APP got a hit for 1.05 in PM. passes 1.05 and its in breakout mode. first resistance would be our previous high around 1.20
You are absolutely right that we "bottomed", i posted this on two breakout boards this weekend:
APP poised to do very well, charts below:
A well known company, doing 500 million in sales and has a 100 million market cap? Previously wasn't doing so well, it is turning things around. Recently got a loan courtesy of George Soros.
Preliminary #'s on sales for the first quarter already released: Mar - $49 million Feb - $42.1 million Jan - $41.4 million Total for the first quarter: $132.5 million
Their gross margin has gone down, but was most recently at 53.88%. 53.88% x 132.5 million = ~ $71 million gross profit
Had some major set backs last year. Reading their financial statements, I think this is going to be a fantastic year for American Apparel. They will be profitable again!
"I would like to take this opportunity to reaffirm our guidance for EBITDA of $32 million to $40 million for 2012." That's almost a dollar per share and the stock is at 1.00!! taken from: recent PR
There's a huge short interest in this company, almost 10% of the float. Based on last weeks action, it seems the shorts are beginning to cover. To be completely honest, I am not parking my money into this stock for the long run, but I do take the time to do due diligence even for my short term trades. Looks like we have a winner here! I'm probably going to get out on the pop anywhere from 1.20 - 1.50. This is a nice, safe one to trade with a larger amount of money. I'm in at 1.01.
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