Thank the Shack. BBY had no bid even in the pre-market with the futures up around 175 at the open thanks to the horrible RSH earnings or should I say loses. Guilt by association for at least one day. Let's see if it snaps back some tomorrow even if the market goes higher or lower.
I thought we would see the $57's today so without any more new accusations or I think this may have bottomed. The Seeking Alpha "The Truth vs. The Noise" author has the exact opposite theory as Citron does. The time gap that "The Highwayman" mentions is interesting about the infants, they will not disclose the name of this high profile lab, methods of transit and storage, why they sat on this info for 2.5 months before informing the FDA of this claim and more. This person may have shot down a lot of what Citron claims. To me it appears Citron may have known QCOR would beat again and allowed the shares to run hoping for a larger drop from the higher levels. Citron's run may have hit a snag you had the Nazdaq down 68 points at the low and QCOR shares were only negative at the open.
Analysts are right about as much as we are and they get paid good money to follow their higher ups orders. I have little respect for most of them since they rarely admit they are wrong. Here I'm just saying if that is the case with a label error (three firms have defended the stock over the last few days) this stock will start heading higher again and Citron's future affect on shares will be diminished.
$93 target. Could you imagine if that's all it is? Back to $70 soon then higher "if" the FDA agrees with that. Could explain it hanging around in $60 level so far. I still think $57-$58 may be hit after the open but then it may rebound on that label possibility.
You are not going to see that type of selloff I believe. If the futures are down over 100 before the open you will see a 100+ Dow drop and a 25-35 Nazdaq drop 5-10 minutes in then within an hour or two both averages will start to come back however QCOR will trade on any news or lack of news. If anything shows up relating to QCOR in a positive light the shares will go green soon after if no news they will continue to grind lower but I believe we are near a bottom soon on the lack of any news from either QCOR or the FDA.
Citron has won some small battles over the past year and a half and has helped flush out weak hands allowing for tremendous buying opportunities. I don't know how this will end up but it is starting to look like another one. The most recent lows were near $50 I don't think it gets there but I can see $55 possibly. I've been buying 100 share lots each time it drops here in the $60's so I am hoping for some news soon if not I will continue to buy every buck or two down. This appears to be Citron's last possible credible attack on QCOR if they fail this time they will have no credibility going forward and QCOR will have won the war. If they succeed then shares probably go lower at first until the FDA decides what to do. I believe since the FDA approved this drug they will try to work with QCOR if it is a manufacturing issue they will fix it soon enough if it was done intentionally QCOR will be punished in some fashion but I think the FDA does allow them time to fix the problem. I equate this to Ackman and HLF and HLF has won that battle so far. One article writer here on Yahoo (Is QCOR a contrarian buy?) owns puts but does acknowledge that if these allegations don't pan out QCOR may rocket through $80. His option play is probably the safest way to play this for now but I'm rolling the dice since I have good gains this year and am shooting for new highs on QCOR. If the FDA finds nothing this will be in the mid $70's in a few days. With the futures down pretty good as a result of the Chinese PMI and the Ukraine tomorrow looks like a challenge either way.
Whether the claim turns out to be true or not you can be sure that Citron is making a killing right now and you may be right their software, chartists and technicians will tell them when to cover and possibly go long. This is not the first time they or other similar firms will accomplish this. This is what WS is all about.
Not at all but I have had great dividend stocks in my accounts for re-investing for decades. I did not buy BBY for the .17 I bought after a 50% drop from the $44.66. This may be a case of the market mispricing on the way down like it did on the way up to that 52 week high (which most of knew was BS...I was shorting those pops in the $40s for awhile in 2013) markets do it all the time. I'm am willing to hold onto these shares hoping for the low to mid $30's then I will exit if it gets there. Monday will be interesting especially with the Russia-Ukraine news which was the reason for the market pullback later in the day. What surprised me was how BBY's shares hung in there when the Dow was down 45 points around 3:10pm. I thought they would test the $26 level yet they actually went higher.
Usually these things can be three day events like a weak earnings release. I'm sure a lot of the late day selling was due to the weekend (also Russia is playing in the Ukraine). If there is no negative news by the open Monday I believe you buy any drops on Monday I believe the sellers and shorts start to get exhausted and you may start to see a snapback. In addition there is currently a bid in the after hours which usually is a sign we are close to a near-term bottom. Down $20 on a short selling firm's claim may be overdone down here. At these levels the market is close to pricing in almost any bad news other than the FDA pulling the drug for good and we all know that is not happening even if some vials are missing or have low levels of the drug. Like you said chill and have a beer or something stronger. God help Citron's fairly good record with other stocks if this turns out to be BS. They have been after QCOR since the $50's to the teens and now from $80 so most of us have seen this play out a few times and guess who has one the war each time.
I would take $33-34 even by May-June and be happy from these lower levels. Sold my TGT today the thing is up $6 on Wed and Today combined on a report that was actually not even as good as BBY's I believe. I think it goes higher but I had to sell this move today.
A lot of shorts have been coming in in the last hour I've seen them on the screen. If buyers come in later these new shorts may cover driving this over $27 but I don't think that will happen. To see the same trade as yesterday seems too predictable even for this market. Still four hours to go a lot can happen.
We all know that. If the Citron news turns out to be little or no news at all guess where this stock will be in a short time? As a trader if I was short I would have covered near $61.
There is some weakness in the last half hour. Let's see if it can bounce or they sell like yesterday. The battle is on for the next few hours.
Up....Down....Up. They did beat EPS pretty good and revenue was close. One key is that they just bumped their cost cutting from 3/4 to a billion dollars. I think they are trying to buy some time hoping for some big new products and for their on line to kick in even more revenue going forward (on line growth was up 25.8%). No question it is a challenge going forward but maybe the holiday news selling was overdone I guess we will know by mid year.