There is at least one big seller killing this stock. The market maker handling the sale is butchering the market. The MM has the symbol NSXX on Level II...I have no idea who it is. But this afternoon especially stock has shown up in blocks of 5000 shares or more time after time. Then the offer is dropped lower...this scares away other bids and the stock drops like a rock with no sale made but NSXX just follows the market down then shows the stock again. When a buyer does show up to soak up the offer, shortly thereafter another block is offered. There is a big holder that wants out at any price and until he (they) get rid of their position this puppy is going to continue to tank until the price scares all the stock out. It's anyones guess now as to how low it will go...madness has set in. Hope not too many folks get burned. This hasnothing to do with fundamentals, I am now convinced. Long term investors will do well to buy/hold at these distressed sales prices.
Still there .. not as big a seller as yesterday but the bad news is that 2 more firms have shown up all day with lots of stock for sale: ARCX and NSDQ. I'm afraid there is a ton of stock waiting to hit any kind of an uptick as we saw today with big selling into 2 BUY recommendations. This stock will take months if not years to recover, if it ever does.
I'm closing shop on this one. I made some terrible buy entries and refused to sell when it was obvious. Good luck to all. This has turned into a huge disaster.
Looking through recent SEC filings looks like Bold Tech is dumping 449,680 shares (in February). Could well be some of the pressure we are seeing. This was "acquistion stock" the bad news is there is nearly 6 million more shares of this type being held by various folks. Selling pressure lurks out there folks.