Vince Martin
Long/short equity, value, gambling

Sell The News On Stein Mart

As Market Currents here at Seeking Alpha pointed out this afternoon, it's been a solid couple of days for shares of Stein Mart (NASDAQ:SMRT). It's not hard to see why. In November, the company announced its intent to re-state previous earnings results; on Friday, the results of that restatement turned out to be essentially immaterial. Fiscal 2011 net income was increased by just $100,000, with modest quarterly changes that the company described as "generally a reduction in first quarter income with increases in second and third quarter income."

The company also announced fiscal 2012 (ending January 2013) results in Friday's release, and those numbers beat estimates and provided a further boost to the stock. Earnings per share rose...

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