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FHM - is it next week already?? LOL
Hope you are doing well.........
Hmmmmm.....I've re-read my post a couple of times and I'm not finding the "golden rainbow" theory you speak about. Maybe you can help me out here.......
Get back at the shorts? The stock has been down to $1.....
It's at $2 because the perception was created (successfully) that CME is a massive fraud. If the issues are minor, why hasn't Cheng spent some time to refute or address them? He's had almost three months since the resignations to do so........
Yup - lots of "what ifs" here, always have been. What we know for sure is that the stock closed above $23 in late January and now trades below $2. That is a direct result of accusations made by shorts and more importantly IMO, the fact that the company has done absolutely nothing to change the investing public's perception that the company is a "complete" fraud. We don't trade at 2 bucks if the issues raised by DTT were "minor" and you would think that a CEO with half a brain could quickly and easily refute them if they were, even without a PR firm to work with.
I hope your "dream" scenario holds up. My guess is that it will not although I doubt the fraud here is complete........
RT - who knows? I don't understand why most shorts have not covered by now.....just saying that, from my own personal data, it appears that most have not. If that is in fact, the case, good news could still trigger a squeeze. I'm not holding my breath.........
The only thing that would trigger a squeeze (if one could even happen here) is the release of significant, positive, independently verifiable news from the company.
Since I assume short interest is still high - my shares have been lent out since November, not returned yet (ie. - short position open and not covered) and the rate I get from my broker has stayed steady indicating to me that demand to borrow and short the shares is still high - quite a bit of covering has yet to take place as many shorts still think the pps goes lower or the company goes dark.
As usual with CCME, the bets have been placed. Maybe longs will win for once but not without a ton of help from our "friend" Mr. Cheng.
Green both days this week on pretty decent volume. Can't remember when the last time that happened was. No idea what it means....
Maybe there is finally some good news leaking out of the company and into the market? Ya never know......
CHBT - New Rick Pearson article out this morning. I like this guy - wish I had listened to him (and others) on CCME before it was too late.........
http://www.thestreet.com/story/11143489/1/china-biotics-tour-of-facility-yields-results.html
Marty - I should have taken your Ben Hogan quote and applied it during my continuous evaluation of CCME. I would have been out a long time ago.......
CCME/Joe: please explain, I'm not picking up what you are saying. Thanks.
Sorry to say that I couldn't agree more. Further, whomever is providing the insider info must still be there. Why wouldn't shorts have covered by now? They think it's going dark and the only way they would think that is if they are getting credible info from somewhere inside.......
Who knows? A lot of things (good things) would need to happen before the pps could get to that price. Heck, a lot of things would need to happen for it to trade back up to $5....if you've spent the last couple of months invested in CCME, you should already know what those things are.
As ugly as things have gotten at this point, you can't rule anything out until we get some verifiable news, one way or the other.
FHM - I hate to say it (regarding the last sentence in your post) but DTT beat it out of there only days before the 10K was to be filed after having been on the job for, what, 3 or 4 months? So Piper and PWC can work until they're blue in the face and not come up with squat - in their minds maybe the longer the better since their time is billable - but I'll be a believer (or not) when we finally have some PRs to work with, or better yet, additional SEC filings....like you, I'm cautiously optimistic but not holding my breath.
That has to be one of the funniest posts I've ever seen on this or any board. Of course, I'm assuming you're not serious......
CCME - really not much in the way of volume today which is a bit surprising to me. I guess everyone is in the same boat waiting for news/info that will tip the scales one way or the other - those that are still long are hanging by their fingertips and it doesn't appear as though most shorts have covered yet. The bizarre saga continues.........
Focus - I believe that the GRAPH listed here on iHub is actually current ("real time") while the CHART is delayed by 15 minutes.....
$100 per share.....just kidding!!
Well at earnings of $3 (big assumption), that would get cut to $1.50 in your 50% scenario. You can pick whatever p/e ratio you would like I guess, but at p/e=6 for example, it's a $9 stock.........
FHM - I believe Marty posted yesterday that it was in the 2009 10K.
http://www.sec.gov/Archives/edgar/data/1399067/000114420410017463/v179137_10k.htm
See page 5 where much of the Starr investment is discussed. I admit I have not read through it so not sure if it contains the info you are looking for......
I agree with your point that we don't know what they found - my point is that you can't rely on their work particularly when they have history with a client (ie - this is not their first engagement with LFT and wasn't with CCME either). I sense that they will take the easy way out and head for the exit at the first hiccup every time.....
More like Deloitte pulls a Deloitte and bails when the going gets tough. If you lack the skills and the balls to dig into some of these stickier matters in an effort to provide clarity, defend your clients against lightweights like Citron and stand by the work that you, as a "Big 4" auditor, have done in previous engagements, what real value do you provide? Who really needs a Big 4 for the easy ones? These guys seem to fold like a cheap suit when the going gets tough......
Gary - what do you make of the many shorts not yet having covered even at this low price? Seems to me that those that remain are betting on even lower prices and the possibility of CME going dark. Thoughts? TIA.....
-Chuck
Me - but you knew that already
Mary - any predictions on how the stock begins to trade now that options expiration is behind us? Presumably lots of shorts out there who still want/need to cover at some point, or do you expect the pps to get to zero eventually where no cover is needed? Thanks.......
LMB - how much would you charge to manage what little money I have left? LOL
Good questions.....
Who is buying? May not be shorts just yet. I can tell you that I agreed to lend my shares out a while ago and they have NOT been returned so at least some shorts have yet to cover. Is the company buying? Is Cheng? Are institutions? Retail? Day traders? Damned if I know.......
Why are people buying? Depends on what people are thinking. Some shorts are likely covering here (I know I would). It's still a viable company (institiutions, retail)? Short term trade opportunity (retail, day traders)? It's an opportunity to buy up $30 million in shares on the cheap (the company)? It's an opportunity to own a huge chunk of the company to go private, etc. (Cheng)?
Like I said, damned if I know....
MODS - please delete - this is a duplicate post - sorry
TC - thanks for the outstanding summary. Since I still have my shares, several significant, unanswered questions remain for me not the least of which is "what are Cheng's intentions"? I guess time will tell but I am unsure at this point just how much time I am willing to give him given the damage that has been done to this point........I seriously think the stock is buy at $2, but I'm not selling here.
TC - thanks for the outstanding summary. Since I still have my shares, several significant, unanswered questions remain for me not the least of which is "what are Cheng's intentions"? I guess time will tell but I am unsure at this point just how much time I am willing to give him given the damage that has been done to this point........I seriously think the stock is buy at $2, but I'm not selling here.
Agreed, but we should just let the guy be. He has taken a bigger pounding than most of us who have been slapped around pretty good by all this. The good news for Glen is that he is young and hopefully has ample time to get back on his feet again......yeah, I know, many invested $$ based on his posts and position regarding the stock but it's time to let that go, as difficult as it might be.
Cheng has been saying things like that all along, back to the February 7 letter to shareholders. Who knows if he's full of s--- at this point.
We don't have any verifiable info from the company or its attorneys to go on, no PR's and certainly no independently audited results since the end of September, 2010. No investigation updates or results, no data on the Nasdaq listing appeal and why it was apparently turned down. The company is sticking to its claim to have over 27K buses running its ads - is that BS? Who knows......if it isn't, then it doesn't appear that they are adding buses at the rate they once were. Still so many unknowns - IMO, a major reason for the big selloff today and no buying interest. The market has lost confidence in the belief that there is still a real business here.
Still have all my shares as well........
CCME: Today's situation gives a bit more credence to the theory that Cheng wants to drive the price down so that he can buy up the float at low prices for his own personal benefit.
Of course, he will then need to find a way to drive the price back up so that he realizes that benefit (news, company buyback of shares, dividend, etc.). Still holding every one of my shares - call me stupid, time will tell.
Best case, the person with 100K shares has a cost basis of close to $600,000. This may sound bizarre, but if it were me, I would hang on longer hoping for a "RINO-rise" rather than do a big dump for $100K........
No, not true - see my recent post on YMB about it.
http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_C/threadview?m=tm&bn=101061&tid=112918&mid=113068&tof=38&frt=2
Chris: I can tell you that regarding Fidelity, these statements made by others are completely false. I have lent my shares since last November and have been receiving monthly income as a result. Currently, Fidelity has the stock price at $0 but the borrow is based on the halt price of $11.88 - the cash has come in every month as a result, yes, even during the halt. Keep in mind I only see my side of the transaction but I seriously doubt that Fidelity is paying me every month without getting their piece on the other side.......
CCME - Yes, I'm aware of the 40 day rule. All I can tell you is that it appears shorts are still paying interest on the halt price.
CCME/Andrew: not in all cases - for example, my Fidelity account shows a pps of $0, yet shorts are still being charged as if they borrowed the shares at the halt price of $11.88
And talk is cheap so we need to see what Cheng actually DOES as opposed to what he is alleged to have SAID.....
Andrew - I'm not suggesting that you did. I'm also not surprised they were deleted as they were responses to other messages that were also deleted (except in one case). I would also presume that someone thought they were "off-topic" as they did not deal specifically with CCME (the stock ) or CME (the company).
They were, however, part of the discussion on why certain posts are deleted, people banned and asst mod responsibilities taken away from a certain poster. If I didn't feel that they were somewhat germaine to the discussion and therefore, important to the Board, I wouldn't have wasted my time posting them.......socialism seems to have the upper hand here
By the way, I would expect the volume of private messages to increase here as it is the only way to avoid deletion of "off-topic" messages........
Only two? Wow - I've had four deleted just today. I expect that this will be #5......