Strawberries from one 900+acre farm in Calif? You're telling me that they can lose over $24,000 per acre ? Definitely smelsl bad ,and I dont mean rotting strawberries! Perhaps the stink is in the Boardroom which seems bought and paid for by Murdock. So this is how he makes his money? Should have guessed as I heard Napoleonic 4'11".
The press release says that the worst of the strawberry problem was in the first quarter, which has already been reported. That is already in the stock.
Also, the board is saying the new ships will be a very good investment, cutting costs, and even better for stockholders than a stock buyback. As farmland is liquidated and as the old ships are sold, then buybacks are again possible.
First they don't mention buyback at all during earnings conference. Did they even dispute a buyback during earnings? Then they issue a $200 million buyback about a week after earnings.
Now they suspend buyback less than 1 month later and decide to buy vessels.
Makes me wonder if this planed and illegal or just random management.
If it is unearthed in the future that there is insider buying going on including the recently resigned Justin there will be lawsuits and and an investigation both criminally and by the SEC. Playing fast loose with public stockholders is prosecutable. How many did this well orchestrated turn of events hurt. ?
To me this appears to be manipulation even if they're covering their a.....s with corporate legality. They had better walk that fine line carefully!
I would say foxes in the henhouse as they feign bumbling idiots and make announcements that benefit them . Did he do the same with Castle and Cooke ? Tries to pretend he is a philanthropic guy at Duke but acts more like a robber baron. . In the end this will not work out well for them. Doesn't a reputation of integrity count for anything any longer?.
This company is ripe for a outside Hedge manager to come in and stir up some #$%$. Murdock is running this like his own little fiefdom. This company owns some great assets and if run right could be a triple.
does seem #$%$. announcing all the bad news on one day. Suspending buyback. Strawberry sales down, buying ships.
Either they are trying to drive down stock price or they are fools.
Why couldn't they have slowed down or stopped share repurchases without announcing a suspension?
My understand of most buybacks is that the language specifies that the company though intending to buy back shares is NOT OBLIGATED TO BUY BACK shares.
If they are not doing this on purpose then they are fools IMO.
Today's announcement is crazy. I think they are purposely trying to drive down the stock price. No Share Buy back, Building ships, Land in Hawai not very valuable and strawberry season sucks. Is Mursdock trying to steal this company from us by downplaying everything. How about selling the Health Spa Murdock. Dole is sitting on a goldmine of assets and he knows it. I am buying more and I bet he is also.
Dole is a great company. It does have temporary financial issues, but overall nothing to worry about! But! Keep in mind that it's NOT a growth stock! The best you can get is $12+ this year! ~pUNK sAID
I think your thoughts are wide of the mark DM bought a load of shares last August at $12.50 and this buyback will happen. Then he will have about 51% control rather than 40% Remember the balance sheet was as of March 23rd and the final deal was on April 1, 2013
The new CEO is an old lawyer buddy and you can't tell me they just bumbled through the call.....it was planned precisely to keep the stock down or under pressure. There are a lot of sharks in the waters off Hawaii and this is one of the biggest. They claim this is to benefit shareholders and the largest is DM. It is what we call a creeping takeover. Stay tuned Its going higher.