Anti-frackers have lost the last three votes (in Youngstown), but by narrowing margins. They will continue to put the measure before voters at every opportunity until it succeeds. No matter if it takes six months or 10 years to get the vote they want. They only need to win once, and will never give up. They will likely soon look to deep pocketed supporters to ad blitz before the next vote. Local towns in various states have already banned or are pursuing a ban on new permits for fracking.
Have no idea what 2Q results will look like. But the stock is set to really rip higher if they are good. I think management signaled something w/the relatively (for them) early release of Q1 results last quarter. Normally they wait until about the last SEC filing deadline day. I think those results were purposely released when they were to show a new sheriff is in town, financial controls are well in place, and that this is a company in full turnaround mode. The price action has been that of someone trying really hard to keep the share price in check and allow quiet and stealthy accumulation ahead of earnings results. Just one take on the action, but the one I am going with.
Pretty good call. IBB is down like 5% in just two days, Russell 2000 close to 4%. Looks like repeat of a couple months ago.
big time (including getting a partnership to launch their product)? How much of the market does a successful MNKD affrezza product back out for BIOD? Plenty of room for both?
The risk/reward isn't too bad given recent results. The risk is that it is a manipulated stock w/unconscionably wide Bid/Ask spreads, game-playing sell on close orders on Friday ahead of the weekend, etc. All "implicitly justified" by the fact that it is a very small float stock and the MMs/specialist have to make a living somehow when it only trades several thousand shares on a typical day. If they cannot, they will refuse to make a market or handle the stock for "mere pennies". When you understand how the game is being played, you can work around that. Most institutions will not bother w/that and just avoid the whipsaw. Fundamentally, the company is in turn-around mode. Ultimately, it probably gets sold.
Stock still being "worked lower" w/100 share trades. That's bullish. It's taken years for all the weak hands to be flushed, including Fidelity. Almost finished.
Very busy weekend. Going through a shopping list of about 30 microcap stocks that were hit on a final big volume trade at the close exactly at 4:00 P.M. on Friday for no good reason and w/ no corporate news. Yes, it may be options expiration related on some index trade, although it could be a Bio-ETF-related purge I guess. Either way, an unwarranted artificial dump by someone playing games w/ the indexes at the close. Unfortunately, many of the ones I am looking at already snapped back AH. Guess I am going to have to get cleared to trade AH to capitalize on situations like this that happen once in a blue moon, or otherwise put in stupidly low GTC orders and leave them. Most of the ones I am looking at are in the health/pharma/biotech/scientific micro cap sub sector. 10-25% discounts on almost all of them from the price at 3:59 P.M. Friday.
Oh, but it was company specific. Whatever company that generated the sell program that took a group of about 25-50 micro cap (almost all $100 million of less) stocks down 10-20% in aggregate in the final minute of trade on a Friday, in the summer, knowing layers of bids on the books would get taken out (including probably deeper GTC bids left on the books since many of these trade infrequently), almost ensuring a steep decline in price. Who generated that sell ticket? Who owned the downward bet (options, ETF, microcap indexes) on the other side of the trade on an option expiration day? Might have to dig into the naked shorters or dark pools or HFTs to get an answer to that question. Like I said, it's why the retail investor won't play in this market. It's a "big boys market", an inside game run by those w/the fastest computers, best algorithms, and unscrupulous morals. They know where to tread, where the SEC won't bother to act. No one was ever personally taken to task for either the Flash Crash of May 2010, nor the Financial Crisis (subprime) of late 2008. Friday's action at the close in this small group of very small stocks won't even hit the radar---except for those few investors that own the stocks. If i had not owned two of them, I would not have noticed.
Who benefitted? Who gained from an apparent "rigged" high percentage drop of a basket of illiquid traded micro cap stocks ($100 million or less in most every case) in the finals seconds of trading on Friday? Who executed what had to be an across-the-board computer driven sell, knowing w/no one would be around in the final minute of a Friday close in the summer ahead of the weekend, the order would take out layers of Bids on the books, including probably some much lower "deeper' GTC bids left on the books? Who executed the sell program? That is your starting point for an investigation. Who buys a similar basket of stocks on Monday morning or even in the AH on Friday is the second step. Somebody created an "artificial" 10-20% retrenchment in a group of about 25-50 stocks, a de facto correction. Somebody will benefit from that and hope to go unnoticed. Who owned a big downward bet on the entire subgroup Friday at the close? And who buys them subsequently on the rebound from a suspicious across the board trade?
SEC needs to cross check which players (MMs, institutions, etc.) executed the final trades on all those 30 or so stocks and whether they also held puts or downward bets on a broad sector decline in the micro caps on an option expiration day. I said needs to, but of course, they won't.
Look at the list of the 30 biggest percent decliners today. Almost all micro caps. Almost all on the final trade of the day on a volume spike down. Almost all for stocks that normally trade infrequently. It wasn't AQXP, it was someone working the whole group to their advantage at 4:00 P.M. w/ single trades for all the stocks, taking advantage of a Friday, in the summer, when no one was left in the office to offer Bid support. This was a well-timed huge across-the-board destruction of the micro cap sector at its most vulnerable moment, ahead of a weekend w/both Iraq and the Ukraine on the table and those who might otherwise normally be on the other side of the trade probably on their way "Down the Shore". Someone made a boatload on an across the board drop in this sector today, probably w/options or ETFs.
Think CEO is ok. Has company in turnaround mode. Today's price action had nothing to do w/him and everything to do w/some outside entitie(s) working in concert, jerking the entire micro cap sector at the close on a single final trade for almost every stock involved. SEC won't get involved w/such small stuff. They want big name stocks, big name players. So you are half-right, about the SEC yes. Stock should snap right back and move to a new 52-week high before long if the earnings come through.
And no one has been brought to task for the Flash Crash, or the 2008 Financial Crisis (no one ever even went to civil, let alone criminal trial), even though the alleged perpetrators in both cases are pretty well known.Today's action is small potatoes stuff. You have to just accept it. Most of the stocks should snap back. Of course someone unscrupulous will no doubt profit on that snap back.
It takes big boys, w/big boy computers to exercise this kind of coordinated trade right on the close, simultaneously, on that many micro caps--- dropping them all 10%, plus or minus a little, and knowing they will get executed on relatively large volume (for an otherwise illiquid security). It's a year's worth of losses stamped out in just one or two minutes, in stocks that otherwise almost trade by appointment in many cases. The SEC should cross check all the MMs to see who makes a common market in all the affected stocks, likewise the specialists, and the institutional holders that own them across the board. They should follow-up to see who is buying AH and on Monday.
Like I said the defense will be that the holder just happened to decide in the last minute to de-risk nearly all the small illiquid float stocks in his portfolio at the most illiquid time on a Friday in the summer right at the close, regardless of price. The regulators will accept that explanation and move on. Nobody cares about little stocks or little shareholders. Look how long it took them to get around to looking at HFT and dark pools. They still have not addressed naked shorting, or limiting shorting to upticks.
yzzycz, just one of many stocks this happened to at the close today. all micro caps. all thinly traded. all manipulated lower right at the close w/ outsized volume designed to swamp any would-be buyers---who everyone knows would be gone on a Friday in the summer. The seller knew he could overwhelm any small Bids that might be around. See my post above. Do a little research on the Top 30 micro cap percentage losers today and look at the charts five minutes before the close. You will notice the pattern on almost all of them. It's more than the SEC will do, even though it should only take you about a half hour.
Johnnyb, check out all of BLFS,VGGL,FNJN,TBIO,AWX,CERU,CORI, HRT (and I could list many, many more) for the trading at the close today. Looks like an across-the-board dump near or at the close utilizing a sell at market order by a major institution. A cynic would say it was a rank manipulation of low-float micro cap stocks in a thinly traded summer market vulnerable to uncertainty ahead of a weekend (marked by Iraq, Ukraine, etc.)--- designed to induce a panic and create an opportunity to buy all the stocks lower. The exchanges for sure know where the order came from, but you and I never will. No action will ever be taken. I've seen it happen before on a Friday a couple years ago IIRC, and almost all of the stocks (some of which i personally owned) bounced back. Some smart traders are buying and closing the arbitrage after hours already on some of them, making back 5% or more. My entire portfolio took a 10% hit in one day back then. I was sick all weekend. Today I only had a couple involved in the massacre--- AWX,HRT). It's like HFT, naked shorting, dark pools. It a game that traders, MMs and specialists like to work sometimes. And they get away with it. It is suspicious because none of the stocks in question usually has any news event, they are picked out because they have a illiquid float where the price can be jumped precipitously, and it is "arranged to occur right at the close on a Friday before the weekend" when Bids are absent as everyone has left for the day". You can't prove anything as the offending party will just say they were de-riksing their portfolio. You can smell the manipulation. It's like obscenity--you can't define it, but you know it when you see it. It's why the retail investor is out of this market. Good luck.
Lots of micro caps flushed w/apparent sell at close market orders, many dropping 10% plus or minus a bit: AWX,HRT, BLFS,VGGL,FNJN,TBIO,CERU,CORI and many others. Most rebounding AH. HFT, dark pools, naked shorting, suspiciously marked trades at the close on illiquid stocks ahead of a weekend w/Iraq in focus. All part of the same scam, and why the retail investor does not participate in the market. It's like doctored dice or a tilted wheel at the roulette table. If you want to participate, you have to figure out the scam first and try to slip under the umbrella of suspicious activity others are creating. Sometimes it's just the wicked luck of putting in a GTC order on a stock you like at a ridiculously low level that you never expect to get tripped, and you end up slipping in and getting filled. Not only do I almost never pay the ask, I am usually well below the current bid w/many fishing lines in the water--hoping one or two get a bite every now and then. Seems to work, BWDIK.
A whole raft of small floater micro caps collapsed right at the close, many dropping 10% plus or minus a bit: BLFS, VGGL, FNJN,TBIO, AWX, HRT, CERU, CORI and on and on---too many to list all of them. Somebody playing fast and loose w/apparent market sell on close orders on an entire group of illiquid stocks to induce a panic. It is precisely why the retail investor is out of this market. HFT, Dark Pools, Naked Shorting, Suspiciously Marked sell at close orders ahead of a weekend taking advantage of/manipulating low-float stocks. Is the market rigged? That is purely a rhetorical question. You just gotta learn how to play the game. Bait hooks for some of those previously mentioned stocks and many others ahead of the open Monday at prices near or just above the close today and you might hit on a couple at really sweet prices---although some are already rebounding from the spuriously low trades at the close in the AH session. The smart traders have already sniffed out the scam and are correcting it and profiting AH.