I don't know about your math, but buying at the open seemed like a no brainer to me. Got a bunch this morning @13.25, which is right at recent support. Also seems like oil has found nice bottom support. Gotta think this goes munch much higher from here.
Might see a gap in the morning, but without follow-up news, as you say...I think it does drift way down from these levels. How much I don't know, but 2-3 dollars is not out of the question. I think most of the volume today was from day traders. not investors. When the price stops rising the traders will move on, leaving a lot folks holding a bag.
Yes, I've been on and off the board for a while. I don't pay much attention to those self-proclaimed experts who claim to have predicted every positive move a stock may experience. I bought a modest position here @6.59 avg. Plan on holding a few years at least or until oil prices get back close to where they were. Only the naïve would believe oil will stay at these levels for a period on years. There will be bumpy times ahead, but I feel much better knowing DNR is run by top notch mangers.
but I am pretty sure that the bottom is near if it hasn't reached it already. I am very certain that oil will return to multi-year highs at some point in the future. Whether it's in few months or a few years, it WILL happen. One thing we can count on is for every barrel extracted is one barrel less in the ground. As oi8l gets harder to find, it will require more expensive methods to get it out, which will make these companies excellent investments going forward. I'm initiating small long position in several companies, of which DNR is one. A year from now I'm sure I'll be a very happy investor.
All depends which 'group' you are in. Someone's going to get shafted before this all plays out. My guess is the group YOU'RE in gets the shaft.
with all these phony restructuring moves, the company is still losing as much as it was last week, last month, and next year. Until CZR finds a way to get profitable, there is no way they will ever pay this huge debt, and to avoid total bankruptcy.
aren't they?? Nowhere did I read anything about them paying back their debt. Nowhere did I read any hope of the company turning a profit or even narrowing their losses.
Sooner they declare the better. If they can take the stock to zero and wipe out current shareholders the way Kmart and GM did, they can go thru bankruptcy, issue new stock, and use THAT money to reduce debt. Makes perfect sense if you're a #$%$ like these fellas are.
Why is it still trading at 13 plus??
Because they haven't actually filed for bk yet. We're at least a month or more away from actual bankruptcy proceedings.
The only way CZR can operate is by borrowing more and more money, and that is becoming less and less likely, since they've been strongly accused of defaulting on the massive debt they've already accumulated.
Before buying this stock you should read an article posted on SeekingAlpha. This company is saddled with huge debts with an interest rate that increases every year.
The fact that drillers are bouncing from green to red suggests a bottom is either near or has already happened. There is a lot of sentiment for long speculators to get in at or near the bottom.