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Hooker Furniture Corp. Message Board

cpa38 55 posts  |  Last Activity: Oct 30, 2014 10:43 AM Member since: Mar 17, 2000
  • Reply to


    by sec_bubba Oct 21, 2014 7:27 AM
    cpa38 cpa38 Oct 21, 2014 9:31 AM Flag

    Yeah, I suspect you are just looking at a placeholder in your acct that signifies that you've made the request. It's an offset to the fact that the cash for your entire request has left your acct and gone to Gabelli. Once Gabelli crunches the numbers, you'll get the shares and any cash back for shares that did not get allocated to you. I think we'll hear the results late today, or tomorrow via a press release from Gabelli. But it's likely that the shares won't hit the acct until next week.

    FYI - My Fidelity account, where I bought rights and exercised, does not reflect shares today. My IB acct, where I made an oversubscription request, shows only a placeholder.

  • Reply to


    by sec_bubba Oct 21, 2014 7:27 AM
    cpa38 cpa38 Oct 21, 2014 9:10 AM Flag

    You sure you got all, or are you just looking at a placeholder in your account until your brokerage firm gets confirmation back from Gabelli?

    I seriously doubt that Gabelli could process the requests that fast. I suspect it will not be until Wednesday at some point that you'll get final word. But, I could be wrong.

  • Well, that stinks. I was expecting today (Monday) to be the last day of trading in the rights. Was looking to pick up some if they traded at fractions of a penny near close.

    I was wrong. Rights stopped trading on Friday.

  • cpa38 cpa38 Oct 19, 2014 12:24 PM Flag

    Your focus is on Welfare?

    In 2012, the last time the IRS reported these statistics, the top 400 earning Americans made an AVERAGE of $263 Million in annual income. Yes, you read that right. And they averaged ONLY 18.1% federal income taxes. $263 Million and paid 18.1% federal income taxes.

    A married teacher and firefighter, middle-aged, probably make about $100 K combined a year. Their incremental federal income tax rate? 25%. The average income tax rate paid by Americans with Adjusted Gross Incomes of $250 K to $1 Million? 23.6%.

    The super rich are taxed at 18.1%
    Upper class Americans at 23.6%
    Middle Americans at 25%

    You tell me ... where's the Welfare?

    President Obama as tried time and again to re-write the tax code and make it fair. Each and every time, he is stopped by the GOP. They protect the ultra wealthy, by throwing up smokescreens like the one you are whining about now.

    Please, just #$%$ and go away. You are clueless as to what is REALLY going on in America. The ultra rich are robbing the middle class, and laughing all the way to the bank, thanks to the GOP.

  • cpa38 cpa38 Oct 19, 2014 12:16 PM Flag


    #$%$ son, you're clueless.

    If you examine the Labor Statistics in detail, you'll notice that the private sector has created over 4.2 Million jobs during the Obama Presidency. However, government jobs are DOWN by almost 4 Million ... Local, State and Federal. So, I ask, what are you complaining about? You want MORE government workers? If you hate Obama so much, you must be a Republican. Yes? And you're coming on this board to complain about there not being enough government jobs created?

    I love all you clueless GOP mouthpieces, talking yourselves into a corner, winding up looking foolish in the process. Son, you're an idiot. Now, please #$%$ and move along.

  • Reply to

    Rights ending

    by scorman Oct 17, 2014 1:41 PM
    cpa38 cpa38 Oct 19, 2014 12:07 PM Flag

    scorman - What the #$%$ are you talking about? fund going up to $0.08 ??? Spread of $.10 ???? Can you please elaborate?

  • Reply to

    Does anyone know ?

    by kruggerand Oct 18, 2014 4:52 PM
    cpa38 cpa38 Oct 19, 2014 12:03 PM Flag

    Yes. If you buy rights on Monday, you will be able to exercise those rights to buy GAB at $5.75. You will need 7 rights for each share of GAB that you want to buy @ $5.75. Follow the simple math in my earlier post to understand what you will be paying for each share of GAB.

    Now, here's the VERY IMPORTANT thing to do prior to buying rights on MONDAY ... call your brokerage. Ask them to give you their very specific deadline (time of the day) for exercising GAB rights.

    The rights STOP trading at 4 pm MONDAY. The exercise of rights must be reported to Gabelli by 5 pm. Most retail brokerage firms have deadlines before 4 pm. For example, Fidelity's deadline is NOON. Interactive Broker's deadline is 11 am. Those deadlines however are deadlines to the point that they will guarantee that your exercise of rights will happen. After those internal deadlines and before 4 pm, most firms will STILL allow you to buy and exercise, but they will only be doing so on a "best efforts" basis. Meaning they will try their best to meet the 5 pm deadline of reporting your exercise to Gabelli, but if something falls through the cracks, it's not their fault.

    So to re-cap. On Monday

    Market open up to Brokerage Firm's Internal Deadline - you can buy rights and exercise, be guaranteed of your transaction going thru.

    Brokerage Internal Deadline up to 4 pm Market Close - you can still buy rights and exercise, but on a "best efforts basis only". If something goes wrong in the process, you can not hold your brokerage firm accountable.

  • Reply to

    Couldn't Excercise my Rights today

    by kruggerand Oct 17, 2014 4:52 PM
    cpa38 cpa38 Oct 19, 2014 11:45 AM Flag

    Here's how the math works kruggerand. The rights closed Friday @ .0258 per right. If I want 1 share of GAB, I'd have to buy and exercise 7 rights. Therefore, my cost per share for GAB would be as follows:

    $5.75 cost when exercising 1 share of GAB + .1806 cost to buy 7 rights @ .0258 each needed to buy 1 share of GAB at $5.75 = $5.9306 per GAB share.

    Simple enough to understand, right?

  • Reply to

    Rights ending

    by scorman Oct 17, 2014 1:41 PM
    cpa38 cpa38 Oct 19, 2014 11:33 AM Flag

    You should not be looking at the current 6.43 NAV. The fully dilution, post offering NAV is now only 6.35. That hit to NAV will not get reflect until the offering closes, later this week, or early next.

  • ... hanging out here all day long on a stock board to talk politics?

    But, while we're at it:

    1. American Household wealth creation is $19.2 TRILLION GREATER in 6 years of the Obama administration vs. 8 years of the last idiot President.

    2. Over 4.2 MILLION MORE private sector jobs have been created thus far in 6 years vs. 8 years of the last idiot President.

    3. The S&P 500 has moved over 1622 points HIGHER than moved under the administration of the last idiot President.

    Under President Obama, we're more wealthy, businesses have created many more jobs, and our stock market reflects it. That's enough for me. I'm grateful President Obama is our President.

    Now, please shut up about it and let's talk GAB ... and how these idiots have screwed us with this worthless offering.

  • Reply to

    Rights are worthless. Deal is a bust.

    by cpa38 Oct 16, 2014 12:41 PM
    cpa38 cpa38 Oct 16, 2014 3:37 PM Flag

    UTG had a similar offering a couple years ago. Prior to the offering, it consistently traded at an 8% premium to NAV. Post offering, it rarely did better than 4% discount to NAV. These offerings have a way of breaking the back of investor momentum, loyalty to the fund. Look what's already happened here. By doing the offering, the fund has allowed professional traders to short the living CR*P out of this fund, kicking it down the stairs, by the tune of a 15 - 20% loss. Post offering, this thing will trade at a nice discount to NAV.

    The $6.32 NAV you quote above has not yet reflected the dilution from the offering. It's actually lower than that, but won't get notched lower until the offering is complete.

    My bet? This thing trades down into the $5.50s when the shares from the offering hit the accounts a week from now. And, that assumes that the overall market just stays steady. With Ebola raging, is it worth the risk of hanging out there for an entire week and not being able to do anything with the stock?

    The rights are worthless now. Only fools would exercise at this point.

  • These rights are now worthless and the deal is a bust. You'd be a fool to exercise rights and buy more stock. If you exercise, you commit to paying $5.75 for stock that you won't even have in your account for a full week. All it takes is a couple more Ebola cases announced next week, and then you're toast. GAB could easily fall below $5.75 per share next week, yet you're stuck, paying $5.75 for stock that could have been bought lower. Why take that risk?

    One other thing to consider, there are going to be some buyers. Professional investors have already shorted this stock and bought offsetting rights. They will exercise those rights and use their stock to offset their shorts. So, some stock will get sold in the offering. When that happens, the NAV you currently see winds up getting diluted. With that dilution, and maybe one or two Ebola scares, the NAV of this fund may even fall below $5.75 next week.

    Why would you even consider exercising and risking locking in a price here when there's so much market turmoil swirling around? You'd be significantly better off reaching for other equity closed-end funds that are selling at even bigger discounts to NAV right now, but for which you can easily get into and out of if the market craters. EVT, UTF, AOD are but a few of significantly better alternatives at this point in time.

    The GAB rights are now worthless. The deal is a bust. Only fools will exercise. The deal will be tremendously undersubscribed, as it should be.

  • That some know, the rest of us are yet to hear?

    I still think that the recall will have an adverse impact on upcoming results. Given that the recall happened way before the last earnings release, they were obligated to address it in that last release. We are paying the price now.

    That director who sold stock in late June? It was trading on insider information.

    We'll know soon enough.

  • Reply to

    Today's Activity

    by rc12348 Oct 7, 2014 1:12 PM
    cpa38 cpa38 Oct 7, 2014 10:01 PM Flag

    It went ex-rights today for the upcoming rights offering. Read the most recent press releases.

  • Reply to

    Upcoming quarterly results to be miserable?

    by cpa38 Sep 4, 2014 10:51 AM
    cpa38 cpa38 Sep 24, 2014 2:05 PM Flag

    Thanks for the info e9wood.

  • Reply to

    Upcoming quarterly results to be miserable?

    by cpa38 Sep 4, 2014 10:51 AM
    cpa38 cpa38 Sep 5, 2014 11:21 AM Flag

    Looking further into this, the potentially faulty part comes from WSI Industries, Inc. of Monticello, MN. who apparently have a commitment to quality enshrined in their working culture (says so on their web site so it must be true). The fault was first spotted in an engine end-of-assembly run up on 3-26-2014 when a unit failed. On inspection, it was found the unit had seized because of the fault now reported. So, that’s near end March. We haven’t been able to confirm whether Polaris got straight onto WSI or not but the NHTSA document states ‘This was not an immediate cause for alarm but did require investigation‘. Yup, I guess it would. Who wants to ride a motorcycle that could throw you over the top suddenly at speed?

    Almost 3 weeks later, two more units failed the test (4-15-2014) and Polaris stopped shipment of new units. Now, call me an old fuddy-duddy but what happened in the 3 weeks between the events? Polaris knew there was a potential problem, a potentially life-threatening problem maybe so what did they do? Did they warn dealers to make the checks (expensive I know but cheaper than litigation over an accident caused by a known fault)? Doesn’t look like it because that’s only just happened and even today, Polaris have nothing on their web site’s recall page about this one (last Victory recall dated 4-1-2013).

    Looks to me like between them Polaris and WSI have some questions to answer, especially as owners are now being contacted and told very explicitly to stop riding the potentially affected motorcycles and get them back to their dealer. BTW, this is a bit tougher than the original statement (‘This was not an immediate cause for alarm…’)!

    So, did Polaris give the wrong spec or did WSI make an error? Either way, someone’s quality control failed. If you were affected by this fault, we’d like to hear from you!

    The Veebase Sniffer

  • Reply to

    Upcoming quarterly results to be miserable?

    by cpa38 Sep 4, 2014 10:51 AM
    cpa38 cpa38 Sep 5, 2014 11:20 AM Flag

    Irritating that Yahoo immediately deletes any posts that contain links. Here's a cut and paste of a May 12 post a rider community blog. This should make clear why WSCI failed in not addressing it:

    Polaris: Victory 2014 recall. Too little, almost too late?
    Veebase Sniffer May 12, 2014 News, Victory Motorcycles 1
    Product Recall – Polaris: Victory 2014 Motorcycle models

    As we all know, the NHTSA confirmed a recall notice on 5-2-2014 for ’872 Polaris motorcycles from 2014, including Boardwalk and High Ball models’. The recall was issued by Polaris Industries, Inc. on 5-1-2014 to the NHTSA as required.

    The affected units are all 2014 (apart from the 2015 Gunner), manufactured between January 22 through April 25 and cover the following models: Boardwalk, Cross Country, Cross Country Eight Ball, Gunner (2015), Hammer Eight Ball, High Ball, Jackpot, Judge, Ness Cross Country, Vegas Eight Ball, Vision. The cause, we now know, is the crankcase machining clearances which may result in insufficient gap between crankshaft and crankcase. This MAY cause the engine to seize and we can all figure the consequences of that happening.

    .... continued next post.

  • Reply to

    Upcoming quarterly results to be miserable?

    by cpa38 Sep 4, 2014 10:51 AM
    cpa38 cpa38 Sep 5, 2014 11:00 AM Flag

    Share what you heard back. Thanks.

  • Interesting article in Sept Oil and Gas Journal. Indicates pipeline construction plans being yanked because costs are ramping massively. First couple lines of the article:

    Crude oil pipeline growth, revenues surge; construction costs mount
    By Christopher E. Smith
    US pipeline operators continued to expand their systems rapidly in 2013. Investment in oil pipeline carrier property surged last year, rising roughly $14 billion to more than double the values seen only 7 years before. But while oil pipeline operators' revenues also surged, lifting net incomes with them, revenue growth for natural gas line operators remained relatively anemic and incomes fell for a third straight year. Gas pipeline operators scaled back planned mileage additions, focusing instead on looping existing systems and adding compression to boost capacity. Rapidly rising pipeline construction cost-up 60% year-on-year and more than twice what they were only 2 years earlier-likely ...

  • Reply to

    Earnings Call

    by sfiaes Sep 4, 2014 1:52 PM
    cpa38 cpa38 Sep 5, 2014 9:34 AM Flag

    There's an easy solution to your problem greendog03. Don't read this board.

    If you disagree with the issues I raise, combat them with a cogent, opposing view. I suspect though I won't read much coming from you on that front.

    The MTRX CFO failed miserably in managing earnings expectations. Shareholders got punished terriby as a result. The FY 2015 Projections don't make sense. They're hiding a major expense from shareholders and analysts, and won't own up to it. The CEO is incapable of communicating effectively. Both the CEO and CFO are failing miserably in managing SG&A. These are serious problems, pointing to a poorly managed company. The stock price will reflect that in the future.

15.29-0.07(-0.46%)Oct 31 4:00 PMEDT

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