RUTH took a nosedive yesterday due to concerns regarding retail spending and the fact that two new restaurants under construction in the gulf area were reduced to toothpicks. I purchased a stake at the close yesterday and am unloading it as we speak. This stock is so thinly traded that I have to do so carefully so that I get out without sending the price into a tailspin. My orders have nudged the price downwards, but so far, I am still in the black.
I was happy to see AEOS's same store sale numbers confirm the fact that the market's sell off in that stock was pure panic. Retail I think will just be tougher this season. The strong stores will do well and exceed expectations and the laggards will fail. The pundits on CNBC would have you believe otherwise, but the truth is that a rising tide does not lift all boats nor does the flushing mechanism on the proverbial economic toilet sink all retailers either.
Since I am on vacation, I will now leave to enjoy that - I'ts looking like a great beach day.