There have been some supports around $17 for OVTI but it was cracked twice in past week. The third time will be charm. On next Tuesday, OVTI is going down with the market, stays under $17 and closes under $17.
Do you want to know where OVTI will be by next month? Let me give you a hint. There will be many warnings for Q3. Indexes will drop another 15%. Investors will run away from the market to save their cash. OVTI will follow the market and loses another 20%.
Europe trouble and no job growth were not enough, now new force is added to push economy even lower.
As Ben said, banks are heart of the economy and the heart is about to stop.
Well for OVTI, slow down comes with losing some businesses to SONY.
It is in benefit of AAPL to depend on different suppliers but not one. SONY will step in and gets part of OVTI business regardless of what people are speculating. AAPL did the same for its PA(power amp.) and switched from TQNT to SWKS first and now from SWKS to AVGO.
If you have been in this market even for a short time then you should know the answer. Do you know why OVTI dropped more than other stocks on last Thursday in spite of market being green or flat? That is why the next day or Frriday didn't dropped that much.
That is why OVTI has tendacy to drop more than other stocks on next Tuesday.