Joseph,
There really is nothing to respond to. There has been virtually no news to speak of. The cancellation of the buyback, a decision which had to have been made well before July 21, is a non-event. 3M shares pales in comparison to the lockup ending.
I have had many stocks the past few years who have had lockups expiring--INKT and PRGN to name some prime examples. INKT is a 3-4 bagger from the corresponding panic drop, and PRGN a 6-7 bagger.
For those of us who have the educational background and work experience to understand how the Street works, why there are great movements when FA and TA are defied, and most importantly that even the best are wrong 20-30% of the time on a short-term basis, the basic rhetoric of the thread is both verbose and germane.
Everyone has their own system, and own set of beliefs as to what works for their investments. 80% of it is being confident and comfortable with what you perceive as being correct. The funny thing is, it amazes me to no end as the the number and lengths of postings about non-events and basically no news. Conspiracy theories abound.
Anyone who resorts to general insults of the management team of NITE, or makes any inferences to distrust or incompetence, is incredibly naive. It reeks of the blatant amateur-stockbroker syndrome, although people play them on TV all the time, right? I have never been an executive at a company, but having a managerial background, I can only imagine how much Pasternak has to worry about when his staff is more than tripling this year, his revenue and volume growth is increasing far beyond even the largest Street projections, the supposed threat of ECNs and extended trading hours, and overseas expansion. Call me crazy, but I think management's effort is best expended in the decision-making necessary to continue on the path they have set, not to waste time and money to put out press releases or warm and fuzzy messages with no real content in a cheezy attempt to assuage shareholders.
NITE should care less about anyone who wants to buy their stock for one day, or one month. Pasternak will have his shares for quite a while, as will his underwriters. His answer to the swooning stock price will be continued performance. NITE is between the ECNs and the Street. The Street will not allow sweeping changes to undermine their profits, and they can and will crush the ECNs if required. Notice how ECN growth as a percentage of trading has seemed to slow. If there is a change, it will be slow in coming, and NITE will benefit from that near-term, and have a chance to adapt.
You want fruity non-content press releases, feel-good management, and excessive spending on employees--go look what happened to PeopleSoft. I don't see the excesses with this company.
But for folks with way, way too much time on their hands, dramas can be created with a simple computer screen, and some gullible people with the Fell Good story of the year.
I'll post again when there is something worthwhile to discuss. Like maybe in September when everyone gets back from the Hamptons. Whatever happens now is a joke anyway.
G |
