Sean, I've been watching CRNR off and on for the past few weeks. It first came to my attention because a value investor I respect from SI also has an equity position in this company. There is definitely a lot of doom and gloom permeating about the stock if you just look at the chart, but a close look at its balance sheets shows that this frog might be a little prince in disguise: 0% debt, 3.3 current ratio, $2.94 cash/share(48% of the stock's price!), and is priced at 1.2 times book, and only .44 times sales!
I've sat on the sidelines until this afternoon, when I noticed the ascending triangle pattern from last night. I needed a volume confirmation, and I thought I had that today, as today's volume was about three times the average daily volume. I thought we were in the homestretch when I saw it close at 6 3/8, but when I checked the intraday chart afterwards, it looked like there was some minimal after-market selling. And with no buyers, the MM(I suppose) bumped the close from the ask price to the bid price. Hence the 6 1/8 close.
I took a position about 5 minutes before the close, because had it closed at 6 3/8, I was expecting this to possibly gap up the next morning. Fortunately I combine my speculative activities with fundamental and technical analysis, so in case one goes wrong, I have the other to justify my position, whether short term or long term. This is a speculation/value play in my book.
This is still very much a stock to watch. If I just came out of the blue and saw today's action combined with the charts and volume, I would pay very careful attention to the activity in this stock in the next morning.
Oh yes, in answer to your question, I used a combination of real-time and delayed quotes. Sounds strange, doesn't it? I'm given a real-time quote at the order confirmation, and from that I saw the 6 3/8 at about 5 minutes before the close. Keep your eyes on this one.
Regards,
Rainier Trinidad |
