Thursday, February 26, 2009

A rare bright spot in a gloomy earnings season

Ensco (2.9% of portfolio) reported earnings, and the results were solid. The press release stated that the company expects a more challenging 2009, but the stock valuation is so modest that depressed earnings are probably already priced in. After the close we also got earnings from Titanium Metals (calls 0.2% of portfolio), which is now just a tiny fraction of my portfolio. My out-of-the-money calls will likely expire worthless next month, so I'll have to decide when to rebuild a position later in 2009.