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Standard Pacific Corp. Message Board

sleepy.ichabod 31 posts  |  Last Activity: Apr 10, 2015 10:13 PM Member since: Dec 10, 2006
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  • 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

  • sleepy.ichabod by sleepy.ichabod Mar 8, 2015 12:35 PM Flag

    Google "Cloquet-based Little Store chain being sold"
    The deal is set to close on Monday.

  • Reply to

    RGB Capital Letter

    by hokieincanecountry Feb 25, 2015 10:34 AM
    sleepy.ichabod sleepy.ichabod Mar 5, 2015 3:41 AM Flag

    sfvip,
    Yes, TA was doing exactly Glass is asking. Selling asset at a low price to HPT, and pay a ridiculously high rent. At some point, HPT and portnoy were getting like 20 percent a year on their money. Mr. Glass is not advocating exactly except the price and the rent.
    I am sure Mr. Glass know better then you and I about how shaking things up is done. If he shakes Piortnoy et al, Portnoy loses, and his loss is TA shareholders' gain.

    Sentiment: Strong Buy

  • Reply to

    RGB Capital Letter

    by hokieincanecountry Feb 25, 2015 10:34 AM
    sleepy.ichabod sleepy.ichabod Mar 3, 2015 8:10 PM Flag

    A funny quote of Russell Glass from an old NY Times article.

    Mr. Glass says that he seeks companies with high cash flow from operations and undervalued assets like real estate, as well as boards that he believes need A KICK IN THE PANTS.

    Does TA fit right on the description?

  • Reply to

    BUY BUY BUY

    by sfvip2319 Feb 19, 2015 8:32 PM
    sleepy.ichabod sleepy.ichabod Feb 24, 2015 9:51 PM Flag

    Thanks for your reply bwisheldon.
    Strohecker did not reply my email yet. I guess she likes you better than me. :) I am quite releaved because that we will have earnings report before Mar 20.
    I will definitely read HPT report carefully but I only expect to see the rent. If you find anytthing, please let us know.
    One odd thing: we did not have any huge volume today despite the activist news. And yet price went up quite a bit anyway.

  • Reply to

    BUY BUY BUY

    by sfvip2319 Feb 19, 2015 8:32 PM
    sleepy.ichabod sleepy.ichabod Feb 24, 2015 2:06 PM Flag

    bwisheldon,
    HPT will report on Feb 27 before the market opens. Why TA reports in 2nd week of March? Thanks in advance.

    icha

  • Reply to

    BUY BUY BUY

    by sfvip2319 Feb 19, 2015 8:32 PM
    sleepy.ichabod sleepy.ichabod Feb 24, 2015 1:38 AM Flag

    Delek reported. Retail segment's Fuel margin during 2014 Q4 was $0.238 per gallon compare to $0.142 during 2013 Q4. Almost 10 cents more per gallon. Murphy USA had simila fuel margin: almost 25 cents. Why TA would not have ten cents more per gallon? Wouldn't that alone add 20~30 cents more to the net income? Plus, the big gas margin seems to stay for awhile.

    My $15 calls will be in the money though I am very nervous right now. Why TA tanked? Looking at the chart and Bollinger bands, I think TA seems about to drop to the half again. What could cause such drop however?

  • Reply to

    BUY BUY BUY

    by sfvip2319 Feb 19, 2015 8:32 PM
    sleepy.ichabod sleepy.ichabod Feb 22, 2015 10:00 PM Flag

    Delek (DK) is reporting tomorrow after the market close. Interesting to see their fuel margins.

    By the way, just in case anybody bought RUSL as an oil play, I am getting out tomorrow morning. Double in two weeks is a bit ...

  • sleepy.ichabod sleepy.ichabod Feb 14, 2015 3:40 PM Flag

    It is usual that annual reports take a bit more time than QR. I would say that TA typically reports betweem late Feb and early Mar, sometimes even mid march. I really hope that they report before options expire on Mar 20. If they don't, I am screwed this time.
    Hospitality is estimated to report in the last week of February but that is yahoo estimate which never to be trusted and more often wrong than not.
    Maybe that explains the recent south west move of TA pps. The Bollinger band makes me nervous.

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