Hey everybody. CNBC's "On The Money" started their first re-cap of the contest on Friday. Here's some of what we learned:
The first two leaders from Tuesday and Wednesday, both employed similar strategies, they went all-in on a stock that was forecast to have positive earnings, or looked to bottom fish and catch the bump. Not surprising, considering the length of the contest (11 weeks to go!)
The first big stock buy was Sykes as 248 players bought it on Monday-- Sykes is an outsourcing company who reported after the bell Monday, and raised revenue projections for 2007 - beating estimates and the company gained $3.67 Tuesday or 23%, so buying the stock Monday was a smart buy. Other large buys in the week were Fremont General and Impac Mortgage .
OTM guest stock analysts JJ Burns and Timothy Sykes gave their picks for the week ahead. JJ likes Palomar Medical Technologies and Jack In The Box .
Timothy likes Six Flags and American Oriental Bioengineering . Okay--it's up to you contestants if you want to take their advice.
One more thing--those bonus bucks work. Contestants who used them reaped the benefits.
Remember--every Friday, OTM will have a recap of the contest. This Friday is an hour long program on the contest starting at 7 pm EST. Don't miss it.