I sold out at $6.72 and took a loss of around a point as I thought that would be a good price to sell as the stock would fall further and I am glad I did what I did . Bought MRO at $13.35 which has an excellent shot to help me recover my losses and then some . Will hold that well into 2018 to get all benefits . Should hit $30 by then if not more. Some one has to do something about China . They dumped steel and killed us plain and simple . Products they make are nothing but rash . We need change in direction and for that I am giving Trump a shot . Good luck to all
Your thesis may be right but the REAL reason ALL refiners are getting killed is China refineries are dumping product on the world market in epic proportions. The writing was on wall this spring when RBOB moved up but refiners did not bounce. I got burned on ALJ really bad trying to play the summer demand but gas and distillate inventories will most likely build through summer. Wednesday will tell us more but that is the sad fact of what has been happening. Now add in the market is down triple digits every day and this stock is toast. Not sure where bottom is but waiting on DK is a suckers game. Even if they do take it out I am convinced it will be for little or no premium.
Not entirely true..
" funds have to sell because they can not hold stocks under $5"
Not all funds have to sell . Many funds own Sprint, SIRI, AKS, MT, AMD, LC and FCX when it was at $3
Just to name a few!
Well, that is refreshing news none the least. Holding on, holding out and setting tight.
California producers are scrambling to find places to store their crude, even calling into service tanks at Alon’s shuttered Bakersfield and Paramount refineries for storage, and depending on trucks to move the crude from the wellhead to the tanks.
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The management destroyed everything for their own benefit . 52% is sold to the enemy , DK and so no other company can buy this company . The company will have to cut the dividend by 50% as it won't be able to afford it which will cause the stock to drop significantly . DK will be in no rush to buy rest of the share and will wait for the stock to drop below $5 at which price funds have to sell because they can not hold stocks under $5
This management destroyed shareholders value and benefitted from it . Plain and simple
The company is worth a lot more without this CEO and current Board . No more refineries being built so it carry a premium . Lots of time a stock jumps a lot when a CEO leaves and this will be one of them . The stock should never have traded below $10 under any condition regardless .
When Jeff Bezos started Amazon from a tiny room it was selling books only with not much future . What people did not know was that he had a futuristic vision . He touched areas that had nothing to do with books . He ventured into Could business and he destroyed HP, oracle and beat MSFT and became # 1 in an industry he had no knowledge about . Stock has moved from $30 to $700 . When auto industry was facing the worst time and GM filed for bankruptcy , Ford brought in Alan Mulally from Boeing knowing nothing about cars and Alan saved Ford and made it profitable . When it was rumored that Alan may move to MSFT and head that company the stock moved 5 points that day just on the rumor .
The stories prove one thing and that is CEO matters a lot as the CEO makes or break a company . Imagine if tomorrow Jeff Bezos was appointed CEO of this company . Where do you think the stock would open ?
Now imagine if this CEO is fired . Would any company hire him . Not a chance . This CEO has destroyed this company along with the stupid Board Members . The CEO is getting paid doing nothing . He has caused the stock to drop 70%