Today we saw a higher high and higher low, nice jump up in the morning and half the volume. If you go back to 2004, the low was about $20. The market has over reacted on this one, company generates $30+ / share in revenue, is profitable and has taken steps to clean house. Plenty of companies reporting billion dollar qtr losses and not punished like this. I think the stock will work its way to $22 (50% loss).
Just read in WSJ. http://online.wsj.com/article/SB124943146672806361.html The method the company used to book the payments served to increase its profit. The adjustments reduced the company's net income, earnings per share and other measures, though it didn't affect its cash flow, assets or liabilities. So that is the way Enron used to...for years..