Weird leadership, eh? We are seeing the stocks of forgotten companies at the head of the herd, stocks like Conagra (CAG) , which reported a much better than expected quarter on top of what we got yesterday with General Mills (GIS) .
We are seeing Micron (MU) as a leader, again, as it blinked, it is producing less to get the inventory of DRAMs cleaner or at least no longer in glut. To do that it has to order and idle, meaning order fewer machines and shut down some assembly lines.
I know it seems counterintuitive but that actually drives up the value of a chip equipment maker like Lam Research (LRCX) because when a company blinks that has historically signaled the bottom.
Then there are the restaurants led by Darden (DRI) . Inexpensive food done right.
And of course, Apple (AAPL) , which turned around everything.
Eclectic leadership is not the kind of leadership I can bank on.
It needs to broaden to be sustainable.
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