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From the Blogosphere
ProLogis (PLD) with Massive 115M Shares (At Least) Share Offering
Bookkeeping: More Rebuilding of Short Exposure
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Shorts are hurting today that is for sure, but the more bullish the crowd is getting the more I want to begin building on the short side. There is a lot of recency bias in this market... as I scan the internets the biggest fear has changed from losing money TO missing this great move.
As always we are incremental in our approach, layering in and out of position so while yesterday's short additions [Apr 1: Bookkeeping - Adding to Shorts] exploded in our face we have had many wins on this side of the ledger and will in the future. They don't always work out right away hence the gradual build...
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Bookkeeping: Adding to Some Shorts
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Obvious candidates to add to based on charts - some very extreme short squeezes on the sub $10 REITs the past few days - namely Macerich (MAC) today (+20%) and ProLogis (PLD) yesterday (+25%) This let's us reset. If for whatever reason the charts reverse and turn bullish, despite the fundamental story we'll take some losses and cut back - so far every bounce has been an excellent short. MAC - you short at the blue line and cover 2-4 days later for mad money. PLD a little less obvious on levels to short. One day it won't work, but play the pattern until it ends - already about 3 round t...
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Unusual 11 Mid-Day Movers 3/31: PLD, CDII, JTX, AMLN Higher; RIV, ACOR, LEN, GM Lower
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ProLogis (NYSE: PLD) 28% HIGHER; we are not hearing any company-specific news that would justify such a large move today. The stock has already traded 12 million times, compared to its average daily volume of about 18 million.
Riviera Holdings Corporation (Amex: RIV) 27.2% LOWER; today reported that the Company did not pay the approximately $4 million interest due March 30, 2009. Also reported results for Q4: sales of $36 million, with a net loss of $1.02.
China Direct, Inc (NASDAQ: CDII) 26.4% HIGHER; reports FY08 EPS of $0.20, versus the analyst estimate of $0.49 and compared to
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ProLogis Asset Sale Fails to Impress
<>You know there are problems with your business when your stock is hammered despite doing something that appears to be very positive on the surface. I covered some ProLogis (PLD) (one of our 4 REITs) into the close yesterday as the stock was down 15%sh. This would be the third round trip in just over a week (15% each trade!) in this massively volatile sector. Each time government steps in (Fed day, Geithner day) they rocket, then reality sets in within 48 hours. The chart is deceiving because its such a low priced stock, but this is huge volatility in between the $5s and $7s.
Now what was so ...
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