I prepared a long list of points negatively impacting OI. Next I prepared a list of points positive to OI . After weighing both lists, I have decided to sell. With the current stock price, I have doubled my money and will exit.
Management has developed six sigma stigma. Quality busts were laughed off and asbestos litigation in Europe, are major downers.
Handling of the tech center moving to Peru is interesting, but mistakes are compounding.
Current brickset purchases are questionable, quality and life are being compromised.
CEO bragged in public he learned his job in three weeks, hardly a quote to be proud of.
The glass bottle company formally known as Owens Illinois, has been dealt the fatal blow, managed to death. It will take time to topple, but topple it will. I will not be around to sift through the ashes.
J.L I find your comments interesting as I have been on the fence back and forth about OI and their upcomming earnings. Curious where your are thinking of moving those profits. OI seems to have so much potential, but I agree alot of risk as well. Any thoughts much appreciated.
You do not have to be a nice guy, just be yourself. Now addressing your comments:
Therein lays the answer. I am an investor. I invest. To invest I do a tremendous amount of research all on my own. I have not had a formal job for 11 years. I use my time and computer to drill as deep as possible into how a company works. It is as much a hobby as a profession. I have visited plants, of companies I invest in, I have about as much knowledge about the companies I invest in as the workforce employed there. I have seen three of your plants, on a trip I was able to write off. I am an industrial investor.
I understand how you take a resource and transform it into a product for a profit. I realize it takes people, handling that resource is as important as handling the product. A quality bust today is not on! The reasons were assigned with such speed, one has to believe that the cause was pre-known and someone gambled. I do not gamble.
What do you think about the brickset purchases? Asbestos in Europe? Are you an employee? Management? Are you defending because you work there, or from the special class with pertinent information. Never fall in love with a stock/company, it is not capable of responding, they can only make you money or not. Fortunes come and fortunes go, remain mobile, it is harder to hit a moving target.
Must have hit a nerve. I took no shots at anything, I have not bashed. I have stated clearly my view, after digging. I pulled back 2.3 times what I invested; since I bought in Oct 06 I do not see this issue doubling again in the near future. I do see deterioration whether deliberate or not in operating efficiencies going forward.
In addition to your rapid though factually incorrect Asbestos comment, you eluded to the switch to glass. Well if they are going to get the business, one is it profitable and two why are they turning out their technical staff? No comments on the bricksets purchased? What about the union settlement? I took a look and see far more problems than solutions. I avoid companies following fad after fad, Six sigma being the latest As I have stated I saw my money lying on the table, and found a better investment. The $321725.00 profit is a nice trophy, my tax bill for said trophy is not. Good luck! I am taking my money and running.
Read Market Watch this morning. Everything is going to glass which what OI is all about(FDA as per baby food). the stock is 90 by labor day. Love it when shorties like you who hide their posting history are in the house. All your points are absurb.
Hardly short did act as I stated sold 4500, and 4000, at market at 11:30 AM and 1:25 PM. I am with cash. Net the taxes due; I will invest in something else, currently looking at more industrials, but without all this smoke and mirrors. Best wishes for your upcoming earnings. I just do not believe they are sustainable with this group currently in the saddle. They are putting a bunch of miles on the aircraft, lot of smoke no fire.