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A lot of you have probably heard the folklore about the Stadium-Naming Curse. That is, the phenomenon in which a firm that pays for the rights to name a stadium invariably falls on hard times. The general theory is that once a firm's collective ego and treasury reach a certain level so that they think it's worth a huge fortune to slap their moniker onto a sports arena, the end is soon to follow (the most famous example, of course, being Enron).
I was reminded of this when I saw that Apple wants to make a gargantuan office building to hold 12,000 employees. It has been described as being like a spaceship that has landed. Here's a rendering:
To me, this only amplifies my thought that Apple has reached its peak price (probably for years to come). Yes, it seems quite anecdotal (sort of like the constant harping about AAPL heading to $1,000 per share a few months ago…………gosh, we don't hear much about that anymore, do we now?) Below is a video is Jobs presenting (just yesterday!) to the starstruck bureaucrats of the Cupertino City Council. My God, he does not look good.
sAnyway, food for thought. I'm going to close up shop for the night. See you Thursday morning!
Below is a photograph of one Frank Williams. I offer it simply because, in the late 19th century, he was considered so obese that he worked at a freak show.
Imagine a citizen of that era transported to a modern-day WalMart. He'd figure he was in the biggest of the Big Tops. Amazing what a steady diet of Cheese-Whiz and Kool-Whip can do for a nation of gluttons.
Not picking on Davis (or Jason) here. Just pointing out that stats like this don't trump reality. The market is finally waking up to the truth again, and the bears are back in charge. Those bears who have been petrified of a bounce have cheated themselves out of amazing profits this month.
Pharmasset, Inc. (VRUS), after a big surge in price and volume in March and April when the stock doubled, has consolidated in the last 30 days in a rectange pattern. The stock appears ready for another breakout above key resistance at 110 area. If a breakout above 110 occurs, I expect to see VRUS move toward the 117-120 area. Preferred entry (buy stop) price is at 110.80, with a stop at 104.00.