Approximately a month ago we began to purchase of electronic display manufacturer Planar Systems (PLNR) for client accounts and for Collective2 portfolios OP III and OP IV. Most of our purchase prices were in the mid $3’s (OP IV was $3.37 and OP III was $3.33).
Quarterly earnings were released and PLNR reported a 17% in total revenues and earnings of .14 which is almost a triple from last years 5 cents a share. This morning the stock is skyrocketing 80% higher which does appear at first glance a bit ludicrous to us. We have learned time and time again to sell off investments making parabolic moves higher. Not only are such moves unsustainable but also prone to significant downside once profit taking takes hold and panic stricken buyers who pay near the highs cut their losses quickly.
So we have sold our shares for clients ($6.597) and Collective2.com portfolios ($6.57).
No positions anymore.