Checkfree, A Future Blue-Chip Company
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Not much has changed in our portfolio over the last two weeks, at least nothing on the positive side. The selloff in technology stocks did not spare our portfolio, especially Broadcom (BCRM:Nasdaq), which fell from its recent highs along with E*Trade (EGRP:Nasdaq) and Dell Computer (DELL:Nasdaq) (can you believe that their total return for almost a year has been around 10% for most of the last 12 months?). Rite-Aid (RAD:NYSE) has taken yet another beating. After announcing revised earnings for the last two years, it posted significant losses, wiping out over $1.6 billion in accounting profits from 1998 and 1999. Results for fiscal year 2000? How about a $1.1 billion loss. Rite Aid will get $1 billion from the sale of its pharmacy-benefit management unit, to reduce their $6.7 billion in debt. Normally, I would have thrown in the towel and given up, but with the stock so low, there only seems to be one way to go -- sideways. Until management proves that they can heal this giant, don't expect much movement in the stock. Now, let's look at a company that will likely make us more money.
