Were you really Buying this stock for 50 cents a year? The fact that they renogtiated their debt Covenants means this stock has a much better chance to survive. Hitting the stock $2 because you'll only pickup 4 cents instead of 50 cents is ridiculous. This stock will be $20 by years end.
All very true.
The reason for this decline is the math---hedgies and some big players can walk this down for a period of time. Buying and selling rapid fire, controlling the float through their command of shares in numbers.
There were many new buyers from the 10 to 14 with lots of stops in place....all are very visible. Once the negative momentum and SP decline accelerates --so does the fear and panic for many others. Just facilitates their short trade all the more, with even less new buyers.
Agreed, it's absurd; no one buys this stock for the dividend. Markets are irrational and reactive, not predictive. Look at what happened right after they announced prelim estimates on production and cost controls - the stock bounced. That was the important reaction, not this bear-raid noise #$%$. It won't last.