There was no reason to panic Friday but some were about to bust with fear. This company has been in business since about 1950 and I suspect it will be in business for a while yet. When oil was at about 70 bucks it was not unusual to see CPE at 10.00 or so. Sounds like the people who sold over a million shares at about 5.00 did something dumb unless they bought CPE a while back when it was at about 4.20 or so. It just shows that panic can ruin the day of a pro trader as well as a non pro.
Yeah, the smart traders if they picked up the shares a while ago on the cheap will dump them before earnings for a nice healthy profit. Why wouldn't they? Why take the chance into earnings when they can take the profit now and wait until after earnings to buy back (or not) either way it goes and do the same thing all over again.