Only the last couple of trades involving a couple of thousand shares traded at this low level. All the rest of the trades for the entire after hour session (involving thousands of shares traded) traded from around 5.40 to 5.50 and above.
It is the CC that counts. I have seen 10% pops off of earnings releases the next morning and then CC at 10 and then big drop. People will be listening for more detail about how the new management team plans to unlock value from SandRidge's assets. It will all shake out.
Hopefully we won't trend down big tomorrow. Anything is possible. We just know we have a piece of trash when our earnings produce flat to (most likely) down pricing. EOG has huge move up today on their earnings. SD is in wrong fields and at best needs to be salvaged and forgotten as soon as we can.