Wednesday, May 05, 2010
The Least Helpful Call You Will Get Today
We interrupt what is shaping up to be a fairly hard-nosed look at Warren Buffett’s comments at last Saturday’s Berkshire shareholder meeting, to bring you a NotMakingThisUp “Least Helpful Call of the Day.”
The least helpful call you will get today is almost any call associated with InterMune, a biotech darling that did what biotech darling’s do best: failed to impress the FDA with a new drug.
So far, five of Wall Street’s Finest have downgraded the stock from some version of “Buy” to some version of “Yikes.” Oh, and at least one maintained the “Buy” but cut the price target from $55 a share to $15 a share.
We are not making that up.
Either way, their clients will not benefit from such actions. The stock can’t be sold for much more than $10 a share—$35 below last night’s $45.44 trading halt.
I Am Not Making This Up
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The content contained in this blog represents only the opinions of Mr. Matthews, who also acts as an advisor: clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews’ recommendations. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. Also, this blog is not a solicitation of business: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
Posted by Jeff Matthews at 9:16 AM