My God, you hate the CEO, you didn't like the CC, blah blah blah. I'm assuming you're all short anyway, but in case you're not, then sell the stock and get the hell out.
Yes, I bought a very small position for the first time today because I liked the chart, and I was wrong. So as a trader, you do what I've done in the past with great success. You double or triple your position tomorrow at or near the LOWS of the day, get most or all of your cash back (if not tomorrow, early next week), and leave. I'm hoping it goes to the $20.60-$20.70 range. All stocks make a comeback, and this one will as well.
In case you guys didn't know, this is not a buy and hold market, it hasn't been for years. Complaining is not a strategy; swing trading is.
That's funny... your 10 years of trading! Many people here have owned this stock for way more than that. The bottom line is that this stock is dead because of management and their inability to do ANYTHING with it. They have great technology and they don't have a clue what to do with it.
analysts are clearly losing patience here as they obviously were told completely different things on the recent analyst day - conference call was indeed deastrous so I would bet on a VERY weak trading day for the stock with ongoing selling pressure throughout the session.
There's always the possibility of the stock making a comeback tomorrow (e.g. a surprise upgrade based on valuation or some other kind of positive analyst comments) but given the results and guidance as well as management's performance on the conference call I would expect at least three downgrades tomorrow and the stock to be down as much as 20 or even 25%.
Yes, the daily chart did show an inverse head and shoulder with neckline at 23 and hence was pointing to a completion target of 26! However, earnings trumped over technicals and now it seems headed to support at 19s.
Looking at the long term monthly chart, one can see a cup-n-handle formation with the brim of the cup at 23 and measuring to upside target of 44! The stock broke out of this cup-n-handle formation in 2011 but then hit a peak at 31 in early 2012, and it came back to test strong support in the low 20s in 2012.
I was looking for a W shaped double bottom in the 19s to pan out and the stock to take out 26 post earnings today. Sadly, now we'll have to see if support in the 19s hold and stock makes another move back towards 25 over the next few months!
If this company does get acquired, I would say the technicals point to a take out at 44!
On the downside, longs may consider placing a stop loss below 19.3, for if that breaks then the cup-n-handle pattern would be negated and a descending triangle break down below 20 would measure to a target of $9 and that would be scary!