After what can only be described as a horrible earnings report, I have closed my position in ABFS. Although I believe the dividend cut was a good and necessary measure it was one of the main reasons for choosing this transport stock over others. Additionally, the information from UPS regarding the slow recovery in larger freight means ABFS will continue to face pressures. This is the largest loss in the history of CCIP to date. The final profit/loss info is below:
1/11/2010 -- Sold To Open 1 ABFS February $27.50 Put @ 1.6824
2/1/2010 -- Bought To Close 1 ABFS February $27.50 Put @ 5.9675
The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Cost Basis: N/A
Final Loss:-16.6%
Final Annualized Loss: -288.48%
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