Well, a good part of the selling in this stock is guys with employee stock options. In other words, folks who didn't pay anything for their shares. So the tendency there is to sell a little lower than anyone else is selling, regardless of the absolute price. (Being an employee of company X makes it notoriously difficult to figure out what shares of X are really worth.)
Not to speak in riddles or anything, but as long as any real shareholder tries to move any shares, the employees will probably keep undercutting that price, however low it is.
Or rather er that is um they will likely keep undercutting until they run out of vested options. There are supposed to be a lot fewer of those this year (w/r/t 2005). It might be interesting to see what happens if employees suddenly run out of them.
I mean, who knows, maybe they're panicking about the collapse of the housing bubble, which, well, why not? Options expire eventually, sometimes it's best to panic promptly. But I'm just saying if they are panicing too conscientiously this year, the pps would probably be higher in the second half.