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Walter Energy, Inc. Message Board

  • hak261926 hak261926 Jun 30, 2013 12:59 PM Flag

    Have we Come Close To The Bottom???

    I think we have come close to if not right at the bottom here.If my calculations are correct, only 6% of share volume was short activity on Friday. This was the lowest daily short percentage volume for entire month, as compared to over 23% of the volume on June 5th. Most of the other days during the month appeared to range in the low to mid teens. Crashing WLT day after day with extremely high volume towards the end of the month could have signified a significant exit of short positions. We might see this reflected on the next short position reporting. Good luck longs. Even a few up days strung together would be welcomed. Again my calculations are based on the FINRA report published daily that releases the amount of short activity for each trading day.

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    • Daily short numbers are meaningless... MM are legally allowed to naked short any stock and the numbers are skewed always at the end of the day on both directions and not to mention the 3 days settlement period. The bi-weekly (even tough not current) is your best approximation of short interest and you can roughly calculate the entry point of the shorts.

    • Thanks, Hak.

      The shorts have really piled in lately. I talked with IR last week at WLT. They are aware of the high short interest. They are working on the convenants with lenders and maybe we will see news relative to covenants and refinancing soon. Numora did include that it their notes regarding WLT pursuing refinancing. The suspension is a double edged sword. Good to save cash, but bad bc many investors and funds buy a stock for the dividend.

      If management steps up soon and puts some news out about the steps they are taking, then it may flush some of the short interest.

 
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