<<Just curious with your fascination with MIND. The story sure isn't good there. It's a broken stock with many problems . . .>>
Broken, but not dead. Have you been following it recently? Old downward support was at $ 12.75. It broke it, but then came up strong for multiple days until I bought @ $ 13.50 on Thursday (acutally, I would have bought below $12, but missed it). At the end of Thursday, it ended at the high for the day, which is significant on a technical basis, especially considering its recent rise.
They still are making money. They are still in a business that is under great demand, and the price was hit so hard that $ 13.50 didn't seem like it held great downside risk in the very short term. I believed that most of the sellers where gone, and was wondering if someone knew something which was causing the stock to rise strongly.
There are reasonable explanations for the accounting delay, though I would have sold as soon as I heard that news if I held it at that time. Overall, I would not say I am fascinated with MIND, but it has made me some nice trades. It is now $ 13.75b and $ 13.94a which means it is up again so far.
More posts to help you understand why I might be cautiously interested in MIND:
From Stockdoc on AOL recently:
<<As I understand it the Company had some equipment leased to a company out of Singapore, who is paying more slowly since their currency was devalued and the company feels it may need to up its reserve just in case. Still paying though. So that's the bulk of the reserve for bad debt thing. Also the company had purchased a large seismic system that it expected would be lease purchased by year end. But then that company got a takeover offer and the
acquirer said hold off on any purchases while we are acquiring you and we see what our combined pool of equipment looks like... not an unreasonable. So boom there went a big sale they we were counting on. But please don't make alot of unfounded scarey sounding quesses as to what else, if anything, is going on. If you have a concern call the company and have it addressed. All this negative speculations just makes a tough situation worse then it
really is.>>
Post from Yahoo regarding great fund managers buying MIND:
messages.yahoo.com@m2.yahoo.com
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