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Strategies & Market Trends : Roger's 1997 Short Picks
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To: Roger A. Babb who wrote (4883)8/23/1997 11:38:00 AM
From: R. Bond   of 9285
 
Hi Roger,

What do you think about shorting CorrectionsÿCorporationÿofÿAmerica (CXC)?

Close: 38 11/16 $-5/16
P/E: 77.38
52 wk Range: 20 7/8 to 45 9/16
The high was on Aug. 5.

Price to Book: 10.99
P/E versus the Industry: 189.20%
Price to Book versus the Industry: 298.60%

It dropped below the 50-day MA about 2 weeks ago. RSI around 40 (near YTD low). On Balance Volume has fallen 50% since beginning of the month. Short Interest Ratio is 9.81%; that's 7,469,917 as of Aug. 15.
The Wall Street Journal has institutional owners at 256 with 47.04% from Friday's close.

Now for the bright side:

On Thursday, the Dow carried a story which stated the in the Q2 Julian Robertson's hedge fund bought a $160 million stake in the company. I see from the Volume Accumulation chart that there is a spike around the 3rd week of March.

For what it's worth, First Call is looking for $0.19 in the current Q up 90%. This year they are looking for $0.71 up 97%. Earnings were up 55.6% YTD last Quarter.

But with the P/E, isn't all of this growth priced into the stock already? ...and considering the market.......?????

Your thoughts would be appreciated. Thanks in advance.

All the best,
Bond

P.S. Found a great chart site, if you do not already know it:
bigcharts.com
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