This morning shareholders woke up to the news that this quarters NYX profits had more than tripled. The true hardcore NYX shareholders were up until 3:00 AM to hear the good news. Many were on popular message boards anticipating a rally today. Things seemed to be finally going right for NYSE Euronext. However, it seems that NYX has run in to some bad luck.
Now, some would have you believe that NYX is truly a bad luck stock. The legend has it that on a dark and stormy night Jim Cramer said it was his stock of the year. Many believe that ever since that night the stock has been cursed. This mornings open was particularly dismal considering the exceptional earnings report. Could the Cramer curse be true? No, its probably not true. The performance of NYX is related to the weakness in the general market. It's not the first time NYX has had bad luck during earnings. You may remember that last quarters good earnings report was also spoiled by a volatile market. That sell off also drowned out any good news about NYX. Is it all a coincidence?
One positive aspect of the weakness this morning, is that some people see this as a good opportunity to buy NYX. They say that it is in some ways actually a good thing that the earnings news was drowned out. It provides a good chance to buy a quality stock. The majority of people agree that this stock is going higher so this may provide a crucial point for some investors. Some are even expecting strength at the end of the day.
One thing that is for sure is that NYSE Euronext had phenomenal earnings that will be hard for anyone to ignore. Except for Cramer who has been beaten up for recommending the stock at its high. He can't risk making a mistake on it again. That is why he keeps his comments on the stock to a minimum. Maybe Cramer thinks its bad luck also? Hopefully bad luck wont spoil the phenomenal 3Q earnings. Hopefully we will see some strength today by 4:oo PM .
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