MCO

I wasn't as sick as I let on -- Doc Holiday. At least that's the way I remember the line from Tombstone. Well Moody's reported this morning and it looks like a solid beat -- revenues about $13 mill higher than estimates (3%?) and earnings way above estimates -- 48 cents instead of the 35 cents people expected. not sure how much of that is due to operating factors -- higher rev or lower costs as opposed to lower tax rate or lower share count. I expect some is due to lower share count but a large part has to be because of the higher revenues.

I expect the stock to jump a lot today -- I'm guessing 10% based on the fact that they beat, maintained guidance while some probably figured they would cut again but the conference call is important in terms of their tone and their comments about whether there has been any improvement in the business. I know at least some of the upside was driven by non-ratings business.

Options means my upside is capped at 39.60 but I can always buy them back and then resell some calls from the next month to try to earn some money.

this is better than the alternative -- holding calls and the stock on a rapidly falling stock -- the calls only cut the losses a little bit.