45% of the TWTC float has traded the last 3 days. All the panic sellers wanted to exit by the weekend, so buying pressure should cause rapid price appreciation until the Thursday earnings report. According to monthly reported statistics, Short interest shares have risen for four consecutive months to 3.2 million shares. Shorting almost certainly intensified during TWTC recent collapse.
With a book value (most recent quarter) of $7.89, and the number of potential shorts who may cover, I fully expect TWTC to continue a sharp price recovery. Turnover of shares has been on high volume around $1. Based on TWTC's trading activity on July 29, I find it reasonable to assume that price support about the $1 mark is intensifying. Shareholders have sensed sense they are along the bottom; hence they will begin demanding a premium to relinquish their shares. Confident the stock has bottomed, bottom feeders will begin a buying frenzy that will draw in momentum traders and shorts to cover. The price increase could be substantial, perhaps a 100% near-term gain in a matter of days.