Conference nyoss1::market_investing

	I don't have my notes with me so this is from memory ....

	On NBR the day of the 1st drop there was rumors that Caldor
	had credit problems or something, of which Caldor strongly
	denied.  The next day the stock continued to drop and NBR
	then reported that business week I believe reported that
	the feel on the St. is that Caldor won't be able to survive
	cut-throught competition.

    Here is what I remember reading on Dow Jones.
    
    A few weeks back, Caldor bonds were being kept on a credit watch by ??
    (I forget the name of agency). Then came reports that Caldor was going
    to report 7% decline in same store sales. Their 'back to school' sales
    was very poor. This (and the recent Bradlee's bankruptcy filing) got 
    creditor's nervous and there was rumor (denied by Caldor) that some
    factors have refused to guarantee supplier's credits to Caldor.

    A couple months back the ceo or someone said that stockholder's would
    be treated 'fairly' - whatever that means. (bankruptcy ??)

    The back drop of it all is very heavy insider selling earlier in the year
    when the stock traded 20+     

    The stock is very cheap. It is selling at below 50% of book value. The
    down side is that the company could go belly up. New England, where
    Caldor operates it's stores is very competitive - especially in light
    of inroads made by Walmart/K mart.

    I am also watching the stock. Because of the heavy volume and sharp
    decline, I feel it will go down further. Unless, there is some surprise
    development, I wouln't do my bottom fishing right away.

    How about Heichenger (HECHA) a hardware/home building store?? I
    recently bought some at 6.75. This stock is also trading at around 50%
    book value and is expected to make 70 cents next year. There have been
    some losses and -ve earning surprise  recently. The company just
    announced some restructuring.  Anybody following HECHA ???
                                    

	The fall continues.  NBR said nothing on the wire and no
	comment from the company, but there are rumours on the
	street that this company is headed for Chapter 11 .....
	(however there appears to be some bargin hunters as
	last trade is 5/8 higher than day [and new 52 week] low)

Symbol        : CLD          Exchange    : New York Stock Exchange (NYSE)
Description   : CALDOR CORP                                  
Last Traded at: 5.1250       Date/Time   : Sep 11  5:01:36
$ Change      : 0.0000       % Change    : 0.00    

Volume        : 1930400      # of Trades : 617      
Day Low       : 4.5000       Day High    : 7.0000   
52 Week Low   : 4.5000       52 Week High: 32.5000  

    The stock is still trading at 5+. The big question is whether the
    market is overreacting becuase it is spooked by Bradlees Chap 11
    protection recently or whether the Company really is in trouble. Only
    last year Caldor made $2 plus per share. It is trading at last yrs PE
    of 2.5 and way below book value. Also there are only 16M shares
    outstanding. 
    
    The company declines to comment on the market activity citing company
    policy. I guess it's strictly a gamble. Double or quits.
     

    
    	If you want to take a retail flyer, look at Edison Bros. first.
    Caldor is slideing into oblivion. Some smart players are buying Edison,
    not Caldor...
    
    		the Greyhawk

    Ironic that yesterday Caldor was the third worst performer on the
    NYSE (percentage wise down); Bradlees was the best (percentage wise
    up).

    As a shopper I was never favorably impressed by Caldor's or Bradlee's.
    Nowadays there are many stores that seem to know how to run themselves
    better. I wouldn't buy CLD at any price.
    
      John

FWIW, a close friend is a major supplier of soft-goods to Caldor. Over the 
last 3 weeks, they advised Caldor that they'd ship product with terms reduced 
from Net 60 to Net 15. Caldor refused. My friends company then decided to NOT 
SHIP them the 800k worth of product scheduled for September. This happened 
last week.

IMHO, while I have shopped at Caldor, and had no problems (except their "high 
Fashion clothes (N/A), I think Caldor is short for this world...or at least, 
short of the world operating without court supervision.

SteveS

    
    
    Looks like the fishing has begun ...
    
    Symbol        : CLD          Exchange    : New York Stock Exchange
    (NYSE)
    Description   : CALDOR CORP                                  
    Last Traded at: 5.6250       Date/Time   : Sep 12  4:00:59
    $ Change      : 0.5000       % Change    : 9.76    
    
    Volume        : 1916900      # of Trades : 729      
    Day Low       : 5.0000       Day High    : 6.0000   
    52 Week Low   : 4.5000       52 Week High: 32.5000  
    

    
    CLD went up 1.62 points on 2.5M shares to close at 6.875 today. 
    

	Well the news this morning is Caldor is now in Chapter 11.
	They did however secure some financing ($250M worth I believe)
	and with that and inventory levels are still in business and
	all stores are open today for business as usual.

	As of 10:15am the stock was not yet open for trading and price
	remained at 5.

        CLD has opened and is down a bunch.
    
        As of 11:35 last traded at $3.625, down $1.375.
        Today it has traded as low as $3.50.  Volume so far 2,077.700 shares.
    
        -Jerry

    Allright, who's kicking themselves now for not having shorted it?
    A show of hands, please.  I'll start the counting with myself, two,
    three,...
    ;-)