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As with sports, sometimes the best trades are the ones you never complete. [Sep 22, 2009: Missed STEC Purchase by 23 Cents] Former momentum darling STEC (STEC) [July 16, 2009: STEC - Keeps on Tickin', Never Quittin'] is down 30% premarket despite good earnings this past quarter. The culprit is guidance due to an inventory issue with EMC (EMC). STEC's wonder product is the Zeus Solid State Hard Drive, and EMC is 90% of that business, so effectively STEC is joined at the hip with any EMC decision. This massive selloff does provide a compelling valuation; however the gap down today and residual fleeing of momentum lemmings is going to take time to resolve. The bigger question is how much time does STEC have before competition begins to crowd into the space, and start to compress financial metrics.
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