What difference does it make. This is a dog of a stock. I owned it a very long time ago. If I had held after all the reverse splits I would only own a couple of shares that are worth nothing. I have never seen a management that can rob shareholders of their wealth like this company's management can. The odd part is there will be true believers defending this mess.
Last bear market this funds discount to NAV grew to be rather large. It was a great buying time back in late 2008-early 2009. That might be happening again.
Put another way back in 2008-2009 the price fell more then the NAV did by a lot.
The last time we had a bear market all the pfd CEF went down as the NAV fell and the discount to NAV grew rather large. I bought this CEF back in late 2008 when the discount grew to almost 30% of NAV.
When people panic they sell.
You win some you lose some.
Although I stand by my idea that fixed income is going to be hard to make money on any time in the near future.
It has been a good run since 2008. Bought in at the 4s but I think the bond market has turned and it is taking pfds with it. Had been selling in stages as it has been working lower from the high. Missed the low spot in 2008/2009 and missed the high here but made good money in price change and yield while in.
Good luck to the remaining longs. Will be looking for the right entry point in the future.
I will add this the price has fallen farther and faster then the NAV so there could be a short term bounce if the discount to NAV gets too large.
I think they are reacting to the idea that bond yields are rising and going to keep rising. These funds are work much like bonds. The higher the yield the lower the price.
Glad I got in this one in 2008 at a much lower price.
But this recent drop has been larger then years worth of divy. I for one plan on keeping my finger on the trigger.
Anyone have any ideas on why this company's pfd stock dropped over 15% today?
I know it is thinly traded but there was a huge volume for it and it dropped over 15%. I most admit I might have to look at it again if it at this price.
It is starting to look like who ever was dumping those large blocks last week could have gotten themselves a better overall profit if they has sold in smaller chunks the market could have handled better.
I have seen what is happending to COY used to own it and didn't like how big its premium got to be. I also agree there is a number of similar funds acting this way. JTP which is a CEF mostly owning pfd stocks is acting this way.
I might be the tax thing but none of these dividends got the 15% if I recall correctly. I own this in a retirement fund so I don't pay taxes currently. But this fund is mostly paying flow through interest. But it could be the taxes thing.
It could be the market is starting to say the economy is about to decline and junk bonds do bad in bad economies.
It seems like someone has simply decided to sell at any price they can get. The odd thing is the NAV hasn't changed much. I was a little worried a fund that historically sells at a discount was selling for a premium but it is selling at a discount to NAV now.
All I can tell you was it was a broad base decline. I own several pfd stocks directly. My other pfd fund went down pretty hard today also. My junk bond CEF went down by a similar percentage. All of them on large volume. Not sure what to make of it all but it wasn't a one fund fluke.
All I can tell you is it was rather broad based sell off. I own a few pfds they went down pretty hard today. My other pfd fund PDT had a steep decline. My junk bond CEF declined by a large amount also. All of them were on large volume. Still haven't decided what it means but it wasn't a one fund fluke.
Bought years ago in the $1.68 range. I am almost in the money after adj for the reverse split. Had kind of given up on that. Didn't buy very much it was a high risk shot and didn't want a huge down side in case this one went under. Come on get into the $17 range and I will have a small gain.
Typical liberal ignoring facts and just going off in his own little world of ideology.
By all accounts this was a disgruntled worker because he just go laid off from his job.
Religion and politics had nothing to do with it. But anymore with liberal since the personal is political they don't know the difference any more. It is all political and ideology as it is all personal. Emotions over facts is their rule of the day.