Shareholders need to pull up a chart of BTN starting at the close of business on August 2 through the following press release posted after close of trading August 7, 2012..... JMO but the appearance here is that someone did some serious selling, knowing that the share repurchase would be ending. Not good.
Ballantyne Board of Directors Discontinues Share Repurchase Program; Capital Allocation to Be Focused on Optimizing Current Operations
Company Repurchased Approximately 575,900 Shares Since January Press Release: Ballantyne Strong, Inc. – 1 hour 12 minutes ago.. .
OMAHA, Neb.--(BUSINESS WIRE)--
Ballantyne Strong, Inc. (NYSE MKT: BTN), a provider of digital cinema projection equipment, screens and services as well as specialty lighting equipment, today announced that its Board of Directors has discontinued the Company’s current share repurchase program which was announced on 12/22/2011. Since commencement of the plan, the Company repurchased 575,877 shares for total consideration of $2,756,381, or an average price of $4.79 per share. The Company intends to focus its capital allocation initiatives on optimizing
out of all the stocks I have , btn has the best fundamental score - now 9 positive 1 negative .. anytime I have purchased a stock with this kind of great fundamentals the price always goes higher and it usually doesnt take very long to start performing up . this is the 1st time it hasnt worked . even with the lighter report , it hasnt changed the fundamental score .. to break below the 5 support and fall down to here is absurd .. I usually prefer a stock that trades 500k shares a day .. perhaps that is where I made the mistake . it appears to be true that " nobody cares "
Why do you do a pr announcing the stoppage of the buybacks program? Stupid. Just stop buying. It like telling the short hedge funds that the company will not step in a support the stock. Forget an accretive buyout, BTN should be the company that is bought out.