Spot on. CEO, along with entire board, should be fired immediately. I don't mind buybacks as long as it is done when the share price is low, like now. Of course, it wouldn't be low right now if they hadn't blown the 400m and if they had bothered changing the fashion lines once in the last decade.
Why would they go through with this $150 million financing deal when they still have an untapped facility of $230m + $106.5 cash? Makes no sense unless the goal was to F the shareholders.
It is almost mathematically impossible to do that poorly this late into a supposed turnaround. Especially will AUR allegedly being up in February.
Now that the POG is headed towards favorable levels, there are literally a dozen or more positive things the company could announce that would propel this stock much higher. The next leg up may very well be fast and furious.
Q4 earnings (or lack thereof) may very well miss, but the share price will still rise on forward guidance.
In mid-March, no one gives 2 chits about sales in November of last year. It is all about the turn-around and my esteemed sources tell me that a complete turn-around is in full effect.
Just as a point of reference, IAG earned 15 cents per share in Q1 2013 on 188,000 ounces of production with average price of gold at $1631/ounce for the quarter.
Insane that with gold over $1600, this company could only generate a measly 15 cents/share. Shows how terrible a job Letwin has done. Q1 2014 will end with gold about $300/ounce lower vs last year, so my expectations aren't too high. Much will depend on how much they were able to cut costs. Additionally, I fear that production may very well be lower than 188k ounces. If I had to guess, I'd say 7-8c, but the stock is trading like another patented Letwin disappointment PR is forthcoming.
Analysts at Buckingham Research Initiated Coverage on Aeropostale, Inc (ARO) with a Buy rating and a price target of $11 suggesting 55% upside.
“We believe ARO is in the early stages of a turnaround. We finally see an inflection point; based on our store checks around the country, we believe traffic and sales trends started to improve in February. This call is early and clearly best suited for speculative investors as there is a fair amount of risk associated with it. We believe management commentary around an improvement in 1Q same store sales trends to date could be a positive catalyst for the stock when ARO reports 4Q earnings Thurs. after the market close, especially given the high short interest (26% of shares outstanding, 29% of float).” Buckingham Research said in a note to clients.
One would have to be clinically insane to think Letwin is doing a great job. In any other walk of life, a person who has performed this poorly at a top managerial position for 3+ years would have been fired a long, long time ago. But at IAG, they reward gross incompetence with never-ending stock options. Maybe the stock has to lose 95% before they can this POS.
One has to wonder if a production warning is in the works for Q1. Their production guidance for 2014 was in line with 2013, but they emphasized the second half would be much better than the first (presumably due to Westwood), which leads me to believe the first half will be #$%$, particularly Q1.
The stock is now being greatly outperformed by ANV and HMY, the only other two stocks in the sector performing as bad or worse than IAG since Letwin the Loser took over.
It is very simple: FIRE LETWIN! This company needs to change things up and bring in some fresh blood, because all it is right now is a rotting corpse.
It was a single trade for 1,351,890 shares at 7.25, executed at 16:05. Today may have been the last chance to purchase shares under 7. EVER.
PR just released.
Gold is still down Q1 2014 vs Q4 2013, hence no significant gain for IAG yet. Each day we stay above the 1300-1350 range, there is a net positive cumulative effect on IAG's bottom line, so the benefit will eventually be realized, but not yet. IAG will neither take off nor soar with the current POG. If POG plummets, IAG stock will likely tank, but due to a lack of significant cost-cutting by the company, 1350 is still not the sweet spot for this company.
I agree 100%. IAG is really a 2016 story, with the hype beginning in the second half of 2015. With Cotes hopefully in production by then, Westwood in full production by then, and the prospect of Niobec expansion at any time, the pieces are in place for a very solid production gain in less than 2 years from now.
If someone offered $7-8 for the company tomorrow, I guess I'd be happy, but if left on its own, this will probably trade in the teens or above as 2016 approaches, assuming gold trades at a reasonable price.
More Cote Information:
For Iamgold Corp. , the $608-million acquisition of a little-known Ontario gold explorer is a step toward two key company goals – offsetting an Africa-heavy portfolio and propelling it toward a goal of doubling production in five years.
Toronto-based Iamgold is offering $3.30 a share for Trelawney Mining and Exploration Inc. , which gives it control of a large gold deposit practically in its backyard, thousands of kilometres from Iamgold’s key producing assets in South America and Africa.
It is expected that the Côté Lake deposit has the potential to become a mine in five years. The deposit will produce between 400,000 ounces and 500,000 ounces a year and will catapult IAMGOLD's production to 1.5 million ounces to 1.6 million ounces. The targeted production of 1.6 million ounces doubles IAMGOLD's current production of 850,000 ounces a year. This is expected to be realized within the next five years.
There were two mentions of Cote in the Q4 CC:
1. "For all the projects in the pipeline, including Côté, we will continue to evaluate the market conditions and limit our investment to preparing the groundwork necessary to move forward when the time is right."
2. "Total exploration expenditures, including project studies amounted to $94 million in 2013; 3/4 of our spending was on greenfield and brownfield exploration with the main focus on resource development near existing mines and advanced greenfield projects in Senegal and Brazil. The balance was spent on project studies dominated by the scoping of prefeasibility studies at Côté Gold."
From the Q4 PR:
-Project studies of $19.3 million are planned for Côté Gold, Ontario, Canada and the Boto Gold project in Senegal .
The Côté Gold project is an attractive asset for our longer-term production profile. The terms of reference for an environmental assessment were approved in January of 2014 and we expect to have the required mining permits by the end of 2014. We will begin work on a feasibility study in 2014 with completion expected by the first quarter 2016.