Shorting PLCE
Children's Place (PLCE) is a retailer of unnecessary high-priced rubbish for children that's having an increasingly hard time of it.
USA Today: As part of a multiyear plan to close 300 stores by 2020, the New Jersey-based retailer announced this week it plans on closing another 40 to 45 stores in 2019.
Trading at $100 currently, down from a high of $160 last October and failing to participate in the general-market melt-up since the start of June, we see it at a good short entry point.
We're short PLCE, not previously posted in this blog, since late May of this year at an average price of $102.50
A prudent stop would be at $117 in our estimation, which is just above its 2019 high.
USA Today: As part of a multiyear plan to close 300 stores by 2020, the New Jersey-based retailer announced this week it plans on closing another 40 to 45 stores in 2019.
Trading at $100 currently, down from a high of $160 last October and failing to participate in the general-market melt-up since the start of June, we see it at a good short entry point.
We're short PLCE, not previously posted in this blog, since late May of this year at an average price of $102.50
A prudent stop would be at $117 in our estimation, which is just above its 2019 high.
posted by C. Guinness @ 2:50 PM
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