Well, it sure has been an interesting week for FWY. We think that nobody else is reading the Fenway forums, but what happened over the weekend proves that that is just not the case. On Saturday night a Fenway employee posted unauthorized information on the internet - and by Monday morning the VSE had connected the posting to Fenway and halted the stock. As you should know, the VSE is more or less self regulated by the organizations that use it, and some of the brokerage houses never thought FWY would make it this far, and bet against them - thus the large broker unsecured position and short position. These unfortunate souls who bet against Fenway are definately keeping their eyes and ears open for anything about Fenway, especially if it is something as stupid as an employee making an unauthorized $30 stock price recommendation on the internet. The VSE jumped all over that one, as they should have, and halted the stock for two days and made FWY apologize.
So the release came and went on Wednesday and the stock has since traded around 120,000 shares in the last 3 days to close at $11.90 after Friday. To tell you the truth, I am really surprized at the amount of supply that came into the market. Obviously, some people just don't realize the true value of this company. It is my opinion that there is still a lot of money to be made on this company. The continuos new highs should not deter people from buying shares. The short postion is huge, and they still have a long way to go before they cover themselves, and before that happens I believe that the supply will simply dry up - very few shares will be coming up for sale. The shorters will still be forced to buy in, and that is when we will see some true fireworks. I anticipate some days in December where FWY will move up by as much as two to four dollars a day.
Let the fun continue....
p.s. - doesn't it feel so great to be long on this stock. I can't phathom how terrible it would be to be in on the short position!! |
