Selective Insurance SIGI, Tellabs TLAB, Conoco Phillips COP Earnings

Since we are holding most of our positions for a long period of time, one quarter's worth of earnings may not mean alot. With that caveat let's take a look at today's reporters.

SIGI - beat estimates by 22 cents (1.28 v. 1.06). Nice, very nice. It is moving today on light volume. Do I appreciate this? Yes I do. Because in a few short weeks, there is a chance I can pick up some more shares of this stock on a pullback. The Mrs. and I started buying this eight years ago. I sold some around 2000, but the stock is a hard one to keep down. Put it on a list to consider after the earnings are digested.

TLAB - has been on a tear of late. I purchased this stock in June 2004 with a basis of 8.75. It tanked for a long time, I think I was sub 7 for a period. Then, business improved and the story got reflected in the price. This is the value case. Try to buy when things look bad, hang on if they get worse, and try to get out as the price gets too speculative. I am holding here.

COP - newly acquired this year, the story on this stock is you can get this integrated oil/gas play at around 8 times past earnings. COP did not disappoint but they did not beat today either. You are getting some play from the commodity market in that you might be able to get COP at crazy, crazy, low, low price based on what happens in the futures market. Nevertheless, I am in and holding until I get my price.