This kind of weakness on heavy volume can only mean that there is an earnings warning coming soon, which must be what all the insiders know about. If insiders are dumping and then a warning is issued, just wait for the lawsuits. There is almost a growing panic to get out of the stock now, so something is going to happen soon. I mistakenly said that MNTG was the worst managed casino company... but I guess that "Team ASCA" now has the distinction of owning the company with that distinction. This should be interesting.
Unlikely that there will be an earnings warning. There has been no sign of anything except good earnings. sometimes stocks just drop. Lots of other good buying opportunities in the market now, and it is pulling investors there. Problem with this stock is that the small increase in selling pressure does cause a panic. It is just not usually a very large volume stock. Anyone who watches this stock has seen it fly up and down a couple percent in a matter of seconds, and have witnessed the mornings when it has plunged a couple dollars on a few thousand shares traded. But on the other hand, we have also seen it rise up 12% in a day on no news. I think that in a volatile market, a volatile stock becomes even more so, and you can't tell when the tides are going to turn. The company is making money. The delay in the last casino opening should have caused a decrease in profit last quarter, but they surprised positively. Therefore, next quarter will get that new casino increase in profit and they will surprise again positively. I am not a long term investor usually, but in this case, I am not willing to sell. No reason too. We are just in a dip and will come out of it the same way we went into it. At lease that's my opinion, and I am not usually the optomistic type.
Very nicely put, oneprcnt2002! Sometimes stocks do just drop. Not very many people seem to care about ASCA right now. If I am an insider for ASCA right now, I'd consider selling my shares as the deals out there are just amazing. Once those stocks get bought up and the deals become harder to come by, ASCA will shoot up. St. Charles is going to have nothing but positive influence on this company and its stock.
What is funny is the only negative news on this company that is coming out is from this infamous Yahoo Message board. My biggest annoyance is those who try to cram their thoughts and "know-it-all" attitude down your throat when they are just disgruntled ex-employees that got fired for sleeping with the cleaning lady on their desk.