Oil is trading at under $66 a barrel, to this we say “so what?“.
With summer coming, expect prices to go up at the pump, and they already are. Let’s just take a look at gasoline in West Virginia – prices have gone up 19.2 cents a gallon in the past month. The average price today is $2.74 for a gallon of regular, up from $2.54 a month ago, according to AAA’s Daily Fuel Gauge Report. Expect $3 a gallon this summer America. So look for the Oil & Gasoline stocks to prosper. Which stocks you ask? We’ve got the magic pick for you in our March newsletter but we’ll give you two for free: BP Plc (BP) and Suncor Energy (SU). Oil still runs the world and will for years to come.
What a great day on the Market. But not for Phoenix Footwear (PXG), their stock is down 24% today with shares trading around $3.40. Yesterday they reported a quarterly loss of $23.4M, or $2.95 per share, from a profit of $71,000, or a penny per share, in the year-ago quarter. Revenue fell 13% to $28.9M for the quarter. However for 2006 revenue grew 29% to $140.6M but their net loss of $20.4M made last year a bad one.
Right now would be great timing for a takeover. Or perhaps the public just doesn’t care to buy its H.S. Trask and Tommy Bahama footwear anymore? Things can’t get much worse for PXG and considering their revenue is growing, so perhaps this company can turn things around. The Masters expect things to get worse before they get better with analysts just waiting to put in the downgrades. Might catch a bounce on this one but we’ll watch for now.