Well, I thought BRLC was coming out with earnings today but instead when I checked on Marketwatch to see the news I see an article stating that BRLC will release Fiscal 2007 and 4th quarter earnings on September 11. I'm not sure if this is a change and they pushed back the release date or if I was wrong in the first place. I'm hoping for the first.
Another article about BRLC caught my eye as well. BRLC sells $20 million in shares to TECO Electrics for $6.4852 per share. This may be a good move for BRLC entering into a strategic alliance and raising some money to support thier elevated growth which according to the article includes expanding thier manufacturing base and supporting efforts to continue elevating awareness of the Olevia brand among consumers worldwide. All of this is great. However, I feel like they sold off part of the company for $6.4852 per share when the shares yesterday were valued at $6.96. Today shares have plummeted so far to $6.40 a share or down 8%. Apparently $6.48 is more along the lines of the correct value of this company.
Either way, I have sold covered calls on this position and will remain in this position at least until expiration which isn't until September 22 so I shouldn't worry to much about this peice of news. I will continue to look forward to the earnings release.
Disclosure: I am long BRLC.
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