This made my day.
The CEO of CLF, Lourenco Goncalves, went on an absolute rant this morning — saying shorts were gonna get hurt so bad by his share re-purchase program, they’d have to commit suicide to escape the pangs of despair.
“It’s unbelievable that this big banks has still employ this type of people, you should resign for your lack of knowledge of things, it’s not like that you don’t understand, you are very one of the best, it’s not like you don’t understand our business , you don’t understand your own business. You are a disaster. You are an embarrassment to your parents. With this being said, we are going to use money to reward the long-term shareholders. So, if the stock continues to go down based on these kids that play with computers and somebody else’s money, we are going to buy back stock. We are going to screw this guy so badly that I don’t believe that they will be able to only resign. They will have to commit suicide.”
Then he went after Mathew Korn from Goldman Sachs, who happens to have a hold on CLF — threatening him in all sorts of manners.
“Lisa, before you call the next question, are there a guy named Matthew Korn waiting in line to ask a question. He is – he calls himself an analyst and he works for Goldman Sachs.
Aww. Matthew Korn if you are on the call, [indisc] … why you don’t ask a freaking question? I will be happy to answer. Okay. Who is next Lisa?
…
With that, we are done and Matthew Korn from Goldman Sachs, you can run, but you can’t hide. I will see you at the Goldman Sachs Conference, very soon and bring your commodity desk guy because you owe me that for the last year. It will be easier for you if you have the commodity desk guy with you interviewing me. If you are alone, it will be a lot worse, it will be bad no matter what, but it will be a lot worse if you’re alone. Bring the commodity desk guys or girls with you because I promised you last year that I will take care of him, her next time and next time is coming. [indisc] I’ll see you guys soon. Thanks for joining me this call today, bye now.”
Boss, but the stock is probably a short.
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I had read that earlier and thought of this blog. The CEO seemed so pissed, his words mean one of two things:
1) Take it literally, and the company is in excellent shape.
2) Take it Trump style: deny, deny, and double down on your lies about your sh!tty company.
Given the huge debt load, I’m with Mr. Korn and option #2.
An update (https://ibankcoin.com/flyblog/2018/10/16/go-markets-cusp-significant-rippage-upside/#comment-554418)
1) Trading volumes this week were high, but dwarfed by alst week
2) AAPL almost retested it’s recent lows on Thursday, but was actually up 1.5% today
3) Russel hit just short of 1600 and collapsed
4) NFLX $400 postmarket earnings, lost 1/6 of it;s market cap sicne, closing below pre-earnings level
5) Interest rates rising across all maturities; curve unchanged
The backdrop:
1) Many stocks are overpriced, btu this alone has never been an initaition factor for bear markets.
2) Retail sales are still bounding along at 4-5%.
3) Republcians are tilted towards the 1%, businesses, investors, etc, (and vice-versa) so I would think that the powers that be would want to hold this market togetehr before the midterms.
Given that, I think that we do test the lows from last week, but rebound sharply and end the day higher. If we lows from last week don’t hold, then we are probably in for a sharper correction and we don’t stop until we hit Nov 2017 levels
All that’s nice and all, but what is your take on the CLF, numbers? Just kidding, the chartFag in me says short term short, but that is a wicked weird candle on insane volume??
Insert no-one cares at your leisure in the last comment.
KSS chart is dope. Who here defies buying TGT into year end?