For Immediate Release
Chicago, IL – March 15, 2010 – Zacks highlights commentary from People and Picks Trader “Vet67to82″.
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On 1/11/2010 I explained shorting financials was a bad idea and gave examples of several stocks that were being touted as “short” candidates that were NOT: Wilshire Bancorp (WIBC), Northern Trust (NTRS), Credit Acceptance Corp. (CACC) and Tennessee Commerce Bancorp (TNCC). At that time the prices were as follows:
WIBC 1/11/2010 2:18 PM ET $7.80 -0.17 -2.13% Vol. 72,767
NTRS 1/11/2010 2:36 PM ET $51.07 -1.35 -2.58% Vol 2,098,090
CACC 1/11/2010 2:46 PM ET $48.08 +4.10 +9.32% Vol 107,372
TNCC 1/11/2010 3:04 PM ET $4.38 -0.02 -0.45% Vol 2,846
Sooooo, (1) were the shorts right? … and (2) did they MAKE money?
Well, let’s check today’s 4:00pm ET scores, uh … prices …
WIBC $9.54 +$0.09 +0.95% Vol 75,206 1y Target Est: $9.50
NTRS $54.05 +$0.02 +0.04% Vol. 1,776,850 1y Target Est: $59.28
CACC$43.95 +$0.00 +0.00% Vol. 28,999 1y Target Est: $50.00
TNCC $7.19 +$ 0.22 +3.16% Vol. 2,500 1y Target Est: $7.50
Soooo, they’re ALL still here. AND with the exception of CACC the shorts were wrong and LOST money … though if CACC hits its 1 year target price …. and the shorts are still “short”? … they’ll be 0 for 4!!
Moral of this story … When someone advises to short any stock … Run the fundamentals, and then the charts yourself … LOOK before you leap.
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