Penny Stock Pick - PIR
The shrinking buying power devastated the retail sectors and created many well known penny stock retailers. One of these companies are Pier 1 Import (PIR) , a Texas based high end home furnishing, kitchen accessories and bedding accessories seller.
The stock used to be in the $20 plus range around 2004. This year the stock dropped to multi year low of only 10 cents per share as many popular retailers like Linen N Things, Mervyn's and Circuit City file for Chapter 11 bankrupty and even went into Chapter 7 liquidation.
However multiple buying from insiders starting in May show sign that the company maybe turning around. In addition, the technical chart also show the stock is now on an uptrend as the stock has gone up 2000% since the low this year to $2.19 per share. Today's positive news from CEO confirms the positive trend.
This is definitely still early in the run and I would definitely recommend having some position in the stock