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Ilene is an editor at Phil's Stock World, Market Shadows and other financial publications. Her educational background is in biology, pathology and law. After working in biochemistry and pathology during her graduate years, she attended Law School at Loyola. She practiced law in a number of... More
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  • DARK HORSE HEDGE – Lovin’ Every Minute of it, JOE 0 comments
    Oct 13, 2010 2:30 PM | about stocks: JOE
    DARK HORSE HEDGE – Lovin’ Every Minute of it, JOE
    Launch of Space Shuttle Discovery

    By Scott Brown at Sabrient, and Ilene, at Phil’s Stock World

    Touch that dial - Turn me on 
    Start me like a motor, make me run 
    Lovin' every minute of it 
    Lovin' every minute of it 

    Turn that dial all the way 
    Shoot me like a rocket into space 
    Lovin' every minute of it

    Loverboy - Lovin Every Minute of It

    In DHH related news, St. Joe (NYSE:JOE), which we recommended shorting on July 1, 2010 at $23.74 has been “rocketed into space,” in the downward direction.  Good news for shorts is coming out of an investor conference where David Einhorn is speaking about JOE.  Perhaps the most telling quote from the conference is Einhorn’s conclusion: "The best parcels of land were sold during the boom, and what’s left is worth probably $7 to $10 per share. Management can’t sell the company because the stock is too expensive. It would have to be a take-under.”  

    The main reason we added Joe as a short at the time was “As St. Joe’s is a major land owner and property developer in Northwest Florida, about 70% of St. Joe’s properties are within 15 miles of the 'now imperiled coastline.'  It doesn’t matter that they purchased 577,000 acres at a low price.  The bottom line is that contractors have already found tar balls on St. Joe’s beaches and nobody wants that kind of beachfront property.”  JOE is -9.66% since Einhorn began his investor conference and at DHH we are “Lovin every minute of it.” 

    Source: Value Investing Congress: Einhorn Skewers JOE; Florida Real Estate Boondoggle

    For more Sabrient research and stock market ideas, take a free trial 

    Disclosure: none
    Stocks: JOE
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