To all panicking ASND investors.......
Hold your horses! Nothing is wrong with ASND... Drop is due to several reasons that has nothing to do with its strong fundemantals ....
1. Due to SEC investigation of the Cabot news letter. ASND was recommended by the letter a while ago and is listed as part of their model portofolio. The effect of the SEC investigaion is like a flue virus...it will have to take its course in the next day or 2.
2. Due to Friday's monthly jobless report. Investors are taking profits amid lower than anticipated unemployment figures, which indicates inflationary red signals to the Fed's (which essentially translates into higher interest rates). PERSONAL opinion: effect of the Report is already factored in stock prices due to the sharp sell off today.
3. Major sell off programs across the board, especially in the high tech sector (NASDAQ dropped 16 points).
in summary, the Street is behaving silly and has effectively created an excellent buying opportunity for us, and we should definitely take advantage to hold our positions and buy more on dips. I will definitely do that if price drops below 60 (I think stock has strong support at 60+ and will rebound strongly to 65 in the coming few days). ASND is a great company that has been rated as THE fastest growing company in the U.S. in 1995. Their growth rate was calculated at an amazing 65,470% (source: National Technology Fast 500; (703) 848-2800, ext 500).
The following is qouted from tomorrows IBD NASDAQ summary:
"Then yesterday, it was learned that the publisher of the Cabot Market Letter told subscribers the SEC ''asked us for documents, including sources of our information, on Presstek.'' (See story page A5.)
The Salem, Mass.-based newsletter listed Presstek in its model portfolio, along with many other issues that have done very well. Many of them were hit hard yesterday, including ZOLTEK COS., down 161/2 to 66; MRV COMMUNICATIONS INC., down 113/4 to 54, and JLG INDUSTRIES INC., off 8 at 73. Like Presstek, all had run up in recent months."
I sure dont see ASND there, but somehow it was affected.
EARNINGS (which will ultimately drive the stock up up up up):
94 earnings .....$0.38
95 earnings ..... $0.79
96 earnings .....$1.15
Let the weak exit now, so that to create more buying opportunity for us long termers. |
