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Non-Tech : Pep Boys (PBY) Automotive Parts and Accessories
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To: JDGarza who wrote (103)2/27/2000 5:10:00 PM
From: Investor2  Read Replies (1) of 116
 
Re: "Is there any reason why the bottom fell out??"

Good question. I imagine part of it is the dumping of traditional product companies and the flight to high-tech and biotech glamour stocks. But I'm sure it's much more than that. I'm sure part of it is the miserable mistakes that have been made by management over the past couple of years (failed Express stores, borrowing money to buy back stock at much higher levels, etc.). Then, there's the tendency of the management to spring negative earnings surprises on the institutional investment community.

All in all, pretty terrible management.

Plus, there's the idea that the "do-it-yourself" auto repair business model is dead, since cars are so complex now.

Generally, stock prices tend to discount the future, which means that there is probably going to be some very negative news in the near future.

Cheery, eh?

Best wishes,

I2
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