problem here is.... even if they make their #s.... in historically strongest quarter... it is still a paltry 23 cents... heading into their worst quarter.... with everybody cutting back... even them.... expense management sucks.... no organic growth and acqusition strength is way low.... however the arrogance of some of these MMs makes 'em do crazy things
By yesterdays action...no one knows a thing about this qtr. Or the next. Good volume and a lot of churn. With valuations at these levels, there is more upside than downside, imho. of course, we could go lower on downbeat 2009, but my feeling is we head higher.