The way I read it, it's more like 3x average daily volume.
Wow, sank all the way down to the high 15's before any support appeared... and it is entirely likely that much of that support was short covering.
Wonder what's up with the big moves?? Guesses:
1) The debenture holders aren't waiting for September to start nuking the stock.
2) People who buy questionable issues on margin, on the strength of all their bloated internet stocks, are getting the dreaded "long squeeze" and are having to sell stocks bought on said margin. Seems to me that people who had been foolishly holding the Internets through their highs are probably the same sort of people who would buy questionable hype stocks like TMSR, so as the I-nuts get decimated, POS stocks like TMSR which these people also hold get liquidated to satisfy margin requirements.
3) TMSR is running out of cash. Sure, they "sold" their hardware division for $15M, BUT I seem to remember that that sale is not finalized until Sept something, so they have to come up with cash to maintain operations until then. Perhaps they are having a severe cash crunch that has leaked out to certain people? Remember, this is the company that can't convince a bank to loan them any money...
4) Maybe the delayed earnings report is because they are having their hands full counting returns and trying to figure out revenues & inventory levels? If this guess is so, that's more fuel for #3--unexpected returns could be significantly affecting their cash position... or lack of it!
OTOH, who cares??? YEA, they're 'way down today!!!!!!!!!
-- Pete |
