good report and they are going to start buyback:
While the company said it did not buy back any of its shares as part of an earlier approved repurchase program during the quarter because of the ongoing negotiations related to the Runners Point deal, Foot Locker plans to restart it in the second quarter.
Read more: http://www.foxbusiness.com/markets/2013/05/24/foot-locker-first-quarter-profit-revenue-rise/#ixzz2UDtwDqki
I am the first to admit that things look bleak after revenues cut 50% or more over last year and CC sounding like a fake company. But being a real IPO vs reverse merger throws the fake part out window. With that said there are 3-4 possible good outcomes (outlook turns positive, dividend or go private offer, samsung lawsuit). At this price trading over $3 under cash value the reward far outweighs the risk. Starting to buy here and will continue if it goes lower to wait the reward out.
They raised guidance for the year
The Company expects net revenues to be in the range of $38.5 million and $38.8 million for the second quarter of 2013 and raises the full year 2013 net revenue guidance from the previously issued range of $178 million to $183 million to a range of $179 million to $184 million.
Well here we are, earnings after close tomorrow (Wednesday) and CC Thursday morning.
Still looking for a $10.50 close tomorrow heading into earnings after close. I was thinking we would have to beat and raise year guidance to have big pop. But in bull market now just meeting and confirming should do it. Thursday should open over $12.
35k followed by 53k. Love to see stock jump over 9 and force some short covering.
I expect it to be over 10 when earnings are announced on short covering alone. If they announce a big contract could be much higher.
I expect to be around $10.50 or so heading into earnings. Then a jump to $13-$15 on earnings.