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TSTC - I'm not alleging fraud based on that, it might be perfectly legal and accepted creative accounting practices. We all know accounting is more art than science.
What I do see out of TSTC management is an utter disregard for shareholder value. If they really need to raise money the should either tap into a credit line or (as Joe Natural would do) get on the horn and collect something! Don't just take it from your shareholders.
IMO, TSTC has done a lot to deserve their low PE.
TSTC - If net receivables increase by $104M and net income only increases by $12.4M, does that really count as growth? Booking all that revenue before ever receiving a dime of it makes me a bit leery.
Seems the only way TSTC knows how to collect money is through stock offerings.
Unless you run a hedge fund, the CCME guys have proven to be top-notch secret keepers.
Wonder why no leaks about anything thats going on. I have never seen such as this.
CNTF - Google Finance had the exact same numbers (2007-2009), as did CNN Money and CNBC so I'm assuming they're accurate.
Net Income
2007 (3.27M)
2008 8.00M
2009 6.34M
-------------
Total 11.07M
2010 27.30M
CNTF - Of course I realize Yahoo has its problems, but the numbers I found are accurate for those years. The cash is definitely a nice security blanket to have in case of hard times, but I can see why it doesn't translate into stock price at this point. The only things that really matter are continued growth and management's ability to execute going forward.
In that link you provided, the difference in Dec 2009 vs Dec 2010 cash balance is +$67,956,000, yet the increase in net income is only $20,960,000. Meanwhile their total liabilities went down by $10M. Guess I'll have to dig into the SEC filings to see how they pulled that off. I'd love to do that in my own bank account!
Maybe I'm thinking too much, it is a trader's market after all.
CNTF, first of all I would never ever look at yahoo for any financial data. Yahoo has so many errors in their data it's ridiculous.
CNTF - I started with the very basics, a quick check of their stats at Yahoo. Net income for 2007, 2008, and 2009 are listed as (3,272), 8,001 and 6,337 respectively. Added up that's $11,066,000 for those 3 years.
http://finance.yahoo.com/q/is?s=CNTF+Income+Statement&annual
Yahoo doesn't have the 2010 numbers listed and the SEC filings link is dead. The name "Deloitte" doesn't exactly do much to put me at ease right now.
The company's balance sheet and income do sound amazingly good, but why do you guys think it's still only trading at cash value?
CNTF - My question is: since their net income over the last 3 years is a total of about $11M, how did they get $200M cash in their bank account?
And, of course, has anyone verified it?
Thanks TF, that makes sense. I guess this is one of the rare situations you'd want to go ahead and exercise out of the money puts.
It pays to be educated, I need to study more.
I'm not overly familiar with the inner workings of the options market but isn't there a good chance a lot of the shorter term put options that people bought to hedge ended up expiring worthless because of the halt?
Seems to me if you hedged with March or April puts you would have gotten screwed twice... But I'm probably missing something.
Damn, I wish some of those shares sold were mine.
CCME 17.00 +5.12 (43.10%) On 15000 volume
Maybe they fired their new PR company and figured we wouldn't find out about all the bad news. Lol!
You might be referring to Joe Natural's conversation with Ping when the stock was first halted...
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=60858740
Can you refresh my memory where the CEO said that they found nothing significant?
What the heck is going on? Are everyone's bribe checks bouncing this year?
UTA auditor resigns...mentions the reason almost word for word of DTT. All about unwillingness to cooperate, bank statements etc etc...
I just hope they leave a forwarding address.
He also stated that although they intended to move HQ to Beijing in April that he thought it would now be May.
NEP - Don't give this Bigfish guy too much credibility, he literally registered the domain last week and only paid for one year. Whoever this blogger is, he doesn't plan on being around long.
NEP - I made a comment to the guy on Seeking Alpha pointing out how he stole his logo from Tim Burton so he fired up his MS Paint program and made himself a snappy new one. The guy is a complete amateur.
That said, I'm still not touching NEP. This just goes to show how easy it is to torpedo one of these stocks right now.
NEP: The hit piece today was so silly, i'm still chuckling over reading it. I think the piece today actually weakens the previous one, heh, since it discredits the source.
I understand where you guys are coming from, but can we save that last shovel of dirt until we're sure the patient is dead.
Another blog pops up for the sole purpose of publishing an anonymous hit piece and the stock tanks. This is getting beyond ridiculous! "Bigfish Research"? You've got to be kidding me! They're not even trying anymore.
And once again the disclaimer is copied and pasted straight from Muddy Waters' site.
http://www.muddywatersresearch.com/terms-of-service/
http://www.bigfishresearch.com/terms-of-use
All the CGS stocks are targets right now, nothing is safe.
MW - I'm a little surprised Greenberg didn't walk over and start massaging Carson's shoulders.
I totally agree! I'm not here to see China succeed, I'm here to make sure my brokerage account succeeds. If the best way to do that is to go short, I'll go short. Simple as that.
'China Growth Stocks' is the name of the sector, not a guarantee any of these stocks will continue to grow.
Why are people so afraid of making money on the short side? Any reason for that?
By the time CCME trades again they might be a leader in the sector. By default!
Question: Are we 100% certain CCME won't be trading on Tuesday or are we just assuming so far?
YONG - Notice who you were replying to.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61089281
I figured YONG was high on the hit list because they still had a reasonably high share price to destroy and a steadily climbing short interest. Makes for a nice target.
YONG might be a great company but it doesn't really matter once the Muddy Waters crowd gets ahold of them.
Tell you what, here's the SEC investors complaint number, why don't you take the bull by the horns (..or the rabbit by the tail, or whatever) and report him.
(202) 551-6551
Sorry, I couldn't find the message board enforcement division. LOL!
LOL I know, joe might as well just turn himself into the sec now. He already admitted he wants to commit securities fraud, laid out his clever plan lol
You guys might be right, but I'd sure sleep a lot better if I knew someone was home.
There's zero benefit for the company to release any PR now.
Rabit, it doesn't take Sherlock Holmes to find Joe, just click on his account and you can find his phone number. Or hell, just ask him, he'll give it to you.
By "mainstream" I'm basically talking anything NYSE or NASDAQ with positive earnings that looks undervalued to you. GCI works but obviously publishing is a dying industry at this point You did well to get out when you did.
I'm looking for some new horizons since the China stocks are imploding. Or if you know of something you think is grossly overvalued that might be worth a short, that works too.
If not, that's cool. The board is dead tonight, just thought I'd pick your brain a bit.
Nope, pink sheets aren't high on my list at the moment (except CCME, of course). Is that the kind of stuff you invest in or are you following anything more mainstream?
So what do you invest in when you're not, not investing in CCME? What's your best stock pick so we can make some money back?
Correct. I never have, with the exception of this stock for a two week period of time to take advantage of irrational exuberance.
I've come to realize accountants are really good at covering thing up and basically useless at uncovering things.
This whole mess might be straightened out in 6 months and we'll find everything was in order. The problem is CCME might be trading in 6 DAYS and the current assumption (until we learn something new) is total fraud which means longs get their butts kicked.
The CEO has less than a week to pull this plane out of its dive, after that none of this will matter. At least not to me.
What the CEO SHOULD be doing is managing a clean and transparent publicly traded company with large cash reserves and great growth potential. Instead he's 6 days from the pink sheets and financial disaster for everyone who trusted his ability to lead this company.
From my perspective, the CEO is doing exactly what he should be doing
What's the big deal with suggesting one more fake PR? Turns out a lot of these Chinese companies have been doing it to us all along.
BTW, the PR firm thing was confirmed weeks ago.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=61029004
I held on to that same thought as long as I could, but the complete lack of will the CEO has shown to set the record straight (or give us any relevant information at all) makes me think Joe might be on to something. Maybe Cheng has to go through all the motions to throw regulators and angry shareholders off the scent.
If he's ready to pull a rabbit out of his hat and prove us all wrong, I'd be the happiest guy here. But I'm not holding my breath.
I think the more likely scenario behind Redbulls ideas are that the shorts knew that under enough pressure, DTT would bail, and then the subsequent cascade failures.
NEWN - Maybe you guys are right. But so far, from what I understand, they didn't say why they need the money or what they plan on doing with it. if they're going to take $20M basically from shareholder's accounts they should at least tell you why.
I'm usually cynical when I see a secondary offering, it's just way to easy. NEWN will take in more net income from printing those stock certificates than they did all of last year selling battery components. There's something wrong with that.
I find it extremely hard to give any of these companies the benefit of the doubt right now.
NEWN - The offering is just a big cash grab by the company before the sector implodes any further.
I don't know, I just watched "Inside Job" and read Matt Taibbi's Rolling Stone article on the financial crisis. If the SEC can't find one criminal in that crowd I doubt they're too worried over in China.
PLAYER, I think you give the SEC way too much credit. They're completely inept and useless and everyone on Wall Street knows this.
The SEC is a joke.
"Fooled" is one way to say it, "complicit" might be another. One thing you can trust is that every one of them was acting in their own best interest, not yours.
This is a major life lesson on the concept of mistrust:
Any auditor can be fooled, any investment firm can be fooled, any analyst can be fooled, any Wall Street Business magazine (e.g. Forbes) can be misled, and any number of investors from all professional backgrounds can be fooled - Not just individually, but all of them simultaneously.