Very interesting trading today... the stock opened up about a dollar on the first trade, of 1000 shares. So that upset me, to start the day with this POS up sharply on no volume... but then volume did start to pick up, and the stock moved from 23 down to close in the 19's! Hurray, we're back to below $20! At least for the moment...
Yesterday was disgruntling also, at first; the company has, without explanation, delayed reporting Q2 earnings for two weeks... so naturally, the stock moved UP on that? Here's a company that preannounces any conceivable shread of good news the day after the quarter closes, but this quarter they did not preannounce anything, and then they delay reporting, and people think this is probably a good omen and bid up the stock??? I guess they think the numbers are so large that TMSR needed to order extra big paper to print them on??
Luckily for my sanity, the stock did manage to close slightly lower by the end of the day... but any normal stock would have cratered.
I've been short this stinking thing beginning about six months ago; sure has been frustrating! I think I'll probably still be short six months from now, but happier then. I had been planning to begin covering at about $6 1/2, because then price-to-sales would be close to what their (profitable) competitors are, and there's no sense in being greedy. But now that the hardware division is gone, I have to re-evaluate... this one might go considerably lower than 6 1/2 with no appreciable revenues to prop it up.
-- Pete
-- Pete |
