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JOE - David Einhorn Moves the Market
At the Value Investors' Congress today, David Einhorn unloaded on St. Joe. From the WSJ's MarketBeat ( http://blogs.wsj.com/m... ):
"By Tom Lauricella
Greenlight Capital’s David Einhorn took stock pickers through a tour of Florida’s panhandle as he outlined the reasons he’s shorting the stock of real estate developer St. Joe Company.
The basic thesis: the company’s holdings of Florida real estate are worth nowhere near the $746 million the company says they are worth. Rather than the $20 to $28 range St. Joe shares have been trading at, Einhorn thinks that at best the company is worth $7 to $10 per share. And if the company’s management doesn’t change course, he argues it could eventually fall to zero.
Within minutes of Einhorn speaking St. Joe shares tanked. At last glance they’re down 10.4% to $21.98.
[...]
His talk to the Value Investing Congress Wednesday — which was received with rousing applause — was accompanied by a 139-slide presentation that combined not just the usual balance sheets and quotes from annual reports, but photos and videos Einhorn’s team took of St. Joe’s properties. They showed empty lots, abandoned houses and vacant retail storefronts.
[...]
Einhorn says he’s been looking at the stock since 2006 and this summer he contacted Berkowitz to see if he would discuss the company. “I’m waiting for his call,” Einhorn said."
Thanks to Einhorn, those Dec $25 puts I picked up on JOE back a few months ago ( http://shortscreen.com... ) are up ~89% today. Still a little below where I bought them though, thanks to the underlying and the VIX moving against them since then. Might be tough to make money on that little basket of Dec. puts, but I'll unload all of them before the time decay ramps up.
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Via DealBreaker, Here's David Einhorn's presentation: http://dealbreaker.com...
Today's additional ~8% drop in the underlying put those Dec $25 puts in the black -- just sold them at $5.30, for a 39% profit. If they had maturities further out, would have held them longer. Maybe I'll short the underlying instead on a dead cat bounce.
Audio of Einhorn's presentation, to go with the slide show, available here: http://seekingalpha.co...
Brutal.