I hope their not buying back yet because the stock will have No support when these so called longterm funds want out at any price.Look at Ali for example it also had reichmans buying in once they stopped ,funds bailed at higher prices.Thus we are stuck $2.00 below book.Larlor
lots of buyers and sellers. Its not uncommon at quarters end to see it. The good news is that we are basing here in the low to mid 12s. Frankly, I don't care if we base here for the next month. My objectives are longer term than that. I figuire that by years end we should be in the low 20s or higher. They need to digest and regurgitate the crap ingested from the Karrington debacle. That will take time.
Today's (3/30) Washington Post business section has a piece on Sunrise's reorganization. Basically it was a rehash of the press release, but stated with a good spin. Points out it will be easier for the Street to see what the various operating parts of the company are doing rather than having all the revenues lumped under one blanket. The article closed with a comment from a Pru analyst who termed the move as "very positive."
Here's the link for those interested in the full text:
institutional selling finishes, the buyback program should push prices up towards 15. They clearly have more money left for the buyback even though I suspect they have been buyers the last few days. The management restructuring should go over well with the analysts so we just have to wait until the institutional selling is done. Great buy for anyone between 12 and 12 1/2. Support is very firm here.