Oh, I disagree! You are definitely smart enough. Your mistake was getting greedy and removing your stop order at $15.60. Had you left it is place, you would have profited approx. $1500. We've all made that mistake. Allowing emotions into the equation makes it a difficult game to play. This stock is more about momentum and not fundamentals. I've made a ton of money trading this stock for about 5 or 6 years and I've done that playing momentum both up and down. Having said that, there is no way I would buy at this price even though it has momentum. I believe it is over extended. If not, can't win them all, but I'm not willing to take that risk at current levels.
Oops! Looks like you got stopped out. Price hit $15.94 earlier today. I hope you took some profits when it was in the low 13's.
Hopefully that will work out well for you. This stock has really surprised me lately.As you know, I sold nearly 4,000 recently just days before it made it's big run up. It's very hard to hold on for more after you have a significant profit. If you guess wrong, it can work against you and you end up giving back all of the profits. It doesn't have to be all or nothing. Easier to sleep at night if you bank some profits along the way.
You might be waiting a while. A big pull back would be required for me to consider buying any time soon. My timing on selling did suck though!
I was looking for one more up day and I would have sold at least half. Didn't get that 3rd up day, so I may have to wait a little while especially if the market continues to sell off. Not worried though.
No way to know the answer to that, but I think it has room to run to the mid to high $11's within the next few days. I would like to sell in the high $11's and wait for a pullback to $11 or high $10's to buy back in. That has a lot to do with the number of shares you are trading. In my case, I bought ($40,000) 3,894 shares @ $10.27 so I don't need huge moves to make a lot of money.
It was more about the 2 day pullback. I wasn't looking for anything great about the earnings report. I do think MEG is close to reporting profitable quarters on a regular basis as soon as the merger is complete as well as the new credit facility in place. They will save $37 million per year in interest payments along with the synergy savings from the merger. 2014 should be very profitable with political and olympics revenue.
RICHMOND, Va., Aug. 5, 2013 /PRNewswire/ -- Media General (NYSE: MEG) today announced that it has entered into a new credit agreement with a syndicate of lenders in connection with its pending merger with Young Broadcasting. The new credit facilities, which are contingent upon the closing, consist of a $60 million, 5-year revolving credit facility and a $885 million, 7-year term loan. The revolving credit facility interest rate is LIBOR plus 2.75%. The term loan interest rate is LIBOR plus 3.25%, with a 1.00% LIBOR floor.
As Media General announced on June 6, 2013, the company has entered into a merger agreement with Young Broadcasting, which is expected to be completed in the late third quarter or early fourth quarter of this year.
"The merger of Media General and Young Broadcasting is a transformational event for both companies," said George L. Mahoney, Media General's president and chief executive officer. "Among its many benefits, the combination offered an opportunity to refinance our total debt at a significantly lower cost. This became a priority for us."
"Today's announcement puts the new Media General on an even stronger footing than planned. We had anticipated approximately $15 million of financing synergies as a result of the transaction. In fact, these synergies are nearly doubling, to $29 million. Our pro forma cash interest will be approximately $39 million annually, based on current LIBOR levels, compared with the two companies' current standalone annual interest expense of approximately $75 million. This is a significant free cash flow pick-up for our company," said Mr. Mahoney.
"We're delighted with this momentum. Our new financing was very well received by debt investors, including our relationship banks, and our new term loan was meaningfully oversubscribed. We very much appreciate the support of the credit community and this opportunity to greatly strengthen our balance sheet and to continue to improve our credit profile."
I haven't seen any news articles confirming but it appears that MEG was added to the Russell indexes on Friday. The after close volume was well in excess of a million shares. Hence the big increase in share price. That's why I sold my remaining shares on Friday. jwbprophylactic apparently did not connect those dots.