Homestore inc.'s COO resigned last week. This must all be part of the restructuring that we had been expecting. Look for new ideas and growth in the coming months.
you are spot on, the COO was a non-performer and needed to go. The new team is in place and ready to take MOVE. Watch MOVE get added to the S&P 500 index by next year.
Brace yourselves, this cash rich company is going to set new 5 year highs.
Pull the trigger and buy/add shares now!
Do your own research before investing money.
What you aren't considering is just how loathed this company is by the agents who pay their bills... and how fragile their business model is.
Cash on hand means nothing if the people you solcit don't want you. I don't care what the talking heads say or the so called experts who appear here everytime to stock pops a buck or so.... they don't understand.
It will be a miracle if this company survives 3 more years based on what is happening behind the scenes in the industry. Delisted from NASDAQ a distinct possiblity very soon.
Numerous companies in this segment are undervalued at this point because of market conditions. Mayber unfair, maybe they should trade higher, but just keep in mind that until the market believes real estate has bottomed, and they are able to look at the midterm and predict it, most of these stocks will remain undervalued. You can buy as NY did in the $2.60 or so range - and get the bump he got - but the next one may take a little longer.
And keep in mind that much of that money in the bank derived from 1) the left over of a sale of a business when Long took over; and 2) $100 million investment. It's nice to have that cash - because it implies stability (they're not going bk), but they've had it now for quite sometime, and either can't find a fit to acquire - or haven't decide what to do. They've certainly had plenty of time to look around and evaluate opportunities.
Every stock in the Real Estate sector is down - most at or above the 50% figure. The executives in the sector are not "any better or any worse" than in other sectors in general. They simply cannot control the markets perspective of this sector at this point in time. Moving chairs around will have little current impact. What the sector needs is an ability to predict a bottom. A rising tide lifts all boats. Once the general investing public is comfortable that the market has bottomed - then people will readjust their thinking and their earnings targets - and will filter back into the sector. Right now - they're not being aggressive. Serious shorts already have their positions. They took those months ago. The johnny come lately types don't have much to play with - as the market in general anticipated what has happened. As such, I happen to believe that share values have basically stabilized at the level that the market believes to be the bottom. Now, we wait for good news - or at least news that will indicate what the mid-term holds.
Move is trading at about 70% of book value with a significant amount of cash and little debt. If you believe that the Internet can transform real estate like it has transformed other sectors and that Move will be a leading player in that space, it might not be a bad idea to begin putting some money to work here.
He's still COO on the website. Wonder what event has to happen before Move decides it should do a press release. Lawsuit? No. COO resigns? No.
Having a COO resign without any explanation doesn't sound good. Maybe they have a lot of bad news coming and want to announce it all at once.