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Best Buy Co., Inc. Message Board

  • sciortie sciortie Jan 12, 2013 4:04 PM Flag

    Short turned long...

    I have to be honest here.

    I shorted this after the first spike on Friday morning. Lost a few $$$, but covered mid-day. There is too much covering and buying at the moment as everyone knows Shulze will come through with an offer over. Regardless of his success, covering will drive this up as it's inevitable that there will be an offer in the low to mid $20s. Those who are short are receiving margin calls over the weekend. I am planning to go long on this Monday morning.

    This buying frenzy will cause him to come up with an offer sooner rather than later. The longer he waits, the more he and his investors will have to pay. Fact. Furthermore, if the board attempt not to make a deal, they will do anything they can to bring BBY's share price up. I would expect more news before the bell on Monday.

    BBY is still strong and will rebound. The holiday sales figures were enough to prove to the investor community that BBY still generates $50 billion in revenue per year and can remain profitable. A feat that Circuit City could not manage. Now that online retailers (even AMZN) will have to charge sales tax in all 50 states in 2014, people will finalize their purchases in-store and not wait a week to save a measly few bucks.

    I see a SHLD type reversal coming through. Just my two cents.

    Sentiment: Strong Buy

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    • You need to understand a few things. Sales mean nothing if you dont have profits. BBY had to cut margins alot this xmas to keep customers, not to mention the price matching. Also, its not Schulze dragging his feet, its his financing. If he had the $$$, he would have already put his bid in. This stock is still a pure gamble from both sides. The safest way to play this is to get in and out. I shorted friday @ 13.85 and covered @ 13.56 (yes I got lucky). Looking to start a new short position today or tommorow. I play both sides, when this was in the high 11's I was buying. I don't always make money and far from a great trader, but im in the green trading BBY.

    • Honest is good but you made mistake SHORT too EARLY. Jump into LONG too late in the game. BBY buying this level is DANGEROUS for short term play...

    • Hitting $18-$20 pps is not a question of 'if' but 'when' now ... and I've informed about the 'when' also in my other post, as to my sentiments. Extremely-lopside open short-positions in some other equity similarly, helped me bag a cool ~ 70% gains on the long-side in a few short weeks! Go long BBY at this juncture and prosper is my honest advice to all! Please do your thorough DD and your mileage may vary of course!

      Sentiment: Strong Buy

    • Recent comment by management about cash flow this year makes me believe that this would raise concerns about financing

      Sentiment: Strong Buy

    • I was long but sold all my shares Friday for a huge profit since I was buying those shares starting last Friday. However I kind of disagree with a lot of what you said. First of all if you buy more Monday you cannot use your Friday short loss for taxes (wash rule) not a big deal sometimes early in the year. Second buyers can drive the price up to $22 but Schulze could offer a price less and get it with his new boardmembers (takeunder). He and the board already established that it might be Jan into Feb so I doubt any new on Monday especially since they just released the holiday sale. He needs time to bring these numbers and his case to the lenders. Third BBY is not strong and has diminishing cash if you read the report some due to inventory adjustments. These holiday numbers were less than worse case scenario they were not booming. Finally this will become the next CC in a few years unless they start closing stores. AMZN along with WMT and others are killing BBY. Those are the facts but don't get me wrong I'm looking for a pullback over the next week or so on no news and profit-taking to get long again. I don't expect the $12's but I am watching the $13's. I believe there is still a 60-70% chance of the buyout but it is hard to raise money from lenders when cash flow in dropping. The store is great the stock is a POS.

    • Well said my friend. Shorts are gonna get smacked around left and right all next week! Some will cover and some will end up committing financial suicide for being so stubborn and stupid! LOL

      Sentiment: Strong Buy

    • Very well put, I believe BBY will turn around and that 2013 has been and will be the turn around year for such a beginning. We shall see $20's and even $30's again soon.

      Sentiment: Strong Buy

 
BBY
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