A portfolio of 8 stock picks from the edge

This post will bring you a recap of some recent news events for stocks in the 8 Stock Portfolio. This will become a regular feature, likely joined by lengthier posts containing commentary surrounding major or notable events.

For now, here’s the news recap for the week ended August 8, 2008:

Whole Foods Market

Whole Foods (WFMI) reported third quarter results that were absolutely horrible, along with guidance just as bad, and suspended their dividend. While some took the opportunity to pat themselves on the back (rightly so), others saw opportunity under the “it’s so bad it must be good” theory.

Chico’s

Chico’s (CHS) put up another round of gut wrenching same store sales numbers with a drop of 18.5% in July. Surprisingly, stock’s reaction to the news was not very extreme. The reaction to the news is often more telling than the news itself.

Ruby Tuesday

Ruby Tuesday (RT) attempted a publicity stunt where they would blow up the last old style restaurant live on the internet. It turned out to just a “mock mistake.” Some people were not very impressed by the stunt.