Short Georgia Gulf (GGC) Again
No reason for Georgia Gulf (GGC) to be shooting up right now.
Their bonds still have double-digit yields and are a better deal.
Sold some at 16.2 and going to sell more at 16.8 right now.
Friday, December 18, 2009
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3 comments:
Looks like other folks sold that spike too - back below 16.5.b
Don't have any kind of feeling for how this stock is trading right now. Seems overvalued but it won't go down. (Not that I could short it anyway.)
Look at KIM -- big new equity sale and the stock goes up. But what is an REIT if not a vehicle for funneling FFO to shareholders? So I don't see how more shares outstanding can be a good thing, especially given their last report.
IYR making a new 52 wk high today. I guess a LOT of people are expecting CRE to rebound, and like yesterday. I just cannot see that happening. But good look shorting anything in that space.
Shortable at interactive brokers and the puts trade close to intrinsic value.
Also the bonds can be picked up at 9-10% yields.
Investors are being especially stupid this week - look what YRCW did yesterday for no reason!
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