This company has been run superbly for years, obviously best in class, and gets absolutely no respect. How can it fall 15% in 3 days on absolutely no news. Almost from the year high to near the year low in 72 hours. Outrageous.
The influences are yesterdays revelation that Europe is back into recession and the return of discussions on the "fiscal cliff". The overall market is down 20% since the election. IT appears the market was overly optimistic in assuming a Romney victory.
To me this is more of a reaction to SB cutting their quarterly dividend by two thirds despite a decent quarter. That was a prudent move by excellent SB mgmt because of a possible bankruptcy by their major charterer, general down market and desire to make cash available for opportunitic acquisitions (which they are doing). NM is better off in some respects in that their div yield is not out of whack and they have little need to finance newbuilds in the next couple of years. That means acquisitions when the opportunity comes along.
Factor in it is a Greek owned company, subject to influences coming out of there! And with earnings around the corner and Thanksgiving!, maybe somebody drove the price down momentarily, taking advantage of al of these factors, to get in before it goes back up?