Wall Street Manna

An irreverent look at Wall Street

Tuesday, September 29, 2009

Gannett to raise $400 million-The short thesis is toast!


Oh boy--the shortseller thesis is crumbling on this number that I've been touting!

$200 million due in 2014, and $200 million due in 2017.

And GCI is now touting earnings for the quarter of 39 to 42 cents versus the 29 cents Wall Street estimated. And the shorts weren't ready for a pre-release! They thought earnings would come in after the October option expiration!

Another bear shot!!

Here's the first headline on the story from Dow Jones:

Gannett Co. (GCI) projected third-quarter earnings well above analysts' expectations as the nation's largest newspaper publisher announced plans to sell $400 million in five- and eight-year notes as it joins the raft of companies raising fresh capital to pay off other debt

Trading up over 10% in the pre-market to $11.40! It has a lot of room to go!

What ever happened to the joker that bought all the puts on this name? Who then had it advertised all over Wall Street?

Oh my--Such a scary proposition. Someone must "know something." Isn't that what we heard?

What happened to the joker with the phony after hour prints on this number?

So what did they know?

Nothing!

Just another false advertisement spun up on Wall Street!

And now the 44 million shorts have to deal with this story.

And deal with the fact the business is turning for GCI, and that their debt is being re-financed.

And deal with the fact, that the short's story, was laid out with all their scheming, real time, as it happened here.

And now, today, we get to eat their lunch!

After all, we need to do some advertising also!!

55 Comments:

At September 29, 2009 at 9:14 AM , Anonymous Anonymous said...

I hold Oct 10s bought at .80

Once again, thanks!

A professional options trader I'm familiar with likes to claim that no one on earth can consistently make money on straight directional option plays.

You sir, are challenging that thesis.

Well done.

 
At September 29, 2009 at 9:18 AM , Blogger Palmoni said...

Hey thanks a ton!

This one was sweet because it was a fight every inch of the way!

All this crap they threw at the stock trying to challenge the bullish thesis.

A good day today!!

 
At September 29, 2009 at 9:23 AM , Anonymous Anonymous said...

What a great call! Thank you very much! As Advertised!!!!

Your previous touts where 12 then 17...its past 12...where do you see this going?


Fabulous call!!!

 
At September 29, 2009 at 9:59 AM , Blogger Palmoni said...

I think its going to 17 after it consolidates here for just a little bit--Remember a few weeks back when we hit 10.77, and then we pulled back? That was a good base. We hit like 12.80 in the pre-market, but then we had this pullback this morning from those highs.

We are now just building a higher base

Let the high frequency traders shake the tree a bit, but then, we go higher.

This market never lets a stock run during the day. It does it over many days. And that's part of the reason the bears are so frustrated. They are the ones though, trying to knock down the stocks and make the charts say something.

And you could see it. The first resistance was in the 12ish area with just a little bit of supply on the charts. So maybe some of the long suffering holders from there bailed.

But after that, it looks to 17!

It will take some time but GCI had cash flow of $250 million for the quarter. Things are getting better, but it never is acknowledged by the cynics in this market.

Only after enough time passes, and everyone forgets their bearishness, do they come back with their revisionist thinking as chronicled on this blog--(without naming names!)

And then they'll tell us things are good!

 
At September 29, 2009 at 12:31 PM , Anonymous Anonymous said...

do you plan to hold until 17 or take some gains off to put the money elsewhere?

 
At September 29, 2009 at 2:11 PM , Anonymous Anonymous said...

i think they are trying to beat it down already

http://www.marketwatch.com/story/gannett-rise-is-no-cause-for-a-victory-lap-2009-09-29

 
At September 29, 2009 at 2:56 PM , Blogger palmoni said...

Benchmark is just another schill for the shorts. It is really amazing to me that these bears take their death by a thousand cuts. If the stock was 14 today they would recognize that they were wrong. Instead they just Kay out more shirts trying to stop the stock. And that's why these folk missed the huge rally. All if a sudden they'll wake up and say WTF I'm toasted. In the meantime they live in denial. What us with these analysts not recognizing the turn? How can they be so daft? Do they have any idea what us going to happen when we have a turn on the margin? What a bunch of babies. We are in a massive unheralded bull market that people are missing not recognizing the pe expansion happening right under their nose! Look at Peter Theil today he us telling the world that this rally, of which he missed all if it isn't real. Says who? Him? Last I checked I was able to get real dollars off my winnings! He's still on the paypal planet instead if getting out of the bullpen! Whatever. I've never seen such an unloved market and such unrepentantness by those bearish! I hate it when I get bagged by a stock. How do they not get affected when things turn against them. But maybe that's just Peter he can't switch sides now! Not that there's anything wrong with it!

 
At September 29, 2009 at 4:16 PM , Anonymous Anonymous said...

it take a long time to become a bull if you've been a bear and you'll never catch the rally that you just missed unless you get in.

i was a bear from 666 to like 900...and finally said there is no point being a bear...take the losses and start over and you know what...with your help Palmoni i've been able to slowly...very slowly recover...it's slow but i'm heading in the right direction.

So keep up the great work Palmoni!!!!

 
At September 29, 2009 at 4:40 PM , Anonymous Anonymous said...

would there be any chance where this stock can drop right before or after the actual earnings release date?

 
At September 29, 2009 at 9:04 PM , Blogger Palmoni said...

I don't think so. They should already have sandbagged the earnings beat. They'll hit the high end. Just like the $400 million offering--it turned into $500 million.

700 magazines, 84 newspapers, 23 TV stations, CareeBuilder, USA Today and a huge presence in the UK--these assets are being reflected in the current stock price

 
At September 29, 2009 at 11:54 PM , Anonymous Anonymous said...

Palmoni

I finally caught your joke. Peter Thiel (you misspelled his last name)can't switch sides because he's gay! He couldn't bare to switch sides.

Now the Seinfeld line "not that there's anything wrong with it" makes sense

you're a funny guy

 
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