We all know that the sentiment turned in PSS’ favor over the past 3 weeks, but one needs to at least question if there’s more to go. We think Yes. The fact that PSS insiders have recently bought stock is not a secret – but it is notable given that selling stock has been in their arsenal of tricks much more than buying it over the past 5-years. In fact, for the most part the larger stock transactions were pretty darn good. We also think that the company is more likely than not trending ahead of its stock repo activity plans quarter-to-date. If so, it’ll be nice to see them step into a capitulation by the Street. Again, this goes against the grain as to how PSS has traditionally acted. Add to that the more positive sales environment for footwear, a stabilizing gap between PSS and competition (which has been the root of its problems), estimates being in check for this quarter, and the company hosting an analyst meeting later this month, and we’re finally at a point w/PSS where its’ got some more wind at its back.
