AAARGH!! There STILL ain't no justice! The two shorts I picked yesterday are killing me!
Nothing is a sure thing, of course, but PLUG, for example, looked poised to go down further. After having already told shareholders it did not expect to make a profit until 2004, PLUG recently went public with the announcement that it didn't have enough money (or capacity) to produce its fuel cells in the first place, and would have to find more financing somewhere! And then there was Pegasus Communications (PGTV), an outfit with an ROE of -896, and a debt/equity ratio of 8.3. Didn't look too healthy.
So what happened? Today, I return after a dentist's appointment, and see that PGTV is up over 4% -- and PLUG is up more than 35%, and still climbing! Why?? Something about PLUG redesigning its fuel cells, which sounds more like the flopping of an almost dead fish to me than like a breakthrough.
Meanwhile, a stock I happen to hold long, Abercrombie (ANF), is about to beat its 52-week-low, set only yesterday, in the wake of two downgrades from Strong Buy to Buy. (I've kept ANF in my portfolio out of sheer curiosity -- how can this be happening ??? -- and out of compassion: selling such an unjustly beaten up stock would be like turning a three-legged cat out of doors to fend for itself.)
Now, ANF has a p/e of 7.69, a peg of .026 (!!!), ROA of 17.68, ROE of 71.83 (!!!), a strong past & projected growth rate of close to 30% a year, etc. Go figure!
Never buy retail stocks...
jbe |
