Many momo players chased this little cap stock up on the prayer that the new ceo was magic. He is not. Yet he is refocusing the company and bringing in quality guys to replace the old deadwood, including the new CMO from Chiat Day.
In the last report, all the cheeseball analysts following the company had let themselves run ahead of the puff and then need to diss the story to make up for that when they missed. But what really happened was blowing out the channel with haircuts to make way for the fall lines. The June quarter will be better; the Sep quarter will be solid.
As for the chart, here your read is all wet. If nothing else, the stoxk has now retested the cliffdrop low and is due for a technical bounce. You mistake today's action for heavy selling at a retreating bid; Rather, we are seeing major institutional support down here. The pro selling is over, so is the retail profit taking. No doubt there is lots of belated retail shorting (just down enough to suck them in) with pm buying all they can.
A final thought is that today's global shakeout, mostly due to the JCB's refusal to further accomodate carry trades with short yen players getting clobbered as they race to sell long offsets to cover the yen short, has taken down everything... right when all the talking heads and neophytes say look out below, THAT is time to be buying.
Quiksilver is a great brand with enduring cache. But village idiots should short it like Quik is dead... we'll continue scooping up while you sell in a story similar to GMCR at $19 last year. LOL
Love all the clueless shorts bashing here... one can;t even spell the namesake line. They advocate selling out the 400 or so shares represented here, precisely as it transitions back into a serious growth company and pm are scooping up millions of hedge shorts and clueless momo players bailing.