I was about to ask the same thing. Interest rates are going up so that might be it, but why the over $2 drop in two weeks, seems overdone. May be a chance to buy more at a bargain.
I just found out from my Broker that my BP dividend that was supposed to be paid this week is not being paid, that BP retroactively cancelled a dividend that was already announced after it went ex-dividend. Can they do that? That is going back on a promise to the shareholders. I am now glad I sold my shares, after the ex-dividend date, although still at a loss around $48 instead of the current ridiculously low levels due to panic from the spill.
I can understand that they can cancel future dividends, but they should not be able to cancel dividends already announced after the ex-dividend date.
This is one stupid market. Up most of the day, now dropping in the afternoon going negative. No good reason for the afternoon selloffs that have been happening, nothing different between morning and afternoon to explain the selloff of a way undersold market.
Mr. Market in his idiocy sold off in the afternoon. But at least ACAS had a partial recovery and closed up, even if below the highs for the day, and way below its NAV.
We looked like we were having a good day, a recovery from this way oversold panic market, with both ACAS and the market up. But starting around 3:15 PM, the market started dropping and went negative, and ACAS at the unchanged mark. What is going on? This is just plain stupid, with people panicking for no good reason when the market is way cheap right now.
ACAS up by 3 cents, and the market up fractionally by 0.38 points after a bad open and bad middle of the day.
Maybe Mr. Market is beginning to settle down, overcoming his panic and return to sanity.
The true colors were shown when ACAS went green and at one point 10% up for the day.
ACAS is still way undervalued, selling at a huge discount to its NAV. ACAS should be selling at $9 or higher.
And your screen name is an oxymoron. You are an ignoramus when it comes to ACAS, not an expert in anyway. Any one who comes up with a specific name just to bash a specific stock is not worth heeding.
So go away or I will taunt you another time, you wiper of other's people's bottoms!!
I am afraid you are right, looking at premarket. Mr. Market is in irrational panic mode again, the selloff is already way overdone, but it looks to continue even more. Mr. Market needs to calm down and relax, but no telling when he will do that and sanity will return.
Today's drop of ACAS and the market does not make sense. Nothing fundamentally different from this morning when we had a rally and this afternoon. Too much pessimism has taken root. Time for the Bulls to wake up and take control of the market.
Looks like backwards logic to me, saying the economy will get worse because the market is dropping. Actually the market is in one of its irrational phases again, dropping despite improving earnings. The panic in Europe is causing problems, and the drop (both here, in Europe, and with the Euro) is way overdone. Things are better than the naysayers claim, and we will be able to stop the worst of the Obama regime with a new Congress elected later this year.
Good points. If ACAS can use cash to improve the balance sheet instead of paying dividends in the short term, that would be good for ACAS in the long term.
One question: Do the BLTs come with mayo?
Bullcrap. those ratings mean nothing. ACAS is in much better shape than a year ago. Check the most recent quarterly report, with increasing NAV.
Yes, because the spill should impact BP no more than $2 per share, when you take in account the worst case scenario for the cleanup, numnuts.