A friend just showed me an investment newspaper called Investors Business Daily that ranks stocks based on fundamentals, relative strength and whether institutions are accumulating a stock or selling it. The institutional accumulation rating for ASCA fell from B a week ago (A+=best, E=worst) to a D- on Friday. This is more evidence that institutions are bailing out of ASCA in droves (not that investors needed any more evidence after the stock got taken to the woodshed last week on monster volume). I still find it very curious that the stock got taken out and shot before the new casino was even open one week. How could anyone have known whether it was going to to packed and make incredible revenue, or be a dud? Maybe there is something else going on too. ASCA stock this morning became THE WORST performing casino stock, even worse than AZR and MNTG (which missed earnings by a big margin and guided down). STILL no word from the CEO about what the hell is going on. I guess he feels absolutely no responsibility to shareholders, and prefers to let insiders continue trading while small investors are kept in the dark. At least AGY and MNTG put out earnings warnings, so that small investors were not kept wondering what was going on while insiders bailed out. However much ASCA's CEO is making, it's about 90% too much.
The issue of Investors Business Daily that my friend showed me with the D- rating for ASCA was from Mon. Aug 26 (that's today, I guess they must put out the issue on Saturday and date it Monday), and the previous issue with the B rating was from Aug. 14 or 15. Apparently the paper also has some column that says where "the big money is flowing", and it had ASCA near the top of the losers list for several days last week because its drops were on much heavier volume than normal.
I don't hold many stocks for more than a week or two anymore after getting burned by a bad market. Some of the stock I've been nibbling on recently have been XOM, CVX, RD, TYC, CHKP, CREE, NEWP, JDSU, and ISLE. I like the oils because they got trashed for no reason and are rebounding now because Bush is foaming at the mouth to attack Iraq, which could destabilize the whole Middle East and interrupt oil flow. I've been starting to buy into some tech stocks that are incredibly beaten down that are top notch for their industries. For casinos, I like BYD, but think its already had too much of a run, and ISLE looks ready to break out to a new high. PENN also seems like a good bet.