Also bought more SFY today at $9.56.
Good insider buying in both suggests that time will heal the current wounds.
That said, I wouldn't be surprised to see this sucker go lower.
I was wrong.
But I still think the odds favor buying versus selling at current levels.
I know there is going to be a lot of tax loss selling in this stock but Im surprised nobody is stepping up with any large bids.
Has Gabelli stopped buying ? If so, why ?
My dates were & are correct except for the the typos saying 04 instead of 14.
I think even a 5th grader could figure that out.
it was $2.69 on 1/20/09 because I bought shares then.
But Dan thinks I am making up my buys & sells. He is senile or something.
I like the risk/reward here but I sure as heck didn't think it would go to $2.69 back in 09 either.
A $1 a share charge or write off isn't going to make this company valueless. And a new CEO could help.
But, eventually, PBY will be sold. And I have a hard time seeing how it would bring less than $12 at the very least.
All that said, the lack of insider buying here is bothersome.
Those are actual trades. Feel free to look up the dates. I never said I sold "out" and I never sold short.
We can up it to $200k if you want I have the cash.
Those were actual trades. Want to wager ? How about a $100k wager ?
I have no doubt the new CEO will have writedowns, they always do. That doesn't change the underlying value which might be worth more dead than alive.
Don't think the new upside is $11.
I was buying TUES a few years ago as low as 51 cents. Several new CEOs later its $19.50.
Gabellis stake is important here.
They KNOW the long term value of this stock.
And they can buy at least 3.71% more while still staying under 20%.
And Im not sure they have to stay under 20%.
I had my limit order in at $9.01, then I raised it to $9.26 and then decided to stop playing games over pennies when I think the upside is many dollars.
The CEOs leaving is not a huge positive or negative.
This might just have them sell the company rather than hire a permanent CEO.
Or, when they do hire someone, the stock could uptick when they do. If he has a good track record.
I think they could fire sale this thing and get $12 by March. Or try to fix it and get $14-16 in a few years.
Either way, it has far more upside than downside.
That said, I have orders in to buy more in case it does go lower. And who knows what tax loss selling might do to it ?
Looking over my past PBY transactions prior to today.
5/1/04 bought at 10.06
3/21/04 sold at 13.49
6/4/12 bought at 8.91
1/30/12 sold at $15
11/2/10 sold at $11.75
1/22/09 bought at 2.69
You are in denial. TUES has dramatically increased same store sales, cleaned up their stores and increased inventory turnover. That's not failure.
Going forward they will continue to relocate stores to bigger & better locations. And later ramp up new store growth above & beyond relocations.
At this point my only concern is exactky what they will earn going forward.
But, none of that is going to be determined in the near term. Right now we have a stock making multi-year highs with no resistance for 10 points with 12.2 million shares sold short all of which are in immense pain.
All of that combined could easily lead to a few more points on the upside.
And you still haven't given any rational reason why a 75 year old well respected retailer and a hedge fund guy with a nice track record would want to have any part in manipulating the market.
I grant you the possibility that I am wrong. You refuse to grant me the same even as you have been wrong for the last 6-7 points.
You're like a child who insists he is winning even though the scoreboard says the opposite.
Tuesday Morning Corp.’s new CEO didn’t need another challenge.
Last year, Michael Rouleau was enjoying an easy life in Seattle and winters in Scottsdale, Ariz. Then he started hearing from Dallas-based hedge fund manager Steven Becker.
Back in the 1980s, “Stevie” went to high school with Rouleau’s son. He was an entrepreneurial teen whose multiple ventures included being a paid announcer of the school’s football games. He would ask the wise “Mr. Rouleau” for business advice.
Becker, 46, eventually persuaded Rouleau, 75, to come visit Tuesday Morning’s headquarters in Dallas.
Rouleau spent a day and a half there. “It was the most fun I’d had in years,” he said. “I sniffed a real opportunity. This is a little gem waiting to happen again.” He joined the board in November 2012, moved to interim CEO in March and was named permanent CEO in August. He still lives in Seattle but spends most weekdays in Dallas.
Becker Drapkin Management LP gained control of Tuesday Morning’s board in June 2012 by buying 6.6 percent of the stock. Becker ousted the CEO of 12 years, Kathleen Mason, and then hired former Big Lots executive Brady Churches, who left after six months.
Rouleau is an accomplished retailer. He started his career in the 1960s as one of the 25 original employees of Target. He co-founded Office Warehouse, which was merged with Office Max. At Lowe’s Cos., he was executive vice president over store operations. At Michaels Stores, he was CEO for a decade, retiring in 2006 from the largest U.S. arts and crafts retailer.
Back in Jan 13.
Most of the touters don't disclose properly. These guys do.
And the motivation by any of them to perpetuate a fraud ?
Business model is not dead. Mason tried to kill it but she failed.
As for X-mas, Id wager at least 7-8% positive comps. That wont tank the stock.
Now, I agree that they had better show a nice bottom line..
I think he has hired 2 expensive people for the magazine. One at a million a year and another at $700k or something.
Im not all that optimistic about the magazine. I used to sign up for free years ago or like $2 for 2 years.
It got to where I didn't even bother with it and that was when I was younger.
But, I didn't think he could turn around SNS as quick as he did either.