1. First of all, I'm long the stock and bitterly disappointed.
2. For those who say, "no warning", do yourself a favor and get yourself a copy of the SEC laws. They did everything legally 100% correct.
3. And, for those listening in on the conference call, yes that first guy was a total idiot. Of all the things to ask, apps and mobile phones had to be on the bottom of everybody's list. Hard to believe that the guy was employed by anybody.
4. But then the smarter guys came on. And they weren't happy. And Mr. CEO didn't do himself any favors with his lack of candor. You can't b.s. these guys. And you can't gloss them over.
5. Had he said something like, "We have $100MM in inventory. It's disappointing. We know it's disappointing. This is why it happened. This is how we're going to prevent it from happening again."
6. But that didn't happen. It just wasn't his words. If you read the transcript he would probably have sounded credible. It was his tone. It wasn't the tone of somebody who has your complete confidence. As I said, his words are certainly his true. His delivery....You kind of had second thoughts when you were listening to him.
7. Even with this miss, the stock is dirt cheap. But don't fool ourselves. It will take another quarter or two to get back to where we were 24 hours ago. Indeed, talk about pressure. The conference call at the end of the second quarter 2011 better be gang busters.
I think we are searching for guidance, and its something they don't know.
Guidance is good, inventory is the problem and they know the problem. Whether or not they can solve it, we and they don't know.
I agree, we need a quarter or two to see whether or not we should be down here, but for the stock to go lower, probably not.. It can only drop to the extent of the market at max, but any lower becomes a value play regardless of the #'s.