Two Winners in Today's Wreckage
Most of my portfolio followed the market into the red today, but two highlights snuck in.
First up, NN, Inc. (NNBR), a little bearing and precision machinery manufacturer. The company had a nice earnings report today and the market bid it up 9% to a new 52-week high. That also made the second time I'm aware of that NNBR delivered a spiffy-pop for me. "Spiffy-pop" is a term created by TMF for when a stock gains more in one day than you paid for it. I only have a very small position left in the stock - bought it near the 2009 lows, sold some a few months later to lock in profits and hung on to the rest as trophy shares.
Next up, Magellan Midstream (MMP) also had a nice gain on earnings today and clocked a new 52-week high. The pipeline partnership crushed estimates and raised guidance for distributable cash flow. Tyler Crowe recently published a nice rundown of MMP; it's good reading for anyone considering investing in MMP or master limited partnerships in general.
IMHO, both NNBR and MMP are a little on the pricey side right now. I'm not selling, but not adding to the postions either. Then again, most stocks seem a little on the pricey side right now - probably because bonds are even more expensive.
Sorry, no haiku for the new highs this time.
Fool on! Russ