Wall Street Journal reiterates the accounting fraud!
It will be a race to dump shares at open, once people realize this is going back to the $20s until it is resolved. And from there to either the single digits or where we are right now (best case scenerio).
Risk/Reward was totally thrown off by a Keybanc analyst who has been historically wrong about everything regarding this company.
I rarely short moves like this, but there was no material information to justify a 53% move. 10% move, OK, but 53%, come on. Like I said all weekend, will retrace at least to $35 and that was BEFORE the Wall Street Journal put out a piece reiterating the fraud.
No doubt this hits $20s again. GLTA.
Little trading hint for you amateurs: Always fade the herd!
Wow you longs are delusional. There is no earnings announcement tomorrow LOL http://investor.diamondfoods.com/phoenix.zhtml?c=189398&p=earningsreleases
In fact they have a 10Q filing deadline for today that even the permabull Key Banc analyst, Ashkay, says that they will likely miss!
See you back in the $20s.
Where is the material evidence that it didn't? Thats whats important. Nobody is saying it happened. If it is confirmed happened, this would be under $10. You can justify a 53% move on confirmation of no accounting fraud, but not just on the word of a Keybanc analyst who has been wrong about this company from day 1.
Some of you longs seem so delusional, I may even add to my short instead of covering like I planned. No doubt this will retrace below $30.
I was planning to play the retracement, cover at $35. However that was before this new article reiterates the fraud. No doubt this will break $30 again.
Just wait till they have to announce today that they missed the 10Q filing deadline which is due TODAY.
Even the perma-bull Keybanc analyst said he expects them to miss the date. That will be a sharp 20% drop when that gets released.
How many delusional longs know about that?