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1. PVH Day Trade
1:57 P.M. EDT
2. Will Others Follow the DryShips' 'ATM' approach?
10:43 A.M. EDT Now that DryShips ( DRYS) has completed its open-ended issuance of new shares to raise fresh capital, other financially weak companies will have to gauge if it was the right move. DryShips was able to beat back creditors by raising $500 million, but the company's share count rose from 46 million at the end of the third quarter of 2008 to a recent 185 million. Could DryShips have issued fewer shares by doing a PIPE? (This assumes a traditional secondary was pursued but unavailable as an option). Would further asset sales been the wiser long-term move? At the time the program began, DryShips had little access to fresh lending, but other debt-distressed companies may find easier access to borrowing these days. With many more companies facing debt deadlines in coming quarters, we probably have not seen the last of these "ATM" deals. Shares of DryShips are up 15% today as the program is now closed, and any further gains may serve as an endorsement of this approach.
3. A Closer Look at Citigroup and GE
8:57 A.M. EDT Unlike my some of my bullish brethren on
4. Google's Shareholders Should Thank Patrick Pichette (and Shona Brown)
8:04 A.M. EDT Google's ( GOOG) investors quickly cheered yesterday's earnings out of the gate in the after-hours, bidding the shares up to $410 -- they've since fallen back to $385. We'll see what they do today in the broader session. The reason for the fallback in share price? After initial investor euphoria over a top- and bottom-line beat and increase over a year ago, some cautious macro comments from Eric Schmidt and perhaps the announcement of the moving on of one-time sales rock star Omid Kordestani gave investors pause. Still, the results are impressive. What Google shareholders should be thankful for is the hatchet the company took to expenses and cost rationalization. Trimming jobs and other expenses -- previously not a Google strength -- helped profit climb almost 9% from a year ago to $1.42 billion. $110 million here, $110 million there; it starts to add up over time. Shareholders should directly thank Patrick Pichette, the new CFO who came over last summer after coolly and calmly driving costs out of Bell Canada in his previous stint. Pichette was clearly brought in with a mandate -- and he's delivering. And if you want to thank the person for bringing in Pichette, thank Shona Brown, Google's senior vice president of business operations. Brown -- a Canadian like Pichette -- also was a McKinsey consultant in her former life, just like him. No positions.
5. The Gold Pullback
7:42 A.M. EDT The SPDR Gold Trust ( GLD) pullback will stay healthy as long as it holds the 62% Fibonacci retracement level near 80. Any lower will risk a selloff to the 2008 low at 68.81 and a double top pattern. I believe this instrument will turn higher at or above 80 but it could take a number of months before it retests the 100 level. More technical comments and weekly gold chart