I could understand the run up if there were some news / anything (other than a downgrade on June 12th?). This run up is rediculous! I am standing ready to short the piss out of this stock! I happen to think it may be a day or two but when she comes back down to earth....it'll be quick.
[quote]I could understand the run up if there were some news / anything [/quote]
Here's the "news". The company was under the same stale management for over 50 years. This "management" was 2 elderly gentlemen who owned 50% of the stock...plus a few elderly lieutenants. The company was a sleeping giant. Spectacular revenues, but pathetic profits. It was being run like a company stuck in the 1970's.
In the past 6 months, one of the gentlemen (the Pres) passed away after a long illness. Others have stepped aside due to illness, old age, retirement, politics, family matters, etc. The entire management structure of the company has shifted. Finally, they've entered the 21st century.
Once again, this is a STAFFING COMPANY. Do not pay attention to the telecom stuff, or the phone directory stuff, thats all meaningless fluff.
So how come you've never heard of this staffing company like you have with Manpower, or Kelly, etc?
Because, with the exception of California (where the clerical and administrative division is very strong) the company's emphasis is on TECHNICAL staffing - I.T., engineering, and aerospace - think Microsoft or Boeing, etc.
For many years, even after the stock made the NYSE, there was NO volume. There were days, as recently as a year ago, when the stock would trade 500-600 shares a day. Thats all. The stock was too closely held. There was no float. Only 2 mutual funds - Royce Value and Heratland Value - even had small positions. There was no institutional buying.
All that has changed now.
I gave you guys this stock twice. See msg #1618 and msg #1628.
This was a stock poised to explode. And it did.
I've seen this stock go to 70 before and I've seen it dip to 9 as well. But this run has been a little on the incredible side. I don't know about the stock market like you day traders do, but I do know a lot about this company. Its an outfit with incredible money making potential - which was stifled for many years.
Have they solved all of their problems? No, not even close. But this is a solid outfit entering a new era. I'm guessing that it settles into a range of about 35-39 a share.
Thank you Cart.. for the info. This is the first piece of real info about the company from Longs. At this price level, I will step aside and keep monitoring, and will consider investing after the price reaches a reasonable level.