Well, the miracle did happen, and they hired a CEO before I expected. There was no pop on the news, perhaps the word had gotten out. Might have been priced in, which helped to prop up the stock leading up to the announcement. At any rate, I noticed the strength in price action and changed my thoughts on the technicals in a later post:
But this is no time to be complacent. Don't think for a second that this stock couldn't turn back down again and make new 52-week lows. If the DOW hits 5000 in '09, we'll be lucky if EGMI stays flat.
BTW, I think Cole's $.14 EPS estimate for '09 was reiterated on the call simply to throw out a pleasing number. Obviously, the market doesn't have any faith in it, and never did. We'll have to see if the new CEO makes adjustments and brings this number closer to the expected economic reality at present - or if it really is the case that EGMI is a standout among stocks. Nearly all retail stocks are scaling back '09 estimates. Actually, in a roundabout way, Cole did scale back 2009 *revenue* estimates on the call by $2 million; but that doesn't count because we're not sure if he was aware of what he was saying. Or so the logic goes. LOL!
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