I imagine Wahoograd is correct in anticipating there will be a press release(s) before the open tomorrow (to avoid both disruptive trading and unfair trading conditions), which will be elaborated upon at the noon conference. I have yet to go to the E3 website; has anyone looked to see who else is scheduled for a press conference at noon?
Just to clarify, because I sense some people are misconstruing my last post:
I have always felt something significant would be announced at E3 because of the company's statements, course of conduct, and the like--and have felt this way notwithstanding the fact the company has never said so in so many words.
I think a portion of the recent buyers (though certainly not all buyers, or even a substantial minority of buyers) already know what the news will be. That's just the reality of the situation. There is not equal access to information in the markets. Period. Therefore, the technical strength of the stock performance is indicative of positive news, and to a lesser extent, the weight of the news.
As an aside, even though restrictions upon trading on inside information apply to both buying in advance of good news and selling in advance of bad news, enforcement measures are generally more vigorous in the latter situation. The SEC's resources are limited and private enforcement class actions suffer from the following dilemma: How do you establish the class of investors who would have bought at lower prices had certain positive news been made public earlier (as opposed to the class of shareholders stuck holding the bag when bad news is released late, and after the insiders get out)? Juries also have much less sympathy for plaintiffs who missed out on a profit than those who suffered a loss.
This relates as well to the comments by the person who was reportedly told by a WAVX representative that you cannot "hold a press release." First, companies routinely hold their earnings announcements for a period of time after they know their numbers. Companies also hold news until after the close if they can do so and it has not leaked out. Deal-makers can control the timing of the close of a transaction when everyone at the table knows it's a done deal (and even when there are penalties for backing out). Finally, the duty to disclose news is much more relaxed than the duty to refrain from making a misleading statement or allowing a misleading statement to remain uncorrected. In short, in my view, WAVX has known about tomorrow's news for some time, has acted consistent with releasing it tomorrow, and has done nothing wrong unless insiders have been accumulating shares (and even then the likelihood of adverse legal consequences is minimal).
Finally, just because some buyers are aware of what we will learn tomorrow and, in part, that has affected price, it does not follow that I recommend selling on the news. No way San Jose. Some traders will, but considerably more will hopefully soon come to the table. I am also hopeful that more news and further dissemination of existing news will follow.
By the way, the last PC-maker with a WaveMeter in its box is a rotten egg.
Pure Folder
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