WCI Warns On 3rd Quarter Profits
I’ve been buying long-term puts on a Florida condo & home builder called WCI and ever since then the stock has been up 20%. Finally after about 3 weeks they’ve warned the 3rd Quarter profits will...
View ArticleMoody Downgrades WCI
The following is a press release from Moody’s Investors Service: Moody’s Lowers Ratings Of Wci Communities; OutlookNegative Approximately $650 Million of Debt Securities Affected New York, October 06,...
View ArticleWCI Finally Shows Weakness
As I’ve posted several times before, I’m bearish on a stock WCI. Today it finally showed some weakness and was down over 3% on a day when the Dow and Nasdaq were up. Hopefully it’ll continue its...
View ArticleInvestors Bail On Condo Market in Florida
Apparently some builders are so desperate, they’ve started suing buyers who are walking away from their deposits. Several of my friends have received letters stating that the builder will be suing them...
View ArticleOn Going Naked
In a previous post on WCI, I had mentioned that I had sold some March 2007 Calls. When you sell a call and you own the underlying stock, its called selling (or writing) covered calls. In my case, where...
View ArticleWCI Up Sharply!
OUCH! Yesterday WCI was up over 10% on twice the normal volume. About 5 million shares traded hands at about $17.5 which makes it nearly $100 million dollars worth. I was wondering who was buying up so...
View ArticleClosed Part Of My WCI Postion
Since WCI was up sharply, I closed out the January $20 Puts. There’s only 2 months left and like someone famously said, “Markets can remain irrational longer than you can remain solvent”. Better to...
View ArticleBiggest Market Drop Since 9/11
The stock market suffered the biggest loss today since the terrorist attacks on September 11th 2001. They were allegedly caused by profit taking in China caused by the governments comments on cracking...
View ArticleTime To Cry Uncle
I covered my puts on WCI today. Carl Icahn put in a bid for $22 a share when it was trading at $19.80 yesterday. So in today’s market where every was down, WCI was up 15%!! I had enough second guessing...
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