In 2005, EXM dropped from $65 so fast, and eventually, it got to single digit in about 12 months after that.
Now, the history is repeating - it dropped from $80+ to under $40 even faster this time.
If history is any lesson, this stock may have another $20 to shed, at least.
I shorted it over $70 on its way up, but got stopped out and lost 1 point. Didn't get around to re-short it, and next thing I saw? it's left me without a bounce! Too bad I missed such extraordinary short sale.
Timing is everything. With its horrible history, I don't want to go long here either.
with a float of just over 10 M shares, a daily volume of over a million shares a day and a projected EPS of 7.8 for the year 2008, shorting this stock is like jumping into a snake pit and then trying to sleep in it. If you truly believe it will go to single digits, innstead of feeling bad about a missed opporunity at 70, you should short it now at 40 and make 300% profit in a year every index for the year is going to be in red. The very fact that it may look absurb makes it a tantalizing opportunity. Welcome to the bear wagon. USA has of late has become United Shorts' America!
With the market becomming more rational it will weed out all the captial that has sent commodities and rates higher on loaned money. The market didn't crash in 01 it just made it harder for crooks to survive.