There was no good reason for it to go up (though I'm glad it did so I could sell before suffering more damage). The company released a promotional flyer of its own products, including the much maligned LeapPad Ultra. Why sould that cause a temporary stir--except among naive buyers? It may represent a good opportunity for buying--but not for the near term.
there are clearly some large holders (still less than 10% owners) of the companies stock who are taking any and all opportunities to sell. Unofortunately, I see this heading back to the low 7s before it heads up. One thing for sure though is that with every positive quarter the cash hoard gets larger and larger and eventually the share price will reflect it. In my experience (I have traded LF on and off for years), the mid 7 range is a pretty safe. I would not buy above 8 though right now.