Yes, but a 14-15% drop indicates more than just sector activity. But I guess we'll be in the dark until there is news to justify this significant sell-off.
There has to be a specific link to this double digit drop. RSO is down 3 times the mortgage reits. Management needs to come to the plate.
Let's put this in perspective. ACAS is currently trading about $1 below where it traded before the initial buybacks started and before any announcement forthcoming about a Spin-Off.
Granted it's an Off-Market Day and on light volume so far. But can you imagine where we would be trading otherwise without the effects of the Buyout and no Sale or Spin-Off in the works?
How long has it been that the company has been conducting this spin-off reorganization? At least 1 1/2 years or more, right? Then all of a sudden this disgruntled activist guy Elliott with a minority interest comes along and the Company is up for Sale a month or so later. I was always under the impression that Wilkus and the Board had explored selling the Company but came to the conclusion that a spin-off would bring more value to shareholders as advised by Goldman Sachs. So Elliott either proved, convinced Wilkus and Goldman Sachs wrong about the spin-off or something else forced the change? The Market doesn't seem to be convinced either way with it's response today.
What idiot is going to buy this stock at $5 let alone $20. The company is TOAST! You can thank Mr. Greedmonger.