NEW YORK, July 19 (Reuters) - Pool Corp, the wholesale distributor of swimming pool equipment and related products, faces big problems that make its shares still risky despite sharp recent downturns in its stock, according to Barron's.
'For now, Pool Corp shares as an investment opportunity look all wet,' the newspaper said in its July 20 edition, even though its shares are down 63 percent from their peak in 2006.
Sales of swimming pools remain in a free fall due to the battered housing market, and many families that have pools may soon start cutting back on maintenance to save money as the recession drags on, Barron's said.
Shawn Kravetz, founder and principal of Boston-based Esplanade Capital Management, told the newspaper that shares of Pool Corp, now trading at about $18, are probably worth just $10 to $12. (Reporting by Ransdell Pierson; Editing Bernard Orr) Keywords: POOL/ (Reuters Messaging: ransdell.pierson.reuters.com@reuters.net; 646-223-6034; ransdell.pierson@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'For now, Pool Corp shares as an investment opportunity look all wet,' the newspaper said in its July 20 edition, even though its shares are down 63 percent from their peak in 2006.
Sales of swimming pools remain in a free fall due to the battered housing market, and many families that have pools may soon start cutting back on maintenance to save money as the recession drags on, Barron's said.
Shawn Kravetz, founder and principal of Boston-based Esplanade Capital Management, told the newspaper that shares of Pool Corp, now trading at about $18, are probably worth just $10 to $12. (Reporting by Ransdell Pierson; Editing Bernard Orr) Keywords: POOL/ (Reuters Messaging: ransdell.pierson.reuters.com@reuters.net; 646-223-6034; ransdell.pierson@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.