Looks like there are a number of alternatives today.
1. Investors are too scared to own ESI shares today in front on tomorrow's earnings. So they are selling. No one wants to buy any stock right in front of earnings either. Why risk it? So, pressure is all on the downside.
2. Market makers are also too scared and therefore are not willing to make any reasonable market in ESI shares today by going long any stock as part of their normal intraday market making activity.
3. Some investors have inside information that the earnings tomorrow are going to be really bad, so they are selling now. If someone has inside info already, I would think that they already have sold or shorted the stock. But who knows.
4. Investors do not have any inside information but have on average concluded that the earnings report will be very negative and be worse than expected.
While I think the selling in ESI is overdone and the share price too low, I learned long ago that one can never tell what price is too low or too high. It is simply impossible to judge the price at which other people are willing to buy or sell. I have also learned that even my best thought out and researched judgments regarding what is an attractive investment or an unattractive investment is no guarantee of success.
If the shares decline again tomorrow, I am going to look pretty stupid by rating this company a strong buy.