The gap through the 200 day moving average on Friday is frightful for the technically-minded.
There is ALOT of support on the chart in the $270-$275 area.
However, if there are serious fundamental problems that have developed, the charts won't mean anything.
I have taken a look at my spreadsheet of the reported financial data and supporting calculations, though, and I did not see any particular problems in the results reported in recent quarters. To the contrary, business seems to be on an improving trend.
How much of this might just be related to index-related nonsense? The small cap index has been getting really whacked?
I think it's pretty clear that the runup in late June and July 1 was due to weird things from the Russell 2000 rebalance, and the drop in July is giving that back plus a weak small cap market and general dyspepsia. Even after all these years and having asked dozens of experts, the rebalance process is still a mystery to me every year.
I would guess that the company will be back repurchasing stock once they report earnings.
These moves are something we just have to live with, especially as fewer and fewer humans are actually involved in stock trading.