in the back to feed the birds and other beasts who are reeling around in shock because of the sudden onset of winter. So here I am taking advantage of low prices supported by predatory corporate practices so I can do good for critters. In other words I scatter the bird seed to attain good karma.
That's --- freakin' --- ironic.
Meanwhile back to CRVL - in four days last week they managed to take a 148 million dollar haircut. And that was on top of a great earnings report. Talk about reeling around because of the sudden onset of the cold - I don't think I'd want to be around that boardroom anytime soon. I mean this company only has 14 million shares in the free world and they puked 10 bucks a share in four days - for no apparent reason.
On the other side of the coin, LQDT, a company that does some mysterious thing or other in the "intertube" world, with about 28 million shares available for a price gained 89 million bucks in the same time period. And that was on just OK earnings.
I made some on both these companies this week and am still holding a small amount of LQDT in the hope that next week brings more. I'll be watching CRVL but I think this one is just dead money now. I could be wrong but I think that unless they announce yet another stock buy back they are probably just going to drift around in the cold for a long, long time.