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Standard Pacific Corp. Message Board

sleepy.ichabod 23 posts  |  Last Activity: 10 hours ago Member since: Dec 10, 2006
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  • Reply to

    We just sold our turbo charger

    by sfvip2319 12 hours ago
    sleepy.ichabod sleepy.ichabod 10 hours ago Flag

    I meant March. hehe. Look HPT is down 1.36 percent right now while all 3 indices are up or flat. What ever is bad for HPT is good for TA.

  • Reply to

    We just sold our turbo charger

    by sfvip2319 12 hours ago
    sleepy.ichabod sleepy.ichabod 11 hours ago Flag

    sfvip,
    Does this deal seem in part related to RDG? It seems to me what Russell Glass was talking about.
    In any event, TA is not paying a lot more rent in the future. We are paying a far less rent for those sites. Plus TA is not paying income tax on the gain right now. More over, 106 mil defered rent was kicked down the road by average 6.5 years, broke into four payments rather than one. Alls sites now have additional 30 year options. What more do you want?
    I don't trust TA management, and I hate that Portanoy guys. Hard to believe they are doing this voluntarily. My thought is that Glass is threatening those guys #$%$ with a really hot rod. Glass mentioned $24 for TA.
    In May I lost $17.50 calls. In june, I am lucky again reapeating April.

    best of luck,
    icha

  • Reply to

    What's Killing This Stock?

    by me2yousee May 13, 2015 5:33 PM
    sleepy.ichabod sleepy.ichabod May 28, 2015 6:52 PM Flag

    Who is the messenger and who has been shot?

  • Reply to

    What's Killing This Stock?

    by me2yousee May 13, 2015 5:33 PM
    sleepy.ichabod sleepy.ichabod May 15, 2015 11:42 AM Flag

    I think the selling is over too. I however dont understand why we had this huge selling from the first place. Did people really believe in 90 cents net and disappointed on 41 cents in the worst quarter? It seems I am too dumb to understand.

  • Reply to

    Conf Call

    by earljr1 May 7, 2015 10:48 AM
    sleepy.ichabod sleepy.ichabod May 7, 2015 11:27 AM Flag

    bwisheldon, I could not agree more. Just bought more. Practically doubled the long position.
    Good luck.
    icha

  • Reply to

    There is someone in the KNOW

    by sfvip2319 Apr 30, 2015 11:48 AM
    sleepy.ichabod sleepy.ichabod May 1, 2015 11:26 PM Flag

    Earnings.
    MPC done already. (The record result by Speedway)
    May 4 DK
    May 5 MUSA
    May 6 SUN
    MAY 7 TA
    May 8 CST

    I don't even remember the last time TA reported so early.

  • Reply to

    There is someone in the KNOW

    by sfvip2319 Apr 30, 2015 11:48 AM
    sleepy.ichabod sleepy.ichabod May 1, 2015 11:58 AM Flag

    sfvip,
    Thanks a lot for your reply.
    If TA reports 80 cents on May 7, I think pps will be close to 40. It might go up just 8 dollars right on the day but in a week it will reach to $40 just like pps action after the last earnings. Of course that is a HUGE if. But it seems Speedway repeated the best performance in Q1. Their fuel margin for whole Q1 was 19.7 cents. A quote from Marathon's news release says "Speedway, MPC’s retail segment, performed very well, achieving record first-quarter earnings even before the contribution from its newly acquired locations."

    Good luck,
    icha

  • Reply to

    There is someone in the KNOW

    by sfvip2319 Apr 30, 2015 11:48 AM
    sleepy.ichabod sleepy.ichabod Apr 30, 2015 7:49 PM Flag

    sfvip,
    Are you serious? Do you mean the TA pps action is interesting despite market and oil price? I guess you still are in vacation, and not reading the news...

    I have a question to you. Forget about next year, and forget about even the second half. What do you think people will pay for TA if the Q1 net was say 80 cents a share?
    I know you are very accurate in technical but with respect I think the price range would not be 17.50 and 18.50.

    icha

  • Reply to

    Take your profit above $16 while you can

    by sfvip2319 Mar 18, 2015 11:35 AM
    sleepy.ichabod sleepy.ichabod Apr 10, 2015 10:13 PM Flag

    valubyer,
    I share the same sentiment with you. But I had a happy predicament which I cleared out last few days. Around Oct 2014, rebalanced my portfolio so TA was about 10% of it. With $15 call options I accumulated and assigned, TA became over 40% of my portfolio last week. TA went more than double in that 6 month period. So I had to rebalance... I am a small guy to have any effect on pps by myself but I am sure there are many people who had the same situation.

    I wonder what price people will pay if TA registered in Q1 another high number like 90 cents.

    GLTA

    icha

  • Reply to

    I just took another look at value...

    by valubyer Mar 21, 2015 12:25 PM
    sleepy.ichabod sleepy.ichabod Mar 25, 2015 1:34 AM Flag

    And valubyer,
    Thank you for an excellent analysis. At first, I misunderstood a few... Nontheless, it gave me an assurance on my thoughts.

  • Reply to

    I just took another look at value...

    by valubyer Mar 21, 2015 12:25 PM
    sleepy.ichabod sleepy.ichabod Mar 25, 2015 1:28 AM Flag

    airbornetrppervet,
    You are absolutely right. We all are quite happy.
    GLTA

  • Reply to

    I just took another look at value...

    by valubyer Mar 21, 2015 12:25 PM
    sleepy.ichabod sleepy.ichabod Mar 23, 2015 1:55 AM Flag

    valubyer,
    A nice agreeable analysis. I would like to point out a few things however.
    First, the 7 mil biofuel tax credit amounts a drop in a gallon. Second, the fuel margin in Q1 did not disappear and it doesn't seem that it will disappear anytime soon. And we know that it is not the fuel margin but the non-fuel sales that matter the most. Third, c-store count is not 45 anymore. Last week, they closed the deal on 19 c-strores.
    As bwisheldon pointed out, Q4 is a worse quarter along with Q1. If TA posts a comparable profit in Q1, say 60 or 70 cents, what do you think people will be willing to pay for TA? I guess $30 at least.
    As job market improves, more people will travel. As gas price so low, more people will travel on their cars and spend more money when they stop by.

  • sleepy.ichabod sleepy.ichabod Mar 21, 2015 9:49 PM Flag

    samyoung,
    your math is completely wrong. due to that 11 cents extra fuel margin, gross incomes have 70 cents boost, not the net. Do you know the differences between them? Do you read fuel market at all? The fuel margin did not drop back 11 cents in Q1 and won't drop any time soon. Your post is LAUGHABLE, though I rarely say anything negatively toward other posts.

  • Reply to

    WTI Crude Futures

    by hokieincanecountry Mar 16, 2015 11:42 AM
    sleepy.ichabod sleepy.ichabod Mar 16, 2015 10:01 PM Flag

    If TA reports anything above 80 cents in Q1, since Q4 and Q1 are worse quarters, it is reasonable to guess the annual number being close to $5, and not anything less than $4. Or even a 60 cents report for those out days because of snow in Q1....
    I don't see why Q1 would be much worse than Q4. In Q4, there weren't any non-recurring items included. The only thing non-recuring O'Brian mentioned in CC was their fuel margin. But in Q1, it was quite good so far, and looks getting better for the rest of March. It will stay around 22~27 cents for awhile unless the oil shoots up above $80.

    JMHO

    icha

  • Reply to

    Fuel volume

    by landshannen Mar 13, 2015 9:36 AM
    sleepy.ichabod sleepy.ichabod Mar 13, 2015 5:44 PM Flag

    Fuel margin corelates with crack spread. I have noticed the crack spread behaved as I said about fuel margin: went down to Jan, then went back up. Another circumstantial evidence of my claim is that casy's fuel margin. They reported for the quarter ending Jan 31 instead of Dec 31. CASY's fuel margin was 22 cents where as all others (such as CST) who reported for Dec 31 had higher margins around 25 cents.

    They say the fuel marging is usually higher when oil drops and lower when oil goes up. But that is not all. Overall economy and willingness to pay.....

    If you don't have access to a crack spread chart, look at the charts of refiners such as TSO, VLO, ALJ, WNR, or ALDW. Drop to mid January then bounce back up even higher than December. By the way, these are pure refiners.

    I don't know what will happen to fuel margin for the rest of the year but for Q1, it seems that it was quite high, not like 11 cents as we had last year

    Good luck.
    icha

  • Reply to

    Fuel volume

    by landshannen Mar 13, 2015 9:36 AM
    sleepy.ichabod sleepy.ichabod Mar 13, 2015 1:18 PM Flag

    Agree to landshannen and bwisheldon except one. The fuel margin is about the same in Q1. Fuel margin was down in late January but it went back up for last 30 days or so. For Q1, it probably is about 25 cents.
    When methanol blending is done for the summer, it might go down a bit due to the cost of methanol, but even with that, as long as crude go back up above $80 and gasoline above $3.50, fuel margin will stay around 25 cents.

  • Reply to

    What am i missing?

    by flone6 Mar 13, 2015 7:11 AM
    sleepy.ichabod sleepy.ichabod Mar 13, 2015 7:59 AM Flag

    Nonfuel sales is increased by 47 million dollars. Oh yes, people had extra lot of money in their pockets.

  • Reply to

    What am i missing?

    by flone6 Mar 13, 2015 7:11 AM
    sleepy.ichabod sleepy.ichabod Mar 13, 2015 7:52 AM Flag

    Revenue reduced because the fuel was cheaper. A million gallon more was sold but at much less price. The FUEL MARGIN was 27 cents per gallon. I knew the fuel margin would be good but 27 cents, wow.
    My 15 dollar call options will be in the money today.

  • Reply to

    TA buys gas stations again.

    by sleepy.ichabod Mar 8, 2015 12:35 PM
    sleepy.ichabod sleepy.ichabod Mar 10, 2015 3:17 PM Flag

    sfvip,
    In all, TA is buying 26 more stores not 36. Usually an acquistion of this size is paid without dilution. But that was my thought last time and got burnt. Nontheless, it is a good move for the long run. Plus, TA suppose to have more money than before. (ie. far less likely for another dilution)

    Fuel sale is lucrative these days. If fuel margin stays above 20 cents per gallon, ...

    Sentiment: Strong Buy

  • Reply to

    TA buys gas stations again.

    by sleepy.ichabod Mar 8, 2015 12:35 PM
    sleepy.ichabod sleepy.ichabod Mar 10, 2015 1:45 AM Flag

    I think for now, the news has negative effect on TA pps because the last experience: i.e. dilution. In the long run, the purchase should be positive for TA's bottom line as well as top. But I am afraid it may look Portnoy taking all honey and cream only for himself. If TA tanks like last time when they bought gas stations by dilution, it will be a buying oportunity.

    By the way, it appears that TA bought 6 gas station/convenient stores in Kentuky last month. (google "TA picks up six Cheers Food & Fuel locations in Kentucky") That is 36 more stores all together.

    Speaking of TA making big mistakes, gosh they screwed everybody big time several times. Then again TA made us big money a few time.

    Casey reported about 10 hours ago, their fuel margin until Jan 31 was 22 cents a gallon; little bit lower than other fuel distributors. I think TA had about 25 cents a gallon.

    Good luck to all

SPF
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