selling MGA +44% in 2 weeks, shorting DRI

Happy New Year !

We start off booking profits, in hopes this augers well for things to come in '09.

Two weeks ago we bought MGA. Now we book 44% profits.

* note this is a replacement of last night's posting, in order to reflect a more accurate % profit based on Mega's much higher price this morning at the opening of the markets.


We've repeatedly stated our desire to again short retaurants when the time comes. We feel that now is the time to start doing so, ergo we short DRI, Darden Restaurants which last traded at $28.18

Per Yanhoo! Finance :

BUSINESS SUMMARY

Darden Restaurants, Inc., through its subsidiaries, engages in the ownership and operation of a chain of restaurants in the United States and Canada. The company operates restaurants under the names Red Lobster, Olive Garden, LongHorn Steakhouse, The Capital Grille, Bahama Breeze, and Seasons 52. It also operates two specialty restaurants, Hemenway?s Seafood Grille and Oyster Bar; and The Old Grist Mill Tavern. As of May 25, 2008, the company operated approximately 1,702 restaurants. It also franchised 5 LongHorn Steakhouse restaurants in Puerto Rico and 27 Red Lobster restaurants in Japan under area development and franchise agreements. The company was founded in 1968 and is based in Orlando, Florida.




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