During the fourth quarter of 2012, Questcor used $18.6 million in cash to repurchase 747,207 shares of its common stock in open market transactions, at an average price of $24.93 per common share. Since the beginning of 2008, the company has repurchased a total of 22.2 million shares of its common stock for $340.3 million through December 31, 2012, at an average price of $15.36 per share. As of December 31, 2012, there are approximately 6.3 million shares authorized remaining under the stock repurchase plan. Shares outstanding were 58.5 million at December 31, 2012 and 63.6 million at December 31, 2011.
* Shares outstanding 58M
* QCOR purchased 22M at $15.40
Remaining Shares = 36M
Out of 36M you have 24M shorted
Traders playing around with 10M shares
It's not even double counting, it's just flat out wrong counting.
He added 5 apples and 4 oranges while subtracting 10 grapes to come up with 3 pears.
It makes zero sense, the only thing you can conclude from his math is that he is talking about numbers and shares, just like the numbers and fruit above.
Shorts are idiots.
The 24M shorted are not retailers
if you look at nasdaq page for institutional holdings of QCOR you will find around 24M shares held by institutions FMR alone has 9M , so it makes perfect sense that Institutions have been betting against this company.
Only time will tell who will be the winner
22M shares held by QCOR -------vs------- 24M shares shorted by world renowned institutions
No wonder shorts have total control over the float no matter good news or bad news they move the share price....SHORTS are the MMs in QCOR
Therefore, I downgrade QCOR to $15.37 ( one cent higher than QCOR purchase )
Sentiment: Strong Sell
Would you believe that these shorts actually reach points in time where they (some of them) actually want the stock to move up?
Imo, a lot of them are playing this both ways.
As a trading tool there is good money to be made here.
I do agree that currently the shorts are in control but if this company continues to buy in their shares with all this cash that at some point in time therec will be a loss of control by them.
Think of this.
At yearend the company sits on $100 million after the acquisition is subtracted they earn on average $70-90 million each quarter this year and they have already bought in about 23 million shares give or take. That $420 million will buy in a lot of shares at these prices folks
With such a cash flow machine and a penchant to buy in their stock the company is going to have very few shares in the market in another 3-4 years..
Why not go private you ask?
The answer is simple they would have to pay a fair price and thats far higher than these current numbers. So keep buying for as long as the shorts are here holding the price below say $40 a share.
I always say buy it cheap!!