Well Peter I did the same darn thing you did, and average down to a fraction over 21.00, and it does hurt but do not plan to throw the baby with the bath water...LOL. The defensive nature of the stock just like food, and tabacco stocks, may just be the kind of beaten down growth stock that the Street is looking for at this time, a good example of the market jitters is the current rise in gold stocks (flight to quality), the downside is minimal (selling at Feb. 1995 price) at this point if any, remenber the pipeline is currently full of projets, so the stream of earnings for the reminder of this year and next is assured. We have in effect wiped out Four and One Half years worth of extraordinary earnings growth.
I'm begining to wonder if this company is being driven artificially low so that the parent company can take it private, this sure would be a good time since they own over 50% of it, while the stockholders like us have gotten the short end of the stick for sure. Has any one heard about the shares buy-back...?
This is the first time I have seen doubt in your position! Typically you have the most detailed research on this board, and always seem to point to the horizon, and how better the future will be as compared to the days past. I sent an email to Pat Cannao last week, the head of their investor relations. He felt that the company has done a good job in communicating with Wall St, that they are very financially secure, and that any bad news in the privitized correctional facility business brings down all related stocks. He also felt that to have 7 analysts covering a company the size of WHC was a testament to the job they have done in getting the company noticed.
Perhaps it was all smoke, but I still must ahve a shimmer of hope that this thing will finally rally to the price it deserves.