Bought $30,000 worth. 1,825 shares @ $16.44. Now have just under 5,000 shares. Hope I didn't jump the gun. It looked like a reversal could be setting up on the chart.
If we close above $16.14 this may prove to have been a good day to buy. Chart looks like it may be setting up for a reversal.
That's a crapshoot at the moment considering Greece, July 4th holiday shortened trade week and need to see MEG stabilize after this recent selloff. It may have bottomed but that is a very risky bet. I think mid 15's would be a good buy in point as there is significant support there. Since I still have 3,000 shares, I'm not wanting to see that though. However, if it does fall to low to mid 15's, I will probably buy more.
Glad to hear it! Can't argue with making $1,000 in one day! I see you changed your $21 outlook as the last report was horrible when you anticipated something positive! That's why it's always a crapshoot! Best of luck to you. I always enjoy your posts.
This is being offered by a current stockholder not MEG, so it is not dilutive. 6.8 million shares priced at $16.00. No one is going to pay market price to do a deal like that. I would think they would want "at least" a 5% discount. That would give a valuation of $16.84. Looks like we are in good shape. Any thoughts or opinions?
Closed Friday at $16.63 so I'm not concerned. Looks like a healthy pullback to me. We'll see over the next few trading days.
Here is an excerpt from last week's conference call. David Cohen from Midwood Capital chews out management for being unprepared. At least Marshall Morton is gone as he nearly bankrupted the company. Now Sadusky needs to unload the CFO Jim Woodward.
And our next question comes from Dave Cohen of Midwood Capital.
Dave Cohen - Midwood Capital
Hi, this is more of a suggestion than a question, which is given the lack of the ambiguity around sort of what this company looks like the inability from very, very experienced and knowledgeable analyst that actually hone in on the financial profile of the company near-term, I think management needs to take a very hard look at how it communicates what’s the profile of this company is.
I think there is some potential for very, very compelling free cash flow here. But it is really lost certainly in the first quarter as expected results and in the messiness that was just exhibited and it can’t be business as usual you really need to set some guiding post for investors to really understand the cash flow generating power of this company.
And obviously without pinning yourselves down since you're early in this merger, but I think you just need to take a really different perspective on communicating with the financial profile of the company is. So that's my two stance. Thanks for taking my call.
Vince Sadusky - President and CEO
No, thank you.
I thought that was a ridiculous claim to be green by the close. Well, at 12:20 the price is $16.11 down .22 from a low of $14.70. So, I hope you are right!
tradester... I understand the sentiment, but you probably should get in now. I don't know what is going to happen Friday, but this appears to be a legitimate buy in point.
I bought at the end of the day. $60,000 @ 14.41 = 4,163 shares. It successfully retested the Jan 20 low of 14.23. More than half the day's volume was in the last hour of trading. Seemed like people were buying fast and furious ahead of tomorrows big day.
Thanks martel ! Very inciteful input. I still think it has more to drop before bottoming out, so I am waiting to buy.