I was out in the afternoon, but had 500 share limit sell-short orders at 26 and 26.50.
I got filled for both, each with 500 shares.
My current position on this bearish little beast is 4,500 shares.
(3000 at 25, 500 at 25.50, 500 at 26.00, 500 at 26.50)
I will continue to add in 50 cent increments of 500 shares until I reach a full position of 6,000 shares.
Then, I'll sit back and wait.
Thanks. I hate to see people lose money as well. That's why I keep preaching to not fight the tape. The market is telling you this isn't going down any time soon. They'll run it to 30 first.
Freddy has 1,000 shares at $25+...with BBBY where it is now, how much money can he possibly make on this trade? I say he will likely take a loss, unless he holds for years and years...and even then is iffy...
I had a bid in for 26.50 too but didn't get hit... good one! I've played BBBY in the past and one thing is for sure, this stock requires a lot of patience.
Just wondering why phil you mentioned delisting in a previous post? I am not bullish, but delisting is a bold call.
I know it sounds crazy, but, I expect at least a 30% contraction in US GDP from current levels before this is all over. That's your black swan. And unemployment? We'll see 20%-plus numbers. The consumer is unwinding 30% margin and banks are unwinding 3000% - 5000% margins.
The US should do away with the Fed -- I know it sounds crazy, but the idea that you can smoothen natural business cycles is boggus. What happens is the suppression of mild, medium-duration recessions (1991-1992) and (2001-2002) into light, short-lived affairs augments larger imbalances that comprise our long-term economic health (ie. think the Depression we're going into now).
This proposition, though, is clearly heresy among today's fix-it-with-monetary-policy wonks and the sheepish mainstream media. It will clearly not be changed. The status quo will be preserved and the economy will continue to run its course of deleveraging, job hemmoraging, and estimated corporate loss revisions (to the upside).
And in this world of massive imbalances, I do not see good things for a towel company.
We have entered an age of ultra-thrift. Americans will drive the same car longer, keep the old TV a few extra years, delay purchase of a new house (partly because they'll be out of the job and partly because no credit will be available), and... yes, buying less clutter for their kitchen and bathroom (sorry BBBY).
Moreover, did anybody think Sharper Image, Linens & Things and Circuit City would go under?
Phil, I'll wait with you on the short side. We have 4,000 shares short at $25.5 average and I am fairly patient (I wait 1.5 years to cash in my short investment in RIMM).
BTW, my husband used to live on the corner of 85th and 5th (the first building across the park, but on the north side of 85th), down the street from the Met. We miss Manhattan in the fall/winter, although I hear the weather is fairly brutal lately - especially if you are swimming in the Hudson...haha...
I can tell you that no one in my family will be stripping for this bet...just want to enjoy 30 days of silence from Freddy.
I'm enjoying silence from Freddy!
I put him on IGNORE!!!!
He's obviously a pumper or has other issues, either way his input isn't helpful to me so no point in reading the noise.
It's so peaceful now. :)