Closed our long position in LAKE ($13.89)
Yesterday, via premium tweet, we stated that we locked in gains in LAKE. At its highs, LAKE was up over 50% from our recent buy call at $9.50 on the information arbitrage opportunity was presented when the company filed its NT 10-Q (an extension notice for 10-Q filings).
The filing stated that the company expected to report a significant increase in revenues and income from operations for Q2 2016, as compared to the comparable quarter in the prior year. Shares rose from ~$9.50 at the time of our alert, to a recent high of $15.78 on September 24, 2015.
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