New Lows for BIDZ.com and The Pantry (BIDZ, PTRY)

Attention all Bottom chasers, new 52-week lows for shares of BIDZ.com (NASDAQ:BIDZ) and The Pantry Inc. (NASDAQ:PTRY).  However before you go thinking you've got a bargain, be careful of the falling knives.

BIDZ.com (NASDAQ:BIDZ) hit $2.05 a share today and YTD its stock is down 54%. 

Last month BIDZ.com reported Q3 EPS of Zero Cents, but that was 1 cent worse than the analyst estimate of $0.01.

Revenue for the quarter was $24.8 million, which compares to the estimate of $22.68 million. The Company is introducing new revenue guidance for the fourth quarter of 2009 of $28-$32 million, gross profit margin of approximately 28-30%, pre-tax income of approximately $0.4-$1.5 million and expects fully taxed GAAP EPS of $0.01-$0.04. (Q4 revenue consensus is $34.51M).

BIDZ shares are getting closer to falling below the $2 level, use caution.

This week alone The Pantry Inc. (NASDAQ:PTRY) shares have dropped 9.5% and today they hit a new 52-week low of $12.97.

This month Pantry Inc.'s (PTRY) fiscal fourth-quarter earnings fell 42% as the convenience-store operator saw its revenue slide amid sharply lower gasoline prices.

Besides lower gasoline prices, the chain, based in North Carolina and operating throughout the southeastern U.S., faced "significant headwinds from a soft economic environment and increased tobacco taxes," said Chief Financial Officer Frank G. Paci.

For the quarter ended Sept. 24, Pantry reported profit of $13.3 million, or 60 cents a share, down from $22.9 million, or $1.03 a share, a year earlier. Revenue dropped 28% to $1.82 billion.

Analysts polled by Thomson Reuters had most recently forecast earnings of 39 cents on $1.81 billion in sales.

Gasoline volume rose 4.6% while the average price per gallon slumped 36%.  Merchandise revenue rose 3.8%, or 1.6%, on a comparable-store basis. Merchandise gross margin fell to 34% from 34.7% on higher tobacco taxes.

Looking ahead, Pantry also projected merchandise sales for the new fiscal year of $1.76 billion to $1.82 billion, with fuel sales of 2.17 billion to 2.22 billion gallons. The totals for the latest year were $1.66 billion and 2.08 billion, respectively.

Happy safe investing Masters, you can add BIDZ and PTRY to your watch list but have patience, these stocks could get even cheaper.

Disclaimer: No positions in any of the securities mentioned in this publication.