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Maybe the euphoria has come and gone, but it sure has strengthened the balance sheets of a lot of these teetering companies with all the stock they have been able to sell during this period.
Maybe some of them will be wise and actually acquire some profitable companies.
About five blank-check companies went public per day this year:
https://www.bloomberg.com/news/articles/2021-03-04/spac-froth-turns-on-itself-with-stocks-plunging-20-in-two-weeks
Speaking of SPACs, the new 52-week-lows lists are just littered with them and their warrants.
LMB - Limbach Holding initiated with a Buy at Lake Street
TheFlyontheWall.com - Mar 05 08:49 EDT
Lake Street analyst Rob Brown initiated coverage of Limbach Holding with a Buy rating and $19 price target. He believes investors under-appreciate Limbach's recent improvement to its capital structure and the potential from a mix shift toward higher-margin, higher-growth services as the final stages of the company's turnaround effort should result in an earnings inflection, Brown said.
AMRK - The other day I bought some AMRK for my son and then my daughter in their A-trade accounts. Just a few minutes later I tried to buy some in my IRA also with A-trade, and I got the message the order had to be called in! They must have just put it on their double-secret-probation list!
COHN - I bought 400 shares in the pre-market at $22.95 which I thought was a huge leap of faith since it was more than $5 above the close yesterday. It didn't do much for a little while and stayed in the 20s for a long time. I sold 325 shares in the higher 20s, and sold the remaining 75 at $41 and change. I wish I would have bought a bunch more of this low floater. Float is only 411k shares!
FRD - I agree. I bought a bunch last Tuesday around $8.00. I was surprised to be able to buy at that level after that earnings report, and what looks to be even better numbers coming. I'm steeling myself for higher prices!
I may need it! It could be a good trader between now and when an announcement is made.
IBAL - It's not uncommon to buy a large block of shares at a discount. The estate owned over half of the outstanding shares. If they tried to sell them on the open market, they would have collapsed the price.
Why would Avis offer more per share to the minority shareholders than they paid to the estate? Well, for one thing to avoid litigation.
I calculate book value at about $1.63 per share. It is probably understated with the company owning a 62,000 square foot manufacturing facility sitting on eight acres in Jacksonville, FL.
This whole thing is about as incestuous as it gets. The estate is the controlling shareholder of Avis!
I wouldn't want to make any huge bets either way on this one.
Thanks, KIK. I am one of the newest IBAL shareholders! I bought a few this morning speculating that they might throw a bone to the minority holders. Hopefully it doesn't turn out to be a takeunder.
IBAL - From last night's 13D/A:
"On February 18, 2021, the Board of Directors of Avis authorized it to pursue a potential acquisition of the Issuer, including through a merger transaction. As a result, on or about February 24, 2021, Avis intends to propose such a transaction to the Issuer for its consideration."
Any idea what you think they may offer the minority holders?
https://www.sec.gov/Archives/edgar/data/781902/000110465921027486/tm217607d1_sc13da.htm
I kinda lucked out on the timing. It would have been a virtual bloodbath today.
NTN $4.24 - $0.54, what a crappy performance so far for this one. I'm still holding out hope it pops at some point. I'm glad I didn't use embezzled money to fund this purchase.
CAPC - I guess the potential is unlimited when you have the magic mirror!
Michael, I use the commission option. One plus is that you can trade earlier at 4am eastern whereas with the commission free, you have to wait until 7am eastern.
I spoke with one of their reps one day about it. I think she told me they sell the order flow with the commission free, but not with the full commission.
Here's a link with the comparison:
https://www1.interactivebrokers.com/en/index.php?f=45500
One detracting factor at IB is their price-capping. Sometimes when you enter an order that is a bit off the current market, they will price-cap it, and that is a real pain in the hindquarters especially when you're trying to buy/sell after a company just issued news.
Nelson, this is in reply to your message that disappeared. My reply disappeared, also! There is some strange stuff going on with InvestorsHub this morning.
I probably do about the same amount of trading between etrade and IB. I don't use Ameritrade all that much, but I did use it for the Junk Portfolio. I despise TOS, so I use the regular A-trade web version.
I like etrade for the free commissions and the fact that I was able to get my former setup re-established after Scottrade was devoured by A-trade. I have been doing a lot more trading since you're not getting hit with the commissions any longer.
IB really has some nice features. The early trading window being one. Another is the ability to short otc/pink stuff. I also like being able to use iceberg orders and hidden orders.
I probably do about the same amount of trading between etrade and IB. I don't use Ameritrade all that much, but I did use it for the Junk Portfolio. I despise TOS, so I use the regular A-trade web version.
I like etrade for the free commissions and the fact that I was able to get my former setup re-established after Scottrade was devoured by A-trade. I have been doing a lot more trading since you're not getting hit with the commissions any longer.
IB really has some nice features. The early trading window being one. Another is the ability to short otc/pink stuff. I also like being able to use iceberg orders and hidden orders.
Nelson, I can't agree more with that. IB allows you to trade at 4am eastern. It makes sense that the early morning moves can be really exaggerated since there just aren't very many participants to soak up the stock in either direction at that time.
All three experiments were done with real money. If you think your thesis is solid, why wouldn't you put your money behind it?
Researcher and Nelson, I was pleasantly surprised by the return.
One of the things that really struck me was the large percentage of orders that were executed in extended hours trading. I was trading in an Ameritrade account, and their pre-market trading window starts later than others like IB.
I conducted a couple similar experiments in the past that lasted at least a few months. The first was buying a basket of fairly high-yielding stocks and trading in and out of them while collecting the dividends. This one kinda fell flat and didn't provide much of a return.
The second was buying a basket of stocks that were both low-priced and low-float and trading in and out of them. This one was very successful. Unfortunately every single one of the stocks became what I consider grossly overvalued and never returned to a decent valuation, so the experiment ended.
The Junk Portfolio 2/18/2021 and final results:
Portfolio cost: $52,021
2/17/2021 value: $70,932
2/18/2021 value: $70,107
Daily gain/loss: ($825)
Total gain/loss: $18,086
Total percentage gain/loss: +34.7
All remaining positions were sold today in the pre-market session.
I felt there was a definite change in market tone yesterday and continuing into this morning, so I decided to close out this experiment before the profits evaporated.
If anyone would like additional information about this experiment, I will be happy to provide it.
The Junk Portfolio has been fully liquidated in the pre-market session this morning. Final results will be posted tonight.
NTN - Now Ault Global Holdings (DPW) has acquired an almost 10 percent stake. I had some sitting orders with IB that filled this morning before I was even up.
Previously Ault took stakes in UUU and SSNT, two other low floaters. Is Ault shady? You decide.
The Junk Portfolio 2/17/2021 results:
Portfolio cost: $52,021
2/16/2021 value: $71,234
2/17/2021 value: $70,932
Daily gain/loss: ($302)
Total gain/loss: $18,911
3 sell orders were executed.
1 at 20% level, 1 at 40% level, 0 at 100% level, 1 at 200% level*
1 buy order was executed.
*5% of NXTD was sold at $3.63
Things were looking pretty bumpy today. It might be time to cash in all the chips. Or not.....
NTN - That's the "Guy"!(eom)
Yes. I am aware of that. They are voting on it in March. This is a short-term speculation.
NTN - Bought a speculative position this morning at an average price of $5.92. Last night a 13G was filed showing Guy Gentile of Mintbroker fame has accumulated at 5.9% position, so I thought I would take a speculative swing at this one. Let's see if this moves higher when people realize that this is the "Guy"!
The Junk Portfolio 2/16/2021 results:
Portfolio cost: $52,021
2/12/2021 value: $67,838
2/16/2021 value: $71,234
Daily gain/loss: $3,396
Total gain/loss: $19,213
13 sell orders were executed.
4 at 20% level, 6 at 40% level, 3 at 100% level.
0 buy orders were executed.
The market has been very accommodating.(eom)
The Junk Portfolio 2/12/2021 results:
Portfolio cost: $52,021
2/11/2021 value: $66,665
2/12/2021 value: $67,838
Daily gain/loss: $1,173
Total gain/loss: $15,817
6 sell orders were executed.
1 at 20% level, 4 at 40% level, 1 at 100% level.
1 buy order executed.
What I am finding quite amazing is the wide daily trading ranges of some of these stocks, and this doesn't even include the extended hours sessions. For example from today:
ARTL: $2.50 to $3.67
BGI: $2.11 to $2.86
SSY: $2.04 to $2.78
SFET: $2.26 to $2.98
NXTD: $1.50 to $2.12
RAVE: $1.33 to $2.09
IFMK: $1.92 to $2.64
Michael, but the CEO said "We are pleased with our third quarter performance. We delivered another quarter of strong results."
Maybe he was looking at a different report! Doesn't look very good to me either. Their SG&A line ballooned this quarter for various reasons including stock-based compensation.
I didn't sell any on the pop after hours. I'm trying not to deviate from the selling plan unless something really extraordinary happens.
MKTY $9.30 + $4.05 going bananas today. Hit a high of $10.41. I bought a few in the 6s and sold in the 7s today, obviously way too early! Nice one, Gilead.
Interesting stuff, Gilead. I just finished reading an SA article on MKTY that came out yesterday. You were actually quoted in there. Lots of comments, so it looks like it is getting noticed.
https://seekingalpha.com/article/4405399-mechanical-technologies-better-way-to-play-bitcoin
I find Bitcoin and all the cryptocurrencies hokey as all get out, but it sure doesn't mean money can't be made with MKTY. It is a very compelling story within the whole Bitcoin craze.
Gilead, are you a true Bitcoin believer, or do you just like MKTY because of the relative valuation to its peers, or both?
The Junk Portfolio 2/11/2021 results:
Portfolio cost: $52,021
2/10/2021 value: $64,712
2/11/2021 value: $66,665
Daily gain/loss: $1,953
Total gain/loss: $14,644
13 sell orders were executed.
9 at 20% level, 2 at 40% level, 2 at 100% level.
1 buy order executed.
The Junk Portfolio 2/10/2021 results:
Portfolio cost: $52,021
2/9/2021 value: $62,569
2/10/2021 value: $64,712
Daily gain/loss: $2,143
Total gain/loss: $12,691
20 sell orders were executed (half in extended hours trading)
9 at 20% level, 11 at 40% level.
2 buy orders executed.
I find it interesting the percentage of executed sell orders that occurred in extended hours trading:
2/8/2021: 29.4%
2/9/2021: 41.7%
2/10/2021: 50%
There is just an incredible amount of speculation in these low-priced issues right now. An additional 16 sales have been made already this morning in The Junk Portfolio.
The Junk Portfolio 2/9/2021 results:
Portfolio cost: $52,021
2/8/2021 Value: $57,423
2/9/2021 Value: $62,569
Daily gain/loss: $5,146
Total gain/loss: $10,548
24 sell orders executed (quite a few in extended hours trading)
17 at 20% level, 4 at 40% level, 3 at 100% level.
0 buys orders executed.
Thanks, Nelson. I see the difference now between the stocks with a Dec fiscal year and the odd ones. I'm scratching out the wrong months on the left side for the odd ones. I don't why they felt the need to make that "improvement".