Thursday, April 29, 2010

I bought JetBlue Airlines

Yesterday "the market" lost 200 points because, according to new reports, Greek debt got downgraded. Whatever. I did some bargain hunting, looked at Frontier Financial (FTBK) which lost 16% today, but decided to sit tight after reading this article about another company possibly making a bid for Frontier's president and CEO. That just doesn't sound good. Also looked at Netflix (NFLX) which lost over 5% today, didn't do anything today, but if it opens tomorrow and doesn't shoot up, I may buy some. No negative artcies to be found. Today is "mixed". Authentidate Holdings (ADAT) is down 9% today. Can't seem to find a reason for it, but it's gone from $.97 to $.82 in the last 4 days. That concerns me because it wasn't a 1 day hit, it's been a few days now. Can't figure out why though, none of news stories point to anything negative.
Jetblue Airlines (JBLU)is also down another 11% today. They reported a loss of $1 million, but they had a one time charge of $15 million, so maybe investors are jittery about the loss and not looking at the cause. I bought some at $5.72. Already, the market is starting to rebound.
I tried to buy 1,000,000 shares of MBAY but the offer expired. I guess it's some kind of closed trading environment. I would have owned 10% of all outstanding shares for $800. Darn. Why? To be able to say I own a million shares of something, and more to the point, this stock jumps up and down a lot (260% increase one day last week.) This is a pure gamble. The stock value is so low that it would be pretty hard to get lower. All I need is to be in the game once when it does a crazy jump, then I'm out.

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