Time to poke a few investors pockets out there. If you are not already aware, The Warehouse Group [WHS.NZX] shares have taken a beating over the last few weeks and were at lows of NZ$4.19, down 32c at close of trading today.The slide was on thin volume of just over 400,000 shares.
Today's share price slide was due to a profit downgrade and new guidance to the 27 July of a 10% drop in earnings to between NZ$84-88 million.
If you are a regular reader of this blog you will already know that The Warehouse is currently suspended in the throes of a possible buyout, with a bidding war from 2 prospective buyers on the cards, should an Appeal Court decision currently pending fall in favour of selling the company and its assets to a new owner- in this case Foodstuffs or Woolworth's Australia. [WOW:ASX]
To those who don't know, check out this blog and its further reading on the subject and make your mind up yourself.
There is talk of 8 bucks or more per share and there is clear serious short to medium money to be made and in the current market that is not to be passed up.
I know I usually witter on about long term portfolio purchases but I am not adverse to stocking up if there is a quick buck to be made as well.
Disclosure: I own WHS shares
The Warehouse Group @ Share Investor
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The fight for control begins soon
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Related Links
NZX WHS profit downgrade announcement
The Warehouse Financial Data
Related Amazon Reading
Essential Stock Picking Strategies: What Works on Wall Street by Daniel A. Strachman
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