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Pep Boys - Manny, Moe & Jack Message Board

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  • daninfw04 daninfw04 Sep 22, 2008 9:15 AM Flag

    Purchase of debt

    Company only purchased $4.5 million last quarter for a gain of $900,000. Nothing has been reported this quarter. I am speculating about $10 million this quarter at a purchase of 70-75 cents on the dollar average. Price today would be about 69 cents on the dollar. Anything you're looking at is old news and already booked as earnings/early extinguishment of debt. If they bought $21 million this quarter it would be a profit of $6 million +/- not $3 million. DaninFW

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    • Is this an indication of an incoming investor ?

      • 1 Reply to midatlanticsound
      • If the company continues to pay down debt and reduce LT debt to equity ratios it will make the company much more attractive. I still can't believe AAP or AZO haven't bought their retail operations since PBY has pretty much telegraphed they want to be in service only. ORLY just bought CAO (CSK) for $1 a share in cash and the rest stock. AZO could buy PBY out of their petty cash account......
        There does appear to be an interesting tug of war going on with PBY stock. Can't wait to see the short interest for 9-15 which should be available by the end of this week. Today, the stock was $6.20 bid and $6.21 ask with 2,000 shares on the bid and 600 on the ask. In less than one minute PBY traded 60,000+ shares and went to $6.67 before trending down again. Either a short position got covered, someone wanted a large block or the company bought a chunk. I have speculated that company is buying in the $6.00-$6.50 range and created a floor for stock price. This week may be a real test of my theory. Good luck to all. DaninFW