Frost bought 900K on 3/9/11 averaging 3.60 per share.
It might be worth noting that TODAY is 3/9/11. I can vaguely remember one.....ONE.....other time when Frost reported his buys on the very same day he bought. I think I might have said something like "he is sending us a signal." Naturally, I can't recall exactly when that was.
Now, comes another thought. The public offering was "priced" at 3.75 for 27MM shares. Note the volume today was 24.5MM shares. The question being "is this evidence of the public offering?" Or was this extraneous action?
If it was part of the public offering, who made the decision to price it where they did? Being a relatively simple-minded person, if somebody tells me they will buy 5.33MM shares at 3.75, why would I sell them shares for less?
Well, we are certainly living in "interesting" times. :-)
He is under no compulsion of rule or regulation to report his activity so quickly. But he did. I leave it to you to make what you will of it.
I'd hope one takes a moment to reflect before opining.
Frost bought 10K on 3/30/11 averaging 3.80.
That makes 4.585MM shares for March so far.
BTW, I discovered an error in my prior postings on the total of shares for March. The above reflects the correct total.
And with any further buys today, he should already have more than 104,000,000 shares. :)
Another interesting fact is that as of February 28, the insiders had increased their short position and I won't be surprised if they increased it further in March.
On the other hand, the institutions reportedly hold around 8% which is more than the % by the shorts.
However, with the 'dilution' after the 'offering' and the increased average volume, the number of days needed for the shorts to cover has been cut substantially. :)
The stock traded above the $3.90 level this morning, but it has found some resistance at those levels.
Volume is now > 1.1M and it seems that it will probably close around $3.90 today.
With some news, it shouldn't have any problems on reaching the $4, although I am not sure that will happen tomorrow as OEX is projecting.
But I have the BELL ready, just in case. :)
Pikers always sell on the open- THE DUMB Money- Frost is buying people- why are you selling- just locking in losses. Why are small investors even in this stock-go away cnbctrader- you PIKER