Miller"s

For the Millers Fans
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MILLER'S RETAIL has advised the market it expects its annual
operating profit to beat last year's by 15 per cent.
Its share price, which had dropped 50c or 18 per cent since last
Wednesday, has surged.
"It's definitely been oversold, and today's bounce is hardly
unexpected, especially given today's news from the company," said a
broker.
First trades today were at $2.35 and the stock hit $2.62, around
midday, before easing back.
"You'd expect the company to be more responsive to its share
price.
"We look at the prices of shares but companies look at their
sales and other internal reports.
"There have been a couple of sellers of Miller's adding
pressure, including the CBA, which has seriously reduced its stock, as
has AMP.
"The market may have associated the share price fall with the
big overhang created by those two sellers and the stock may have gained
some negative momentum of its own from that.
"Additionally, some of the share price weakness may be retail
traders selling, as there are some who follow share price momentum,
regardless of the underlying fundamentals at the time," the broker said.