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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (136586)	7/25/2008 7:02:31 PM
From: Perspective	Respond to of 306849

Just went through an interesting exercise at IB. Learned how to submit a bulk list of shorts to get availability and borrow rate information. Pretty cool. Unsurprising: Pay 8% to borrow LEH, if you can get it - none available; Pay 5% for ACF Surprises: Pay 5% to borrow WSM Pay 20% to borrow CORS! (none available) Pay 25% to borrow SHLD! and pay 4% to borrow ETH; it's fairly tight. Most of my positions pay me to short, but this explains why my short interest rebate hasn't been as large as I'd expected. `BC

To: patron_anejo_por_favor who wrote (136586)	7/26/2008 11:22:55 AM
From: Smiling Bob	Read Replies (1) \| Respond to of 306849

ETH will eventually lose the "e" in p/e. You'd also expect them to be trading closer to recession levels pre 1995. Most companies are still long out of touch as to the depth of the slowdown. Too many still anticipating that oft promised "V" bottom. Or another one of those 2 qtr textbook recessions followed by 10 years of Sodom and Gomorrah. Without delving into 10ks, I'd guess they've been adding production and retailing capacity over the past 5-10 years that will become a drain on numbers over the next 1-10 years while they await the next "upturn." --- Sales in Ethan Allen design center stores open at least one year, a key retail metric known as same-store sales, fell 11.1 percent during the quarter. Net delivered sales in the Danbury, Conn.-based company's retail division fell 6 percent to $176.5 million, while wholesale sales fell 9 percent t $147.7 million. For the fiscal year, net income fell 16 percent to $58.1 million, or $1.97 per share, from $69.2 million, or $2.15 per share last year. Revenue fell 3 percent to $980 million from $100.5 million last year. In terms of fiscal 2009, Farooq Kathwari, company chairman and chief executive, said, "In these challenging times it makes sense to be prepared for further softening of the economy and also be ready for the next upturn."