Well, it looks like the secondary is far from over. Yesterday, I saw more sells than buys, and just before the market closed, somebody dumped 40K shares, causing the price to drop to $27. Today, there are mostly sells in the 1K-5K range. Just a minute ago, somebody dumped 15K shares, causing the price to drop to 25 3/8. I think the underwriters are taking a lot of effort to "eat" all those shares. In this irrational market, people will shoot first, then ask questions later. Like I have been whining, this company picked the wrong time of the year to do this secondary. Also, the CEO may have opened his mouth too much during the road shows preceding the secondary.
If you're in for the long term, don't worry. If you still have cash, you will be very happy to buy at this price or lower. I will jump hands and feet into this one if it gets to the low 20s. |
