A few high school guys post all day here. Aurthor is like broken record and cpaisajoke is a drop out school kid.
Lets talk about PVN. What we stand now. Why PVN can not break $4.50 and stays above it. The whole financial sector is not doing good. Most credit companies are dropping everyday. Every day one financial firm comes up with bad news. Today was citigroup. The other day was JPM. a few weeks ago was HI and before that was COF.
Merrill has some ill intention regarding PVN. They don't like PVN and they are making sure that PVN stays at these levels for a while.
The conference was not that exciting. PVN did not say anything new but loan losses and rate of delinquency curve showed an upward direction. They will lay off 300 more employees by end of this year.
Well, PVN does not have that much power as last year after they sold a lot of assets. For this reason, it will take time for them to compete with other firms. The period of restructuring has passed and they have to step up and take some risks. But Joe S is a conservative guy and he is not able to take PVN to next step.
PVN may go up but it does not have the strengh to stay up. This is very risky and a lot of day traders controlling this stock. Volume has been dropping and there is not that much news to pump it up. Bad news may push it below $4. If market gets better, it may reach $6.
Iraq is dragging the war and it is affecting the US market. 50 bases Rate cut was for this reason but uncertainty around this subject is worse than the war itself.