Uh, let's see was that:
"Buy what the herd loves, sell short what the herd hates?" :-)
biz.yahoo.com
Best Buy rallies on fund buying
CHICAGO, Feb 1 (Reuters) - Shares of home electronics retailer Best Buy Co. Inc. rallied Monday as more fund managers jumped on board the Internet
bandwagon.
In afternoon trading on the New York Stock Exchange, Best Buy was up 4-15/16 at 95-11/16, off a new record high of 96-3/4. Through last Friday's close, the
stock was up nearly 50 percent this year.
Merrill Lynch analyst Peter Caruso said that by not owning the likes of Best Buy, fund managers were betting against the Internet and the personal computer sales
growth the Internet is likely to generate.
The other trend fund that managers without Best Buy were betting against was the digital revolution.
''Those are two very, very powerful themes that are causing a huge amount of portfolio managers to change their minds and get on board before its too late,''
Caruso said.
''Just like panics out of stocks, you have panics into stocks,'' he added. ''You're getting a panic move into Best Buy.''
He said another electronics retailer, Circuit City Stores Inc. (NYSE:CC - news), was benefiting from the same trend. Circuit City shares gained 3-5/16 to 58-9/16. |
