There is obviously a seller of some sort, whether short or not who knows. Can anyone shed light on why someone would sell or take a short position with all the positive news coming out on GTN? IF there is money to be made here, why the hell sell at such low prices? Is this a big guy re-balancing or something? I know no one knows for sure, just curious as to what you all think. I picked up 5k more to day at $1.55.
-Martel- I know you where are big fan of GTN back when it was well under a buck a few years ago, where do you stand today on GTN?
Texas, it's a bargain right here if you are looking at the next 3-8 months. I don't like it long term because of too much debt. Short term they are in all the right places for 2nd, 3rd and 4th quarter. Things are so feaking rosy in the industry right now I can't describe it. Don't forget GTN is in Florida, Nevada, Texas and Wisconsin. They will blow away the next 3 quarters. Just look for an exit in February after year end numbers.
I sold 3,000 SBGI earlier in the day at about $9.85 and 5 minutes before the close placed an order for 20,000 GTN at $1.50. Order got filled in 3 trades and went to $1.51 and then back to $1.49 bid after my last piece filled.....GTN is a steal at these prices. I think it will be a buyout candidate in next 6-18 months. I estimate $25-30 million in savings a year between synergies and elimination of GTN corporate offices and staff. That added to current FCF makes it very attractive. It appears we have two dynamic forces at work recently. One is we evidently still have a big seller. And two we have someone that was over 2 million shares short that took advantage to cover their position and close it out on 6-22-12 for $1.36 a share. It almost looks like someone is shorting again but shorts don't usually go for 5010% returns. Has to be a big seller. I'm going long. DaninFW