This Stock Is Going Down Below It's 52 Week Low.
Q: Guys if you are holding this stock then be aware that the flooring industry has been at a standstill for the last 6 months. Most carpet mills are idle, very few people are remodeling, people are not using as much tile, marble, granite for renovations and if they are very less quantities are being used. The commercial business is down to a standstill. Mohawk/Daltile dominates commercial specifications, however that business is down nearly 70 percent. I am very sure that the first quarter report is going to be very dismal and I won't be surprised that they might be announcing reorganization of their businesses (their sales must have fallen faster than their cost cuts). I don't know how this company can fulfill their debt obligations unless they announce bankruptcy. Guys get out of this stock now. I sold mine yesterday with a good profit and yes I have taken a short position as of yesterday near it's high of the day. (Once I studied more about this industry, I decided to dump the stock yesterday). Comments welcome.
A: He's right. This stock is a TOTAL dog. WAY too much debt and their business just evaporated. They depend on real estate expansion or at least facility/building renovation - want to guess the future of that business? Buy them if you'd like - when they trade at 7, not 30+ for chrissake.Guys I shorted 10K shares at an average of $34.40 on Friday and the fall of this stock has already begin. I am going to enjoy this stock go all the way to $15 and when I buy this back I will then take a long position for an equal amount of shares on its journey back to $35. Eventually the economy will pick up and this stock will rise from its lows. This stock may be below its 52 wk run BUT the whole dam market is as well!!!! This economy is in a bind for now But will get on its feet,,just will take time..yes they had layoffs ,,so did most to all the others,,not just this one..and even with the rallys it can still back slid again..I hope not and see reds in stocks but it will come back..it has in the past history. many may go belly up but most will be just as strong or better than befor..just hang on..if you cant stand to lose dollars than you should not be into it..Good Luck to all
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