Boy, you ain't kidding,these stocks can really move in a hurry.
Take today for example with TVL. It was all over the place.
I bought shares of GTN a few weeks ago when it touched a new yearly low, but I lost my confidence and have since sold all of my shares. I guess you can tell I'm a swingtrader. This sector scares me at times. I'll probably get back in after the next sell off which IMO should be any day now. Good luck Dan.
I haven't posted much lately but by averaging down I am now in the black on SBGI, TVL and GTN and average cost on BLC is now around $7.20.....I was actually down only about $150K not $200K and after today just about $50K down in this sector. Amazing how fast the momentum can go.......DaninFW
I find this news VERY encouraging. Not because he's a very good value investor, but because he is the key in TVL going private. He owns the majority of the shares outstanding, thus would be the key vote to a going private transaction. I'm glad he see's what we do, which means he won't grab the short term pop and is in it for the long haul. I've said it before and I'll say it again, my biggest fear was a going private transaction where they steal the company from us. This news means that most likely it won't get stolen.
This is not the reason the stock has moved up. I looked at the 13D and Gabelli's interest actually went DOWN... not up. Gabelli Funds 719,100 shares (down from 752,00), GAMCO 2,677,163 (down from 2,825,480), MJG Associates 4,000 and Teton Advisors 110,000. Net-net, he reduced his position with this filing. By the way, he reduced his position by 450k shares during the second quarter as well. He seems to be a seller, not a buyer, and was probably part of the pressure on the stock during the recent past.
Reasons the stock is up is probably that management did an excellent job at the DB conference laying out prospects for the business, ad growth, digital initiatives, retrans dollars from the JV ($28mm starting in 2013), prospects for sector M&A, recent deals and their implication for sector valuations, and TV spectrum value and initiatives underway.
I also think EMMS saying positive things when they reported about August advertising climate, recovery in auto, etc, may have helped a bit.
This morning Media General is out with numbers and though 3rd quarter not great, talking about broadcast revenue up 9-11% for 4th qtr... that should help as well.