The stock isn't down because of the earnings, it's down because they lowered guidance for the next quarter. Expectations for next quarter was 57 cents, management gave a range of 47-53 cents. midpoint of the range is 50 cents, 7 cents below expectations, or 12%. yahoo has a book value of 2.70 for MLHR, so, if you take out the 2.70, multiply the rest by 88%, (100% minus the 12% lowered guidance) then add back the 2.70, you get a valuation of $31.10 per share. That is not to say that MLHR will trade at 31.10, there may be mitigating factors for the lowered guidance.
If traders were playing games by lowering ask, you'd think that other traders would have jumped in there and bought at the lowered price. I show 80,000 shares traded between market close (4:00) and 6:00, 2.8 million dollars worth at yesterday's closing price, surely (if it was just manipulation) longs would have snapped that up, running the price back . After all, theres only a 6.6% short interest which leaves a 93.4% long interest.