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Non-Tech : Extended Stay America (ESA)
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To: Stephen M. DeMoss who wrote (55)7/22/1997 2:23:00 PM
From: Stephen M. DeMoss   of 133
 
To All: I just got off the phone with Bob Breenan. He says he and the others at Stay were very happy with the earnings which were released around 7:30 this morning. I do not have the numbers yet but he says they exceeded the expectations of the market. However they took restructuring charges for both Studio Plus aquisition and a re-financing. The re-financing will help the bottom line allot down the road. So the earnings show a loss for the quarter. Personally I think the volume was very low and small investors like you and I got off on the news. The stock at the moment is trading at 151/8 on the bid. The volume is 39,600. He was dissapointed at the markets reaction but says one can not always understand the market and how it behaves. He says they do care about the price of the stock since many of them are shareholders. He wants the stock to go up and certainly is bullish on the company. My interpretation is that the little guys got out a bit this morning but institutions will get in shortly. After they go over the numbers and see how this company has a great product and a real plan, it is a no brainer after these dow stocks cant be bid any higher. I am glad the stock did not take a hit on big volume. That would be a statement. I am glad that after sitting at 1415/16 bid all day, the size is positive and the bid is moving up. Any day I think we will come home to a nice move based on an institution getting in and some upgrades. If this market is a market of stocks, Stay will have a nice series of moves shortly. Any comments? Steve D.
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