This is a company caught in the wrong place at the wrong time. Good luck longs, but I think the next few days will be ugly. I see this breaking into the $2.90 range to wipe out all margin players. There is literrally no real support area for CNIT right now.
This stock will not see $3 on this downleg! Barring undisclosed financial gimmitry. This area now, 3.60-3.70 range, is a excellent entry point for sincere value investors! I strongly feel this company is above board and are making every effort to enhance shareholder value
My 2 cents on those 2 ah trades...looks like someone either short and trying, rather pathetically, to spook investors or simply someone unwinding the last of their shares and just took that abysmal bid just to get squared away and done. The majority of the end of day trades were in the low 3.70's upper 3.60's. I don't think it's a harbinger of doom. This thing is going to bounce HARD sooner or later as it is technically severely oversold and WAY below fair value.
Don't disagree longer term, but the market is in some trouble overall right now, and CNIT is caught in the middle. To those not on margin, I think things will be fine. For those on margin, I truly think CNIT may dip below $3 to clear out all margin players. JMHO