CWEI closed @ 12 7/8, -3/4, Bid 12 3/8 X Ask 12 7/8....Vol..91.1K
Unless there is another reason that I don't know about, the market waited until the end of the week and then responded very negatively to CWEI's failure to release earnings this week. The market, I believe, normally assumes bad news when earnings releases are delayed. Up until 1:00PM EST CWEI had only traded 1,300 shares, and then the roof caved in on CWEI with heavy selling and as of 2:30PM EST, CWEI was down to 12 1/2, with 71.5K shares traded to that point. The remainder of the day was just about even between buyers and sellers, and CWEI closed at the Ask. If anyone has additional information, or ideas, on today's selloff, please respond. Thanks.
I just received a message from Lajuanda Holder, in regards to my message to her about what was going on, and she said she spoke with the MM's and there was a 50K sell today--not any of their institutional holders because they would be informed of that--she said it is somebody who apparently thinks they know something--and again said that nothing has changed with the company, the numbers haven't changed.
Oil $21.25, up 0.31 (CWEI received $18.78 in Q1 1996)
Natural Gas, $1.95, up 0.06 (CWEI received $2.29 in Q1 1996)
CWEI receives a premium for the liquids in its natural gas, on top of
the stated priced. |
