When I could trade the stock, the fact that it went down was something I could write off because, well, I was free to dump it whenever I wanted. It was my choice alone. But these several days of being unable to exercise that freedom has had me itching to dump. Remember when the market tanked and trading was halted for only a few hours? Then next day the market dropped severely. Granted, it has recovered and then some, but the market as a whole is quite different than this single stock.
If I feel this way, I believe may others do too. The only chance we have is a buyout. Realistically I can count on one hand when a company gets trashed down 80% or greater and gets bought out by some white knight. We've yet to hear from the company when they will release the numbers. A few more days here, a few more there, trading suspended a few more days, more people frustrated, more wanting to sell... who'll want to buy, if trading ever does resume? Go to any thread where a stock is in this situation and you'll read about rumored buyouts, white knights, insiders buying or sons of insiders buying or friends of friends of insiders buying, etc. You'll see people continue to average down further and further and further. IMES, PTON, ...
I agree, we are near the bottom. But at this point based on what I've read from the company recently (which isn't much), I'm wondering if the bottom is zero. If there is a buyout, I believe it will be announced with the earnings news. If not, I don't think there will be one and I will begin to aggressively look for an exit point somewhere above zero. Most companies it would depend on what they said in the earnings. But this company, how can you believe anything they say? Still holding... I haven't a choice.
StevenV |
