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Retailers Tuesday Morning and Pier 1 are very much alike.
Pier 1 recently had a downfall that cost 33% of stock value.
Comparison of Tuesday Morning to Pier 1 to determine if the differential in their stock prices are rational.
Advice about investing in these two securities.
Why compare Tuesday Morning and Pier 1?Many similarities exist between the retailers Tuesday Morning Corporation (NASDAQ:) and Pier 1 Imports Inc. (NYSE:). Both companies' stock values were very volatile during the last 15 Pier 1's and Tuesday Morning's stock prices declined from more than $25 per share in 2003 to less than 60& in 2009.Pier 1 and Tuesday Morning both sell home furnishings and decorative accessory items within store chains of 1000 and 800 respectively, retail units. They each have year-end reporting periods in mid-summer and had stock price increases in 2014 reaching more than $20 per share.Tuesday Morning and Pier 1 differ in their retailing approach. Tuesday Morning stores have a warehouse appearance, piled high with merchandise displays and strewn with promotional discount signage. Pier 1 operates elegant, well-appointed stores that sell style-oriented merchandise. Tuesday morning stores average about 10,700 square feet, while Pier 1's stores are closer to 9,900.Great decline in Pier 1 valueIn the past few days Pier 1 stock price fell by 33% after its management announced the departure of its chief financial officer, , and provided new guidance for the present year, reducing its estimate of earnings from $1.00 to $1.05 to a range of 80& to 83&. This happened six weeks after Pier 1 reported a 8.2%
in sales over 2014 for the five-week period ending January 3, 2015. Its stock price jumped to $16.97 on February 10, 2015 from $13.93 on January 3rd. February reporting appears like a scene from Alice in Wonderland where the Red Queen may move in any direction or preform any action that she chooses.Investors questioned, &Wasn't this an overreaction& while suspecting that events occurred between the CFO and other management at Pier 1 of which they were not informed.Pier 1 indicated supply chain problems, but management has not yet elaborated. Investors have been wary, and have not bid the stock price higher.Analysis for the price declineThroughout the recent entire surge of Pier 1's activity, Tuesday Morning's stock price has remained relatively constant.Tuesday Morning's price stability is a clue to Pier 1's decline. If Tuesday Morning's stock can be shown to be more valuable than Pier 1's, then a valid argument may be made that Pier 1 has been overpriced. If not, one must question why Pier 1's value fell so greatly since its most recent holiday season substantially increased sales over last year.I will present financial performance of Tuesday Morning and Pier 1 beginning with comparison of revenue to market capitalization that includes data collected after Pier 1's fall in price. The data is taken from the two organizations' annual reports ( - ) and current Google market capitalization calculations as of February 12, 2015.Equity Name -- Market Cap --- Revenue 2014 --Ratio of Sales / CapTUES ----------- $ 844.3 mil. - $ 864.8 mil. ---------- 1.026 --------PIR ------------- $1140.0 mil. - $1771.7 mil. ---------- 1.591--------Certainly the greater ratio is more desirable, and indicating that Pier 1 is not as generously valued as Tuesday morning.I have not done the same kind of calculation with earnings because it is obvious that Pier 1's earnings of $107.5 million are more desirable than Tuesday Morning's loss of $10.2 million.I have performed a similar procedure comparing net equity to capitalization. This resulted in Pier 1's ratio as .403 and Tuesday Morning's .241 .Pier 1 is the clear winner. In addition one should consider that Pier 1 has paid a dividend of $21.6 million per annum beginning in the last quarter of 2011, and Tuesday Morning has paid none. The $64.8 million dividend paid by Pier 1 could be added to its balance sheet, further skewing the equity to cap. ratio in favor of Pier 1.Comparative financial condition for these companies shows that Pier 1 is clearly undervalued when compared to Tuesday Morning.This valuation suggests that some other reason must account for the rapid devaluation of Pier 1 shares. It may be that anticipation of a deteriorating retail market has caused the decline, but might equally apply to Tuesday M we must look elsewhere.Possibly something is hidden from investors that was hinted at by Pier 1's statement about supply line paths going astray. It might be that fear of the unknown caused the decline, but 33% is an excessive amount.Lastly it is possible that Tuesday Morning is overpriced. Then should not the market adjust?What we may have seen is market irrationality. We probably will never know why Pier 1 lost so great a portion of its value in such a short time.One may look to my article about & for an answer, but it won't settle any question because &Wisdom Theory& does not apply as rationality has been discarded when defending the relative prices of these two securities, whose prices are not supported by financial data.Advice about investing with Tuesday Morning or Pier 1So what is an investor to do? If you, like me, have a position in Pier 1, keep it. The operation of its business is first rate.
has the merchandising skill to overcome short-term pitfalls.If you are thinking of an investment for a quick speculative increase, then Pier 1 is a good choice because it is difficult to see how it cannot do well during the spring house clean-up season. The organization is well merchandised and a financially stable company that operates 1000 well-run and carefully appointed stores. Its market capitalization is low enough to easily allow large gains in stock price, and its low P/E ratio of 14.3 is an attractive reason to invest.If you own Tuesday Morning, look at your investment carefully. Ask yourself &Why do I retain this stock?& I am reluctant to give more advice about Tuesday Morning since I was
before.I must provide an explanation about why I believe the title of my article is timely.Theater is when events are presented in a way that enables understanding of everyday life. Absurd theater is when events and observations are distorted and no longer represent reality.Tuesday Morning operates on the border between loss and break even, and has not demonstrated a clear plan to become profitable. Its stores are crowded, disorderly and poorly merchandised. Its personnel is substandard.Pier 1 is currently profitable, and operates orderly, clean, properly stocked stores that use modern merchandise techniques such as proper signage, quality lighting a technologically advanced information system. It provides a staff of competent personnel.The history of retail business shows that operations such as Tuesday Morning, which do not invest in the future, may continue operating indefinitely without encountering financial problems, but history also demonstrates that unless changes are made that these types of business don't thrive.Retail businesses such as TJX (NYSE:), Home Depot (NYSE:) and Macy's (NYSE:), which continually develop operating techniques, have ups and downs, but represent opportunities for great future growth.Investors are telling us reality has been discarded with evaluation of Tuesday Morning and Pier 1. Absurdity is upon us.
Disclosure: The author is long PIR. (More...)The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.
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godot是什么意思
中文翻译戈多
例句与用法1.Old man ( to tree ) : my fellow , good morning , godot（对树说） ：我的老朋友，戈多，早安啊。 2." for godot ? " , why " for godot ? " , is there a man named this“致戈多” ，为什么是“致戈多? ”真有一个叫这个名字的人？ 3.His play , waiting for godot 1953 has become a twentieth century classic of absurdism他的剧作《等待多戈》 （ 1953 ）已经成为20世纪荒诞主义经典作品。 4.If waiting for godot is a play in which nothing happens twice , killing time is an exhibition in which nothing happens for two months如果说《等待戈多》是这样一部戏剧:没有什么会发生两次,那么《消磨时光》就是这样一个展览:两个月以来什么也没变化过。 5.The most original playwright of the theater of absurd is samuel beckett , who wrote about human beings living a meaningless life in an alien , decaying world . he first play , waiting fro godot荒诞派戏剧代表人物是塞缪尔.贝克特。他擅长描写生活在孤立腐朽的世界里的人与毫无意义的人生。 6.Each video recalls a famous play - look back in anger , the dumb waiter , waiting for godot and the cherry orchard - and hickey passes from one to the other in a cleverly timed journey around the room每个视频影像都重放着一部著名的戏剧? ? 《愤怒中回首》 , 《哑侍者》 , 《等待戈多》 , 《樱桃园》 ? ?希克在灵活的时间旅程中穿梭于房间周围的各场景间。
相邻词汇热门词汇高频词，一定要记得哦！
英[?b's?:d ]
美[aeb's? aeb'z? ?b's? ?b'z?rd]
adj. 荒谬的，可笑的n. 荒诞（的事物）
He regarded the offer as absurd.
他认为这项建议是荒谬的。
It was an absurd arrangement, and bound to lead to catastrophe.
这是一种荒唐的安排，注定会导致灾难。
Parkinson had a sharp eye for the absurd.
帕金森对于荒诞不经的事一眼即明。
"Waiting for Godot" has been regarded as a masterpiece of "Theatre of the Absurd".
《等待戈多》一直被认为是荒诞派戏剧的代表作品。
1.inconsistent with reason or logic or common sense
the absurd predicament of seeming to argue that virtue is highly desirable but intensely unpleasant
2.inviting ridicule
a contribution so small as to be laughable
it is ludicrous to call a cottage a mansion
a preposterous attempt to turn back the pages of history
her conceited assumption of universal interest in her r
1.a situation in which life seems irrational and meaningless
The absurd is the essential concept and the first truth
只有登录后，才能查看此项，现在是否？
1.Fantastic, unbelievable, absurd
2.Fabulous(ridiculous,absurd)price
乱开(高)价
3.Rabsurd.
可笑地愚蠢的;蠢笨的
4.His idea is absurd.
他的想法是愚蠢可笑的
5.Don't Be absurd!
absurd,ridiculous
这两个形容词均含有“荒谬的”之意absurd普通用词，强调指违背常理的荒谬。ridiculous强调荒谬到令人发笑的地步。
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