I bought a decent number of shares yesterday after the day dip. I'm we can approach 49-50 before the end of the year!
he said retail stock performance can be hard to predict (because of this morning's disappointing earnings surprise from Express). But his charitable trust owns Macy's and he recommends GME and BBY.
I entered a GME long position today. it's oversold and, imo, due for an increase.
Sentiment: Strong Buy
He said none of the retailers are performing but he thinks bby and gme are buys. I also noticed both stocks ticked up slightly as he said this. But until the chart turns up no one is going to get in. Next earnings as someone else pointed out is going to be off the charts but it is a long long time away- in March. JCP gave a same store sales which gave it a pop. Hope GME comes up with some concrete news like that!
The problem with GME is the same one I am having with Take Two. Both companies are not well recognized, because they have huge cash flow, but not huge earnings. Both companies underreported their Q3 earnings, and deferred revenues, from Grand Theft Auto, to Q4. Both look undervalued, with GME at 10X last year's cash flow, and TTWO at 7X this year's expected cash flow. The problem is that both are being viewed by traders as the same kind of stock as the other momentum stocks. I don't think they deserve this, but until there is fundamental news out, the price is in the hands of the traders.
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This made up in lahlah land destructive model & most of the entire gaming industry will receive a cease & desist order from the DOJ & HMS, HOPEFULLY before the NEXT whacko who is currently secluded in his or her parents basement goes on another murderous rampage. These outrageous games must be treated just like the loaded weapons the whacko's use to slaughter our children and IF justice were to be served, the wall st thugs who strive to keep these sicko games in the hands of whacko's should be the recipient of some of their attacks.
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although I had been bullish market won't pay 10x for a business model they no longer believe in. If the tape keeps heading down, then it fills the $39 gap prior to earnings in March. Mgt would be wise to let the stock hit that gap before pulling trigger on their $500mill buyback.