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Non-Tech : Pep Boys (PBY) Automotive Parts and Accessories
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To: Quan Nguyen who wrote (15)8/17/1997 1:14:00 AM
From: d-fndr   of 116
 
EVERYONE was dumping on Friday for several reasons. The company failed to meet projections for two straight quarters. It gave no warning to analysts leading up to the earnings announcement--which was 2 cents less than last year but about 9 cents less than consensus. The reasons the company gives for missing its/the Street's growth targets are sounding tired: bad weather and/or slow economy in (fill in the blank)Puerto Rico, California, Mexico and less DIYers. I am long and was comfortably ahead for the year until Friday and have followed the company for about 2.5 years. I have been questioning my position since both my wife and I received poor customer service at two central Florida stores. I wrote Leibovitz and received a call from the regional manager acknowledging they needed to have some additional training at one store in particular. I bought my tires from a tire chain instead. Wayne Hueizenga isn't going to stand for anything but top-flight service, so I hope they get it turned around so they don't lose the AutoNation contracts. In any event, I figure that downside is limited because if the price drops too far, someone will buy them out. The industry is headed for consolidation; Pep Boys was supposed to be one of the leaders. I'm with all the analysts who downgraded to hold--I'm not selling, but I'm not buying any more until I see some indication that management gets the motor started rather than being adrift at sea as they seem to be lately. Tossing the DIY growth focus indicates the company's plan wasn't working. It will be some time (at least a couple of quarters) before this stock sees any upward momentum.
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