It was brought to my attention this morning after talking to a friend that the phrase "status update" is when someone changes a profile or writes something on their Facebook page...so here's a "status update". The stock is down another $1 (3%) to $33/share. As I wrote yesterday, investors and analyst are concerned about how the company is going to monetize their over 900 million users; couple with the recent news that General Motors, who was Facebook's biggest advertiser has pulled all their advertising (pretty big deal). So that's my "status update" for the day, and despite the fact that the stock is cheaper today, I would still not be a buyer until company management makes it clear how they plan to make money.
The markets are higher today as the European Union is back at the discussion table to see if they can be more proactive as they look to take care of the Greece problem; I'm sure we'll hear news over the next couple of days on how all that goes (I'm not looking for any real positive developments however). The existing home sales numbers that were released this morning support my belief that the U.S. housing market is recovering and I expect it to continue to do so over the course of the next year (especially as we work off the excess housing inventory and rates stay low - which the Federal Reserve already said they would).
At this point in the day I'm glad I made those few stock buys yesterday as Etrade, Ford and KKR are all up nicely today.
