Trump (TRMP) reports bad quarter... and no one cares. Has it bottomed?

Trump Entertainment Resorts (NASDAQ: TRMP) reported a lousy quarter this morning, and the stock has gone up a little bit. The company lost $13.5 million, or 43 cents per share, versus a loss of $4.9 million, or 16 cents per share, in the prior-year period. On average, analysts were expecting a loss of just 25 cents per share. Revenue declined 5%, and missed analysts' expectations but only by $300,000.

Revenue per available room increased 13.3 percent, to $82.51 from $72.85, but that's just about the only silver lining I can see.

Mark Juliano, who became CEO on Thursday had this to say: "While the first half of 2007 has presented many challenges which have impacted our results, primarily new competition and the partial smoking ban, many of the most substantial operational and marketing enhancements we have been planning and implementing for nearly two years are now having a positive effect..."

Apparently Wall Street is willing to give Juliano somewhat of a chance -- at least, they're not going to punish the stock any more than it already has been.

One of Jim Cramer's rules for spotting bottoms is that a stock has bottomed when a company reports a bad quarter and the stock doesn't budge, or even goes up. Trump Entertainment has been pulverized of late, losing two-thirds of its value since June. I still wouldn't touch it, but it may be an interesting contrarian play here.