CPSS
CPSS Results were a lot worse than quite disappointing, revs went down significantly unexpectedly, expenses went up significantly unexpectedly. Tax rate was higher than I thought it would be.And management was happy with the result. Furthermore they moved some finance receivable that I think made some of there ratios look better.
In 2016, I didn't like the comps and I thought delinquencies were gonna get worse. After q4 I felt like delinquencies peaked, they have a proven aggressive buyback, they finally had beatable comps, and I thought q4 was the best quarter they had in a while. I thought even if they matched q4 with and improvement in tax rate we would get a $1.00 eps., and when you see .25 versus .16 it would look good and drive the stock up. Of course that didn't happen, have no clue why expenses went up so much or revs went down so much, don't know why they moved the finance receivables a portion that did bother me a lot. Tax rate was higher than I expected as well. And most of all management was pleased with this. They were pleased, which also really bothered me. This is a sell at any price in my opinion. All is just my opinion, and I could always be wrong though.
