While my account balance is extremely pleased with the EDAC price action, this move is extremely annoying. It smacks of trading on insider information. And there nothing I hate more than owning a stock where it's obvious some people possessed key, market moving information before the entire shareholder base was informed. And, if(when) it becomes evident to me that his is happening here, I will be the very first person to pick up the phone to the SEC and complain long and loud about it. I've done it before, with great success. And I'll readily do it again.
Note to Glenn Purple, EDAC CFO - if there is key news that you're sitting on, it needs to be released yesterday. Otherwise, we're going to war. Its a war I will win. And my end goal is to ensure that you pay dearly, and have only an assortment of orange jump suits for daily wear.
First off, the stock has been consolidating for the past 11 months. This move could be due to shorts covering and the MM finally allowing the stock to run. It's been unfairly punished for a long, long time. If the news is related to a pending mega contract from Pratt, it could be the Pratt employees buying up the stock and the contract may not even be finalized yet. We have seen EDAC's stock price rise due to pending news but at most, it started happening five days out. This rise has been happening for 7 days. All I know is the charts were pointing for this move to happen and it could be mere MM manipulation wiping off the rust from keeping the price artificially depressed the last 11 months.
Agreed. A Pratt manager could easily have hinted to a friend in the investment community that EDAC should win this contract, or maybe they are doing it themselves. The stock is so illiquid and their contracts are so large that manipulation is a given.