Just bought this stock now that I found out the reason it is down is due to Navellier ...
He recommended this in the high $40s, when it fell to the $20s he no longer had it as a top 5 pick, and now he is being sneaky in his bulletin saying "it had a huge 50% run-up" ... with NO mention that he lost on the trade.
Anyway, Navellier tends to affect stocks for 1 day .. and thats the day he puts the mention in the bulletin. After that, it reverses. So basically anything he dumps, should be bought, and anything he picks should be shorted on the strength.
Just to give an example about how shallow this guy is .. last May he recommended ERS, for $40 area, a couple weeks ahead of their flat earnings report which killed the stock completely.
If Navellier had done his homeword and read the annual 10K report, he would have seen the December backlog on ERS was flat, and thus would have known the first quarter earnings would kill the stock. Anyway, he has ridden that one down all the way to the low teens.
He also tossed VPHM not too long ago, for nearly a 50% loss, and ever since then, that stock has been in an uptrend.
well, well, well...that explains the weakness in the stock the past few days....Navelliers friends were taking short positions in DXPE ahead of the release...they all know he can move a stock...
I bought 2000 more shares in 500 share blocks as low as $30.82 and as high as $31.36...thank you Navellier!
He didn't mention it last week. But I got an e-mail advertisement this weekend suggesting there were 2 areas to invest in now. I don't remember details, but the 2nd area were in companies that provide service to certain industries. DXPE was mentioned as the #1 company in this area. I therefore don't think for a second Navellier is selling DXPE.
You won't be able to access a link without a subscription but here is the quote from his 8/25 update:
"This is how micro-cap stocks move. They sit. They hop. They sit. They hop. The stock hopped 40% the week its earnings came out. DXP Enterprises (DXPE) did the same thing, but now it's settling back down a bit. Welcome to the micro cap world."
Yep he actually said it "had a 50% runup" ...
From his report:
This Week's Sells
Medifast (MED) was stopped out last week�despite announcing strong sales and earnings. Concerns surrounding the stock's future operating margins triggered the profit-taking. This was another good example of our stop-loss protecting us from the worst of the selling. It's also time to sell DXP Enterprises (DXPE), Gymboree (GYMB) and Grant Prideco (GRP). DXP Enterprises has had a remarkable turnaround. In the last month, the shares have soared nearly 50%, so this is a good time to exit the stock.