The Motley Fool

Why has Myer Holdings Ltd bounced today

There have been consistently negative commentary by Solomon Lew, chairman of Premier Investments, Myer Holdings Ltd’s (ASX: MYR) biggest shareholder with 11%, but the share price has bounced 5% today at the time of writing. Lew has said in a letter to shareholders that Myer is headed for a downgrade and a massive full year loss when September results are released. With store sales down 3.1% in the April quarter and down 3.6% in the January quarter, and substantial discounts that Lews believes will lead to more significant losses. Lew is putting pressure on the board to resign.

The pressure on the chairman of the board to resign is seen as a positive to investors, as with a new chairman and board the outlook for the company may improve.

Lew’s Premier Investments Limited’s (ASX: PMV) share price is up 19% since delivering a record 1H18 net profit after tax, and up 9.4% on 1H17. The share price is trading on a forward price-earnings-ratio of 21x. Premier operates speciality retail fashion chains here and offshore.

Top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!