Stocks are gyrating wildly, sometimes for good reason and other times not so much.
Okay, I have to admit that I am confused now. When Brookdale came out with poor second quarter results, its stock tanked, as it should have. But then Capital Senior Living came out with a very upbeat quarter, and its stock jumped 10%, as it should have, but then dropped by 15% over the next several days, for little reason, other than perhaps in sympathy with Brookdale shareholders. Genesis Health announced a good quarter, and its stock jumped by 10%, as it should have, and kept on rising to a 26% gain in a week when the market as a whole tanked. Hell, it didn’t even budge when China devalued its currency. Kindred Healthcare announced a good quarter, its stock jumped 10%, as it should have, and then slowly started to fade, most likely with the market. And, the piece de resistance was the announcement Tuesday that Justin Hutchens resigned as CEO of National Health Investors to become Chief Investment Officer for seniors housing and care of HCP, Inc. Come again? You heard it right. But little is making sense these days, other than the slow whoosh I hear coming out from the bubble.