Quote:
Originally Posted by cyseymour
PSA posted a profit last quarter. Can you recall a time when a company that was posting profits went out of business? Also, their share price has increased 60% over the last few months. They hold $10 million in cash. There has been massive insider buying. It is one thing to be a "bear" on their stock, but there is little to support their going out of business. Also, your claims, as you know, may effect the opinions and actions of those on this board, which I still suspise is your true agenda.
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Their small quarterly profit was their first in 3 years and consists of 1 profitable division (coins) and the rest losses. Their 60% price gain was unusual in that the low price was below book value. Their $10M is about to become $5M after the stock purchase. Their insider buyers are the only buyers and a large shareholder thinks they can be broken up (sold) for $7 per share.
As far as my objectives...none really since I don't grade cards. Except as an Accountant I don't like some of the things they have done. I just read financial statements and make predictions. But predictions don't count unless they are in writing. This is my writing.
I wasn't going to make a Part 3 post except that the stock purchase plan was very unusual and needed to be mentioned.
I should mention that I don't have any financial stake in any grading company either.
And yes I agree that that sample is too small. But it is the first I found.
06-18-2009, 11:45 PM
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