Closed out 25% of my short position over last couple days.
Wil reshort at $14.95 and up.
I rereviewed the conference call transcript earlier today. Rouleau has a BOATLOAD of cautions about the "multiyear" nature of the turnaround. There are no doubts in my mind that even primecap will NOT be interested in buying this stock...after the earnings release at the end the month.....and Rouleau's pending additional "sky is blue, but it's going to take us years" nonsense.
I would hardly call taking 25% off, when the stock was down nearly 2 points, from my average shorting price, "gambling." In fact, I would call it PRUDENT, or even hedging, against the possibility of a better than expected earnings report.....or, even on a poor earnings report, that the fine feathered folks at Primecap, in their erudition, chase this stock up regardless.
TUES does have its supporters out there. Market Edge rates it "Long."
Credit Suise says: "Outperform. -- We would look for progress on their strategic plan, real estate developments, how initial relocated stores are performing, other remodel or merchandising plans, and updates on operational initiatives such as distribution and system changes which we think can be significant drivers."
Reuters Research Average rating is "Buy."
Not Schwab though, they rate TUES "D." They give it an "F" on valuation grade, but a positive on the possibility of an earnings surprise. They also give it negatives on price performance vs. the market and cash flow strength but positive on institutional interest.