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Strategies & Market Trends : Dividend investing for retirement
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From: chowder3/23/2011 12:48:07 PM
  Read Replies (3) of 34328
 
Re: STON ... I don't own STON but I know others here do. I have no opinion one way or the other. I print the following as a FYI.

Carla Pasternak had recommended STON and is showing that she is up 18.8% since her recommendation on 8/24/10.

In her latest newsletter, which was sent out last night, she is attempting to explain the drop in price. In addition to some profit taking as a result of the negative world news, she has other concerns.

First was the issuance of new shares. They ended up issuing more than they said they would. They ended up issuing more than 3 million shares.

In addition to this, one of the directors sold 1.8 million of his shares and the market has had to absorb that supply as well.

On 3/15, Cramer slammed the stock by saying they don't have enough earnings to cover the distribution. Although that is technically true, most MLP's don't. Distributions are paid from distributable cash flows and STON seems to be safe there, but barely.

On 3/16, the company was to hold a conference call and canceled it. A red flag. The delay has to do with some accounting method in the way they reported some properties they agreed to manage.

This shouldn't affect the cash flows but Carla said she is concerned about the growing negativity surrounding the company and she is selling her position today.
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