I love this stock but sadly I have not heard anything tonight that compels me to believe tomorrow will be any better other than FB reiterating they cannot penetrate China, I'm guessing 10% red. Holding out hope for earnings report boost and then maybe an upgrade or two to keep the shorts at bay and the longs steady.
Honestly...I think theres a bunch of panty waist retail longs that nearly shat themselves on a 10% pullback and panic sell. It'll probably go down another' 5 -10% if it doesn't take off in early trading.
I'm personally holding until renn explodes or I take a nice bath and write it off. Renn has about 3 bucks cash per share, longs need to stay the course.
The biggest shortsqueez, blablabla...
I hear that on the RENN board since day one, because from the first day on RENN only went south (with one retrace over some days)
What news came out tonight that nobody knew about yesterday at the close?
First thing tomorrow they will raise the price for the beginn of trading. Lots of poor guys will sit in front of the computer and celebrate a raise in price and add lots of shares as "now it goes to the moon and we all will be rich"
After 30 minutes it will start to go down again and at the end of the day another -10% will show up.
AH you can read about the IR that is bad and why the biggest short squeeze in history will now start on friday...
If you read the press release from Facebook itself they mention China AND RENN very early. That in itself could be big for today, and of course it could mean nothing, but it is big news that happened after hours. That is why RENN moved AH yesterday. Now will it hold the momentum? Beats me, but it gives longs hope after 2 straight bloody days that's for certain.
the new news, if you bother to read it, is that Facebook admits RenRen is a serious competitor, and that they are looking for a way into China, implying acquisition
it's all there in today's aftermarket news
honestly, I was thinking $7, breaking the $6.60 high from the other day.
too much news coverage on this stock, news, cnbc, cdc, wsj, etc
also earnings next week
over 110m shares traded in 4days