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Non-Tech : Just For Feet (FEET)
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To: GERI EASTER who wrote (290)8/14/1997 4:23:00 PM
From: Walter High   of 750
 
Geri:

FEET is due to release its earnings on Aug. 19th (Tuesday). I have been following this stock for several years and its current behavior leads me to believe that the earnings report will be on the mark at best, but possibly several cents short of estimates. The announcement of same store sales previously was disappointing, so the earnings will probably follow in that vein.

My take on this is that FEET indeed did have a tough act to follow since sales were up 36% in the first half of last year. That is a difficult number to improve upon. It seems to me that the stock is basically healthy, but the market punishes earnings disappointments severely. I would look for the stock to drop back into the 14-15 range again if earnings disappoint. At this level, I think FEET is a screaming long term buy.

My personal preference is to sell puts naked. If the stock drops to 14+ and I can sell the March 1998 15 put for 3+, I will effectively be getting the stock for 11+ if it gets put to me. FEET at 11 is an incredible buy.

Walter High
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