Monday, May 10, 2010

Where's whydidibuy?

Let's see. We had this conversation late Friday afternoon when I bought MPG at 2.72. (And it's all in good fun!)

Blogger whydibuy said...
This Palmoni makes no sense. Pretty much a mindless wildman when it comes to stocks. Why would you ever buy mpg when the mpg-pa preferreds are entitled to receive full value and accrued div paid in full before the common gets squat?? Seems to me the preferreds should be at par ( double from current price )with accrued divs on tap before even considering the common. You would even have a better chance of some capital recovery when mpg files for bk since prefs are ahead of common in the capital stack. P.S. I own neither, both issues will be worthless in bk.
May 7, 2010 1:21 PM

Blogger Palmoni said..."everyone" knows what you are talking about in regard to MPG's preferred--except for the people that buy the stock. I know that on many occasions you come up with these cogent arguments, but for the most part, they won't make you money. The play on MPG is the equity value of the properties they own, and what that will be worth will be in 2012. The stock is a trading vehicle--I picked it up at 2.72 this morning.
So let's see who makes money--you shorting it at 2.72--or how about taking the price right now at 2.90? Short it here, and let's see who is left standing
May 7, 2010 2:31 PM

Earnings came after the close, better than expected, and the stock is trading up to $3.41. Why buy MPG? Let's see. To make 25%+ in a couple days?
 
Another "As Advertised!!!"
at

4 comments:

  1. AnonymousMay 10, 2010 at 9:41 PM

    nice...love the title "where is whydidibuy" lol

    are you cashing out or holding onto MPG?

    ReplyDelete
  2. PalmoniMay 10, 2010 at 9:45 PM

    holding on

    ReplyDelete
  3. whydibuyMay 11, 2010 at 1:16 AM

    Wait a minute there pilgrim.

    You first touted it at 3.80.

    So from your initial push, its down.

    Second, its only a one day pop which very well could be reversed at the opening.

    Earnings and revenue were actually below estimates so the report was no barnburner. Maybe because the reit is shrinking so fast and getting a few loan extensions, they're able to show a few pennies profit.....for the moment. Notice that the short interest is also balloning into this mindless rally. Shorts clearly think this reit is fluff.

    Asian markets aren't buying the bailout. Many over there are showing double tops which is not a healthy sign.

    ReplyDelete
  4. PalmoniMay 11, 2010 at 7:56 AM

    I flipped it the first time pilgrim!

    But you always keep the Pollyannas in check!

    I played yesterday's rally, but it sure had an orchestrated feel to it.

    But what doesn't in this shell game?

    ReplyDelete