...why, i dont't know. The results were not good, but maybe the restructuring /asset sale worked for the analysts. Usually, those moves can be construed as negatives for a $1 stock. Let's see what happens tomorrow.
My 2 cents:
It's been my experience with a stock at this price if the words "bankruptcy" or "lawsuit" are not mentioned along with what appears to be future improvements in the bottom line of a company as large as Cal Dive, it usually is a good thing. There are a lot of variables to look at also. This is a fairly large company with good assets.
The share price of Cal Dive dipped in July and I feel it is time for another bounce. Do not know how long it will last, maybe a while but today was a good sign at least for now.IMO..
Cal Dive share price actually was up a good bit and sustained in spite of a down day = another good sign at least in the short term. Who knows what will happen at open tomorrow but I plan to hold my shares for a while.
However the fiscal cliff we are hearing so much about may drive any and all share prices down regardless of fundamentals. Stock market is like a woman....can be high or low for no apparent logical reason...a lot of emotion ie...lack of confidence on part of all investors drives the market. The next few weeks through end of year should be approached with caution.