Very strange and confusing day, first the confusion over the TI deal, then the error on RS cutting estimates from 0.65 cents to 0.38 cents, then the full "downgrade" which turned out to be a reiteration of buy the stock, downgrade on inventory restatement.The news appeared to be a statement that the market overreacted but did not come accross well. In any case, C-Cube is followed by 5 analysts, 1 is a strong buy and , for the fist tiem in 6 months 4 are saying buy. Alex Brown was the holdover.
From what I saw, RS had the highest bid and ask all afternoon. Furthermore, around 3 PM anytime a trade was done at the bid it was a volume trade (>5000 shares). Most others were at the ask or near it and they were for 1000 shares or less. Bought some for my costumers, unfortunately: a) I can't buy more for myself 2) Most of my customers are conservative. This reminds me of Cisco vs. Wellfleet vs. 3Com, They were all winners at the end, but they all gyrated a lot whenever anyone announced anything.
Miguel Octavio |
