9 out of 10 of these pounding sells are made by bots
9 out of 10 of these pounding sells are made by bots. Their handlers (the bots) have nothing to lose by shorting and naked shorting forever since their profits of hundreds of millions or billions (for ACI and each stock they destroy) is already booked at much, much higher levels. It's just a question of how they will cover. If they cover starting at $2 they make that much more. If they cover at $10 they'll give up a modest fraction of their profits.
If the company doesn't defend itself the bots will continue to pound and pound and pound. A good defense would be a stock buyback, or, going private, or a big special dividend of oh, one dollar a share. The best defense, of course, would be some really fat earnings, especially in the face of the weakness in coal demand.. The company appears to be very aware of all the difficulties it faces, so I expect more actions like the small spinoff last week.
I'm long. I misjudged the coldness of the bots, as usual. I misjudged the bots with many solar stocks. too. I sold the solar stocks near the lows and walked away from 10s of thousands in profits. Tough game. I'm tired of it.