Playing 20 Questions With St Joes (JOE)
Lost amid the seemingly dim economic news that was released last week and today, all of which is fueling Wall Street's hopes for a 50 basis point cut in the Fed Funds Rate at next Tuesday's Fed meeting (don't bet on 50bps), was an interesting little press release courtesy of St. Joes.
Actually, it was 10 questions, but was no doubt an attempt by the the company to counter recent bearish sentiment about JOE. The press release, admittedly one sided, is still an interesting read. If you want to hear both sides of the JOE argument, read it in conjunction with Greenlight Capital's David Einhorn's recent response to a previous Cheap Stocks post about St. Joes.
For our part, we took advantage of the recent dip below $31 to increase our St. Joes position. We simply couldn't say no at those levels.
*The author has a position in St Joes Corp. This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only. The author will not trade any of the securities mentioned (buy, sell, short) for at least two weeks following the date of this post.