I am still short this stock at 16.82. The company did much better then I expected this quarter on aggressive cost cutting. Sales however were down 16%, orders down 17% and backlog down 13%. The company is forcasting flat sales next quarter. I suspect there will be more weakness. I can't think of an company that needs to buy more furniture, and I can think of a lot that have lots of spare desks. Fidelity is due to layoff one third of the workforce on Oct. 1 that is a lot of spare furniture in Boston. 30 times earnings for a highly leveraged cyclical business? Enjoy the ride today, I think you will see the stock break thru the $14 low before it sees 20. Falling sales are rarely rewarded above market multiples for long. Enjoy the ride today. deep
Couldn't agree more. It never ceases to amaze me, the debt that people carry and continue to build on. I'm glad my mother raised me propper. Still sitting on my furniture,don't have debt, pay no interest.I like to sleep at night. I find that quality of life comes not so much from your possessions, but peace of mind.
Oops, that MLHR started moving up over last 12 mos, and now we see even more promising economic data. "...all the pop it's going to get" was at $17 in 9/02--yet it has proven the bigger move was/is still ahead. Still short?
Big and steady volume over two sessions and up 20%--doesn't look like a shallow "pop and drop" as some had earlier and wishfully suggested. And to those pointing to a decline in sales--look closer. Historically the company's sales in fiscal Q4 are their largest, and this Q1 is up sequentially from Q4 numbers. Going forward, they've boosted sales and EPS guidance, and the YOY comparisons get easier. They've also got some one time gains on the horizon, improving cash position, and according to the con call, are back in the market for their own stock. Shorts are feeling more than a little pressure ;-]