Well, actually the story today is a bit complicated. I think this is
what's happening today with PSIX.
A company which has large holding in PSIX, Amerindo, is experiencing
big losses with another of its large holdings, Avant! (AVNT) Avant!
has experienced a "natural split" today, which means their share
price was cut in half today due to some big legal problems. I heard
this report on CNBC this afternoon.
What has this to do with PSIX, you ask? This: according to CNBC, investors think that Amerindo will need to sell off other holdings to make margin calls on Avant!. Therefore, investors are shorting and selling shares of other stocks in which Amerindo has large holdings. This is where PSIX comes in, as you all know, since Amerindo has sizable holdings in PSIX.
In other words, what is happening to PSIX today has nothing to
do with the fundamentals of the company.
However, the company issued good customer numbers earlier this
month and no one gave "a sh**" then, either, to quote Michael. :)
In any case...I think this is what is going on today...my guess.
-kate
who, again, has an interest in PSIX, so check what I say for yourself. |
