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iStar Financial Inc. Message Board

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  • wareham2620 wareham2620 Sep 26, 2008 4:55 PM Flag

    Can't get ahold of the company

    From the MIC board:

    From investor relations, for what it's worth ... 16-Sep-08 11:03 pm "Thank you for your inquiry concerning Macquarie Infrastructure Company. As is the case with all listed companies, we don't know with certainty who is trading our stock on any day or who owns it at a given point. We do know that a substantial portion of the trading over the past couple of weeks has been short selling (borrowed stock being sold with the expectation that the price will drop, the stock can be re-purchased at the lower price and the borrowed shares returned - the difference between the selling price and the purchasing price, less borrowing costs, is profit).

    We also know that the price has not been driven by anything that we have said about our businesses or that has been said about us, at least as far as we can tell. Our financial report for the second quarter, released on August 7, showed only a slight decline in gross profit (1.4% YTD) at our largest business and an expected level of performance among the other four. As one research analyst put it, shares of MIC are "fundamentally undervalued" at these levels (what was then $20.75). But fundamentals are not driving investment decisions. More and more decisions are being driven by quantitative (mathematical) analysis and models that automatically buy and sell stocks based on their relationship to other securities, indices, macro-economic factors or the movement of any of these in relation to expectations (as opposed to absolute change in value).

    I'm sure that none of this makes you feel any better about the value of your investment. However, I believe that the fundamental drivers of continued stable performance by our businesses are intact and that the current sentiment of fear will subside."

    Sentiment : Hold
    Rating :
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