BDR (one hit wonder?),
This was up 40% or so since I recommended it here, now it is down. I had been unwinding it as it rose, but still had a decent-sized position.
With the recent bad earnings announcement, I sold my position down to a small level. It was very, very disappointing in my view. Management had implied a very good quarter, and it came out very negative. Given the earnings announcement was in the middle of Q2, how could they be so clueless?
It ruins their credibility in my view, even though the stock is cheap on an asset value basis and claims sales will rebound in Q3-Q4. What's strange, is that I was totally wrong about how the company would do, yet I still made money on the trade, since I had bought below 1.40.
This is where the phrase "better lucky than good" comes to mind. Also, an instance where trading compensates for a bad stock pick. Not that I am happy about the money I lost today.
MC |
