American Greetings reported earnings today.

Here is a portion of the transcript in which AM is discussing its North American segment:

"Our North American segment’s revenues of $267 million were up near $24 million or about 10% versus the prior year. The revenue increase was driven by the benefit of $30 million of RPG and Papyrus revenues which we did not have last year. Holding aside the benefit from the acquired companies, revenues were down about $6 million or 2.6%."

OK, so North American revenues would have been down if not for the RPG and Papyrus acquisitions (sounds very similar to what CSS puts in its press releases). Now read the next part:

"During this quarter, we had lower sales from non-card product lines particularly within our gift packaging product line."

So not only was N.A. disappointing, but the weakest division within a down segment was gift wrap!

CSS is primarily a gift wrap company. Does anyone really think that CSS is stealing market share from AM?

By some miracle, this stock has held up well despite the market weakness. In my opinion, now is the time to sell -- before CSS reports bad news.