he wants more here than a buyback at $10. Although that might add to the price the company is eventually sold at.
A buyback isn't a priority here. Id rather them sell it at $12-13. Fixing it will take longer but they might sell it later on for $15-17.
I am familiar with the term. I call it bash and buy also. We had a guy on the EVC board pump and dump and then bash and buy. The problem is it doesn't work on a yahoo message board. Anyone that even remotely thinks they have that power has one hell of an ego. Wish I did sometimes. Now, you do see it on CNBC and in financial magazine articles where there is wide coverage. There's not more than a dozen or so people read the PBY message board. You can always choose to believe what you want. I know better. If you go back over my posts the last few years I don't think I've changed my position one iota whether PBY was $9 or $11 but have called the swings about 90-100%. GLTA. DaninFW
hey danin: I am curious. Do you ever do the opposite of "pump and dump"? it is what I call "bash and buy". it is merely an attempt to bad mouth a stock to create selling pressure. The intent is to be able to buy the shares cheaper. It happens all the time in the stock market game.
We have rallied above $9, despite a very weak overall day in the market. PBY's high relative strength is certainly impressive. A rally to $10 by week's end, is not out of the question. Sorry shorts-it is time for more squeezing pain!
probably heading above $9 within the hour. No point chasing it, anyways. I think short covering is the reasoning for the spike.
The $9-11 is what it will get back to IMVHO unless Gabelli dumps. That's the normal trading range. I am not getting in yet. If I miss it no big deal. DaninFW
you sound a bit more bullish today than yesterday when you said only buy in the low $8's. Now you are claiming the company is worth $9-$11? I think it is only worth what somebody is willing to pay for it-that's $8.73 at this juncture.
He did mention PBY's being down basically due to bad decisions and poor execution. Did you see my EVC yesterday....up almost 5% and HOV looks like opening 7-10% up this morning. Gabelli is the reason this isn't at below $8 now.
We have seen this in the past when Barrington and Pirate together owned well over 20% of PBY's and tried to sell it. Pirate is now gone and Barrington keeps selling. Only small position left. I would not be surprised if Gabelli makes enough noise that the company buys back his shares at around $10. That's what he wants. DaninFW
Again, these are the dynamics that make PBY a great trading stock. The $720 million in real estate is the age old reason for constant buy out rumors. That's $14 a share but then you get a money losing business. If they sell the real estate they then lose the tax write offs and company then crashes on cash flow. Real estate isn't worth as much if company is losing money. Buyers that will lease back to PBY's have to worry if they will get paid. Now, PBY's has announced they are going to close a bunch more stores. Those that bought the real estate in the past now worry if they are going to be left holding the bag.......it's a vicious cycle. Don't forget that someone will have to pay taxes on $14 per share in gains. That makes it $10-11 per share at best. This company is worth $9-11 in current shape. DaninFW
he wouldn't recommend it unless he was done with the purchasing process. Why would he want to compete against other buyers bidding up the price?
Two huge points I detected from the Conference call: (A) Comparable store sales are up 2.4% so far in the fourth quarter-this is likely due to more miles driven, from the free fall in gasoline prices. (b) the fair market value of the company's real estate value is $720 million. This is probably why Gabelli is licking his chops.
I have to add that your hero, Gabelli, on CNBC yesterday recommended Autozone, O'Reilly and Genuine Parts........not Pep Boys. He may be rethinking his bad investment. Be careful of the idols you worship.
Only a snot nosed kid would attack someone else when they are wrong. Nuff said. You would have made money instead of sitting still. All the dynamics I keep mentioning drive this stock up and down. It has been a trading stock for 20 years not an investment stock. Watch and learn junior, DaninFW
I didn't expect much here. You don't have a gangbuster quarter after your president quits...or is ousted.
That said, we haven't seen any insider buying. (Gabelli is not an insider but that might change)
(Filing like an insider does not make one an insider)
I don't know how much lower it will go. Much depends on the market and last time, I sure didn't expect to buy at $3.06 but I did. I think.
I stand by my prior comments. They either sell it or fix it and sell it for more. Either way, we win.
I read something below where dan was talking about gabelli manipulating it. That's just a load of hogwash.
A near 20% holder in plain daylight ? Sounds like the conspiracy thoughts of snot nosed kid.
You never know what you might find on the bargain isle during tax loss selling. Picking the exact bottom is often impossible.
Gabelli is not going to sit on his hands & let nothing happen here.
Read my posts on EVC. Those that bought 2 months ago have a 75% profit. I think plenty of upside still but catch up on postings. The USCRW warrants are great below $4. I am betting on a great report on HOV tomorrow. Anything below $3.80 is a buy IMVHO. DaninFW
I have 220,000 EVC and 120,000 HOV. The USCXW's I have 72,000. In EVC at about $5.29, HOV at $3.10 and USCXW's at about $2.60+/-............don't want to disclose the 4th. I have smaller investments in many other stocks. DaninFW
This is why PBY's is getting their butts handed to them:
"AutoZone reported double-digit fiscal first-quarter earnings growth as plunging gasoline prices and favorable weather led to better than expected results.
Analysts said, though, that AutoZone (NYSE:AZO), the top U.S. auto parts retailer, could face headwinds in the coming year due to higher costs and intense competition.
AutoZone's earnings per share climbed 15.6% to $7.27 vs. consensus for $7.16 from 23 analysts polled by Thomson Reuters. The auto parts retailer has had double-digit profit growth in all but one quarter for the last five years.
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Revenue for the quarter rose 8.1% to $2.26 billion as increased product assortment and inventory count attracted more customers to stores.
AutoZone shares were up 2.4% in Tuesday morning trading on the stock market today. The stock hit a new high after breaking the 600 mark for the first time.
"Our growth improved significantly this quarter," CEO Bill Rhodes said in a statement, "which we believe was a result of our continued efforts to improve the business, most notably inventory availability, combined with lower gas prices and favorable weather in the last two weeks of our quarter."