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I can laugh about trading into DFR in PSL 6 and catching the ultimate falling knife. Unfortunately, I also bought it in real life. I have never lost more money, more quickly than on that trade.
I had a big position which I sold down in the 1.20s and 1.30s some time back because I didn't like the way management was being unclear/opaque/noncommunicative about the timing of the audited financials. There is nothing I have seen that suggests management is dealing with SHs in bad faith, but there is a lack of experience/professionalism reflected in their choice to affiliate themselves with Henry, his checkered past and the basic lack of professionalism with which he has run PRVH. This latest delisting snafu would have been avoided by simple due diligence prior to the reverse merger to verify the shell was up to date on all previous filings. In the dozens of reverse mergers of Chinese companies I am not aware of any whose advisor made this mistake. I agree that they should break ties with Henry although he is a major SH now so it won't be simple to do so.
I continue to track Cavico and believe they can overcome these early stumbles. However, I don't assume their audited numbers are necessarily going to be that impressive. In fact, I'm guessing they may have delayed the audit results to take in more favorable recent quarters as the company continues to grow. I also have a lingering concern that the diluted share count may have balloned so that EPS may not be that impressive.
Who still owns shares? I am gathering from the silence as the stock continues to run up that most of you previous posters may have sold out. I sold 1/4 of my position to take some off the table after a 3+ year holding period.
Chinese stocks make up approx 65% of my portfolio. They are: CSCT, HRBN, FSIN and A W R C F. As my portfolio has appreciated I have focused more on stocks with 100+ million market caps and seemingly high quality management teams intent on building "world class" companies. That usually includes moving to a higher exchange (e.g. AOB, HRBN and now CSCT to the NYSE, AWRCF also has agreed with its new SH to seek a higher listing)which results in PE expansion. Because they are growing rapidly, organically and often also through acquisition, the PEs can get stretched above our traditional "below 10" criteria as a result of ramping operating expenses and dilution from shares issued for acquisition. It can also get difficult to estimate EPS quarter to quarter with so many moving parts. Nonetheless, they have provided me with very good returns over time and provided me with some comfort that I'm a little less likely to get ripped off by self dealing management. AWRCF did have management issues but seems to have worked through those now. I would never say my picks are "better" than other Chinese stocks that are posted--they just fit my perceptions of potential risks and reward.
beigledog--re housing stocks--no guts no glory!!--I like contrarion plays but I would worry housing is going to limp along in a slump for 2-3 more years before there is interest in those stocks again. Remember how long the housing boom lasted and how much appreciation there was--I would expect the contraction to last 2-3 more years.
Lentinman--Yesterday I requested to trade ACTG for CXTI well before the market close. You may recall I noted it was my first trade ever in a PSL. I didn't see it on the trade and freeze list and was wondering why.
TAM.V/TMLVF.PK--Accumulated a big chunk in late March/early April at US .59 average cost--now at US $2.73 less than four months later. The numbers in X401's post #3546 suggest it could still be a 10X from here. While I'm not predicting that, I'm trying to figure out some kind of reasonable share price valuation. Any thoughts/analysis/insights appreciated because the more it runs the more I have to lose by not having a thoughtful hold/sell strategy. It is in my IRA so no tax considerations.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
AWRCF--Up 25% today to $7 on high volume. Announcement of annual meeting in Sept may have convinced some they intend to get back on track as a reporting company.
CML--Any thoughts as to why it hasn't participated in the recent metals rally?
CSCT--2nd Q contract wins of $60 million almost 50% higher than revs generated in any previous Q. Growth in part driven by recent acquisitions so impact per share somewhat diluted. Nonetheless, strong evidence that synergies from their "build up" M&A strategy are kicking in and that they are on track to approximately double revenue in 07 vs. 06. Wouldn't be surprised to see it hit $20 tomorrow for a new all time high.
AWRCF--MSD (Dell) Filing-- Interesting filing including copies of Purchase and SH Agreement which gives Dell a right to put the shares back to the parent, PEWC, if AWRCF doesn't move to higher exchange before 2009. They may hit a snag, but it at least confirms that it will be a top management priority.Here is an excerpt from the filing:
Listing of Common Stock
The Shareholders’ Agreement provides that the Issuer must use its reasonable best efforts to have its Common Stock listed on either the
Nasdaq Stock Market, Inc. (Global Market or Global Select Market), the American Stock Exchange LLC, the New York Stock Exchange LLC
(a “ US Securities Market ”) or one or more of the principal or secondary exchanges for the public trading of equity securities in any of Hong
Kong, Tokyo or Singapore (a “ Foreign Securities Market ” and together with a US Securities Market, a “ Securities Market ”), either in
connection with a dual listing of the Common Stock or as a transfer of its listing as contemplated by the Shareholders’ Agreement as promptly
as possible after the date of the Shareholders’ Agreement, with it being understood that, prior to the listing of the Common Stock on any
Securities Market, the Company must finalize the audit of its financial statements for each of the fiscal years ended December 31, 2004, 2005
and 2006 and otherwise qualify with the respective Securities Market’s applicable listing requirements. The parties agree that SOF will suffer
irreparable damages if the Issuer fails to have the shares listed on a Securities Market by January 31, 2009. Accordingly, the Put Right
described below becomes exercisable upon the occurrence of a Put Event and continues so long as such Put Event has not been cured.
In the event that the Issuer determines to transfer its public listing to a Foreign Securities Market, the registration rights granted to SOF in
the Shareholders’ Agreement will apply to SOF in such market with equal force and effect, subject to reasonably necessary modifications to
comply with then applicable rules and regulations of such market.
Put Right and Option
Pursuant to the Shareholders’ Agreement, SOF has the right and option (but not the obligation) to sell to PEWC upon the occurrence of a
Put Event (defined below), and PEWC agreed to purchase from SOF upon the occurrence of a Put Event, all Registrable Securities then owned
by SOF (the “ Put Shares ”), for an amount equal to the Put Price (defined below) together with interest (calculated on the basis of a 360 day
year) on the Put Price, computed from the date of the Shareholders’ Agreement until the closing related to the applicable put right at a rate per
annum that is equal to the Libor Rate plus fifty (50) basis points (compounded annually) (the “Put Right”). If the Put Event terminates prior to
the closing of such Put Right, the exercise of the Put Right is deemed rescinded and the transaction relating to the Put Right is deemed
cancelled, but this will not terminate the existence of a future Put Right upon the triggering of a future Put Event.
A “Put Event” means any date (i) after November 30, 2008 whereby (A) an Event has occurred and continues to occur or (B) the shares are
not quoted on the Nasdaq OTC Bulletin Board or (ii) after January 31, 2009 whereby the shares are not listed on a US Securities Market. The
“Put Price” means for (i) shares purchased pursuant to the Purchase Agreement, an aggregate amount equal to the product of (a) the number of
shares being sold and (b) US$4.35 and (ii) shares purchased under the preemptive right provisions of the Shareholders’ Agreement, an
aggregate amount equal to the purchase price therefor.
MSD (Dell) Filing-- Interesting filing including copies of Purchase and SH Agreement which gives Dell a right to put the shares back to the parent, PEWC, if AWRCF doesn't move to higher exchange before 2009. They may hit a snag, but it at least confirms that it will be a top management priority.Here is an excerpt from the filing:
Listing of Common Stock
The Shareholders’ Agreement provides that the Issuer must use its reasonable best efforts to have its Common Stock listed on either the
Nasdaq Stock Market, Inc. (Global Market or Global Select Market), the American Stock Exchange LLC, the New York Stock Exchange LLC
(a “ US Securities Market ”) or one or more of the principal or secondary exchanges for the public trading of equity securities in any of Hong
Kong, Tokyo or Singapore (a “ Foreign Securities Market ” and together with a US Securities Market, a “ Securities Market ”), either in
connection with a dual listing of the Common Stock or as a transfer of its listing as contemplated by the Shareholders’ Agreement as promptly
as possible after the date of the Shareholders’ Agreement, with it being understood that, prior to the listing of the Common Stock on any
Securities Market, the Company must finalize the audit of its financial statements for each of the fiscal years ended December 31, 2004, 2005
and 2006 and otherwise qualify with the respective Securities Market’s applicable listing requirements. The parties agree that SOF will suffer
irreparable damages if the Issuer fails to have the shares listed on a Securities Market by January 31, 2009. Accordingly, the Put Right
described below becomes exercisable upon the occurrence of a Put Event and continues so long as such Put Event has not been cured.
In the event that the Issuer determines to transfer its public listing to a Foreign Securities Market, the registration rights granted to SOF in
the Shareholders’ Agreement will apply to SOF in such market with equal force and effect, subject to reasonably necessary modifications to
comply with then applicable rules and regulations of such market.
Put Right and Option
Pursuant to the Shareholders’ Agreement, SOF has the right and option (but not the obligation) to sell to PEWC upon the occurrence of a
Put Event (defined below), and PEWC agreed to purchase from SOF upon the occurrence of a Put Event, all Registrable Securities then owned
by SOF (the “ Put Shares ”), for an amount equal to the Put Price (defined below) together with interest (calculated on the basis of a 360 day
year) on the Put Price, computed from the date of the Shareholders’ Agreement until the closing related to the applicable put right at a rate per
annum that is equal to the Libor Rate plus fifty (50) basis points (compounded annually) (the “Put Right”). If the Put Event terminates prior to
the closing of such Put Right, the exercise of the Put Right is deemed rescinded and the transaction relating to the Put Right is deemed
cancelled, but this will not terminate the existence of a future Put Right upon the triggering of a future Put Event.
A “Put Event” means any date (i) after November 30, 2008 whereby (A) an Event has occurred and continues to occur or (B) the shares are
not quoted on the Nasdaq OTC Bulletin Board or (ii) after January 31, 2009 whereby the shares are not listed on a US Securities Market. The
“Put Price” means for (i) shares purchased pursuant to the Purchase Agreement, an aggregate amount equal to the product of (a) the number of
shares being sold and (b) US$4.35 and (ii) shares purchased under the preemptive right provisions of the Shareholders’ Agreement, an
aggregate amount equal to the purchase price therefor.
Stan--Please don't take my posts as a recommendation to hold. Trust your own judgement and intuition. Of course, I have no idea how the PRs will unfold or how their operations have progressed. If the numbers are underwheming the stock could back up from here. I am holding but that is no more than a bet, so please don't defer to my bet...make your own. Good luck in whatever you decide.
These are deep pockets that want to accumulate but very little stock left. I wouldn't expect them to just increase their bid everyday. I expect they may drop their bid down to $5 (or even below) over the coming days to try to rattle the remaining small holders. Might not even be beyond them to trade a few shares back and forth at lower prices. Hard to imagine this will just step up multiple trading days in a row, but anything is possible.
CSCT--Just hit an all time high on more massive volume today--particularly for a "slow" week. Somebody (or bodies)is drinking the Kool Aid big time--could be Clinton Group that filed a 5% position recently. I am hoping there are others as well.
HRBN--niles--I own it so am totally objective...As my portfolio has increased in value I have gravitated more towards somewhat larger market cap companies ($200 million +)and exceptional growth prospects. The going in PE's are more like 10-15 instead of 5-10, but if they ramp up quickly and get on the radar screen of institutions the PE's can rise above 20 quickly. HRBN is pursuing a number of very major growth initiatives that could 10X their revenues over the next 3-4 years (e.g. auto, subway, oil field applications for their motors). While they have a very healthy balance sheet and are very well managed, I don't think you are going to see huge jumps in EPS over the next 1-2 years because of the costs associated with growing so quickly. However, I do think revenues will begin to take off, and the company/stock will increasingly be recognized as a world class growth opportunity. If you take a position you should be prepared to hold at least 12 months.
AWRCF--Bid/Ask $6/$6.25 after closing at $5.15 yesterday.
Bid/Ask--$6-6.25!!!!
CSCT--abh3vt--re Barrons mention. You are probably right re yesterday's volume although it is good to see higher volume carrying through to today. If it gets more and more good "buzz" then announces a listing on a major exchange in September (just a hope), it could make a nice run to $20 over the next few months.
CSCT--More than triple average volume today and 7.6% price increase. Enthusiasm seems to be building for their strategy of consolidating China's security industry. Have announced/completed so many acquisitions recently partly including stock, so it's really hard to make any kind of confident EPS predictions. However, no question they are building the leading, integrated security company in China which will show explosive growth in the coming quarters.
AWRCF--I started investing more than four years ago so while I'm bullish going forward this has required incredible patience--punctuated by long periods of despair LOL!! The 20% minority SH who was locked in litigation with majority SH/parent/management sold to MSD Capital which is Michael Dell's family office. They have a reputation for being shrewd and appropriately cynical investors and were well aware of all the accusations/litigation from the selling SH. I'm sure the SH agreement gives them rights and protections which will make it difficult for management to just rip them (and hence the rest of us)off. It also seems very likely that as part of scheduling an annual meeting to appoint auditors to "catch up" on the audited financials, management will provide unaudited numbers (or at least a financial summary) which will be a very telling update of recent performance. Assuming their factories are running close to capacity, at recent copper prices, my guess is they now are generating annualized revenues in the $500-600 million range. If their gross margins are in the 10-15% range per their history, they could generate earnings in 2007 well over $1 per share--maybe close to $2 if you back out all of the litigation and associated expenses. Hard to say what type of PE multiple it could trade at given its checkered history--but Dell is a good name and investors have short memories. There are only between 13 and 14 million shares outstanding fully diluted and over 90% are controlled by the top 4-5 SHs some of whom are still buying--and none of whom are selling--so it won't take too much buying interest to keep pushing the $5 price up. With a little more patience (which may be hard to muster for some of us long term holders) I think it could go much higher. It is now my largest $$ holding and represents over 20% of my portfolio, so I may feel compelled to sell some of my shares in the $8-10 range if it gets there.
Thanks Stan. I started investing more than four years ago so while I'm bullish going forward this has required incredible patience--punctuated by long periods of despair LOL!! The 20% minority SH who was locked in litigation with majority SH/parent/management sold to MSD Capital which is Michael Dell's family office. They have a reputation for being shrewd and appropriately cynical investors and were well aware of all the accusations/litigation from the selling SH. I'm sure the SH agreement gives them rights and protections which will make it difficult for management to just rip them (and hence the rest of us)off. It also seems very likely that as part of scheduling an annual meeting to appoint auditors to "catch up" on the audited financials, management will provide unaudited numbers (or at least a financial summary) which will be a very telling update of recent performance. Assuming their factories are running close to capacity, at recent copper prices, my guess is they now are generating annualized revenues in the $500-600 million range. If their gross margins are in the 10-15% range per their history, they could generate earnings in 2007 well over $1 per share--maybe close to $2 if you back out all of the litigation and associated expenses. Hard to say what type of PE multiple it could trade at given its checkered history--but Dell is a good name and investors have short memories. There are only between 13 and 14 million shares outstanding fully diluted and over 90% are controlled by the top 4-5 SHs some of whom are still buying--and none of whom are selling--so it won't take too much buying interest to keep pushing the price up. I think your value estimate of $8-10 is reasonable at the low end, but with a little more patience (which may be hard to muster for some of us long term holders) I think it could go much higher. It is now my largest $$ holding and represents over 20% of my portfolio, so I may feel compelled to sell some of my shares in the $8-10 range if it gets there.
FSIN--These Board appointments suggest Nasdaq listing may not be too far off. Note the overlap with HRBN another Citadel financed company which has been hitting all time highs. CSCT, yet another Citadel financed company, even had a "sympathy" rebound today after days of decline (which decline was predicted by Lentinman).
Fushi International Enhances Board of Directors
Tuesday June 19, 2:26 pm ET
Adds Three Independent Board Members
NEW YORK, June 19 /Xinhua-PRNewswire/ -- Fushi International, Inc. (OTC Bulletin Board: FSIN - News) announced today that it has enhanced the composition of its Board of Directors with the appointment of three independent members, effective immediately. The newly appointed independent Board Members include Mr. Feng Bai, Mr. Jiping Hua and Mr. Barry Raeburn. Together these individuals bring significant investment banking, accounting and corporate finance, and research and development expertise to the Company.
ADVERTISEMENT
Mr. Bai is the Founder and Managing Director of Lighthouse Consulting, Ltd. a firm recognized for advising cross border transactions between U.S. and Chinese enterprises. Since 1999, Mr. Bai has been doing business in China mainly in consulting, investment and distribution. From 1997 to 1999, he worked in the investment-banking division of Banco Santander in Asia. Mr. Bai also currently sits on the Board of Directors at Harbin Electric, Inc. Mr. Bai received his MBA degree from Harvard Business School in 1997 and graduated from Babson College in 1993 with a BS in Finance/Investment and International Business Administration.
Mr. Hua has been Chairman of the China Optical & Electrical Cable Association since 2000 and is a preeminent expert of the wire and cable industry in the People's Republic of China. He brings to Fushi over 40 years of experience focused on the research and development of special cable and new materials applications. Receiving numerous national and ministry-level awards over the years, Mr. Hua has been awarded the prestigious title of "Expert with Outstanding Contributions" by the Ministry of Electrical Industry of China. Mr. Hua graduated from the Shanghai Jiao Tong University in 1962 with a BS in Electrical Engineering.
Mr. Raeburn has served as Executive Vice President of Finance and Corporate Development at Harbin Electric, Inc. since 2005. Mr. Raeburn holds considerable expertise in corporate finance, mergers and acquisitions, and corporate risk management. During his tenure at Harbin Electric, he successfully has led the Company to publicly list its common shares on the NASDAQ Stock exchange, as well as currently provides key leadership in investor and public relations, SEC compliance, corporate governance, and administration. Prior to joining Harbin Electric, Inc., Mr. Raeburn worked as a specialty technology analyst at an investment bank covering early stage companies within multiple industries. Mr. Raeburn also spent over 6 years as a financial analyst responsible for developing various quantitative ranking models and analyzing equity investments. Mr. Raeburn graduated in 1996 with his BBA degree in Finance and Risk Management from Temple University.
Li Fu, Chairman and Chief Executive Officer of Fushi International commented, "We are delighted to welcome these three professionals to our Board, all of whom have proven business acumen, vast industry experience and depth of understanding of the U.S. capital markets. We look forward to their contributions to Fushi International as we pursue our business objectives and build shareholder value over time."
About Fushi International, Inc.
Fushi International, Inc., through its wholly owned subsidiary, Fushi International (Dalian), manufactures bimetallic composite wire products. Copper clad aluminum wires ("CCA"), the company's core product, combines the conductivity and corrosion resistance of copper with the light weight and relatively low cost of aluminum. It is a cost-effective substitute for single copper wire in a wide variety of applications such as coaxial cable for cable television (CATV), signal transmission lines for telecommunication networks, distribution lines for electricity, wire components for electronic instruments and devices. For more information on Fushi, visit the website: http://www.fushiinternational.com/
SUWN--Never owned it but don't understand why it would completely tank after the recent Stevia/Coke news. If SUWN produces Stevia and it is on a path of becoming more a more established sweetener, isn't that good for SUWN being a major producer? Is the point that Coke will coommoditize SUWN and drive down margins? Don't see why Coke wouldn't be margin conscious. Don't see why Coke might not be interested in buying SUWN out and owning their Stevia production. Any thoughts for why SUWN would tank or whether it is worth buying now would be most appreciated.
One thing I don't understand is that their PR's relating to new contracts only add up to a tiny percentage of their very aggressive revenue projections. I also think the delay in issuing the financials could be because, once converted to U.S. GAAP, they weren't that compelling. They may have taken the extra few quarters to grow into some decent GAAP numbers. Except for forward guidance on revenues several quarters back there is no guidance or other basis of which I am aware to estimate the earnings the financials will ultimately show. Young companies that are ramping up and growing quickly often can't show high earnings. If top line growth is really high, that may be enough for the stock to continue climbing even if earnings aren't great. I just would't assume the financials are going to spike the share price.
CVCP.PK--lbas--I took my initial position for the reasons you mentioned. One thing I don't understand is that their PR's relating to new contracts only add up to a tiny percentage of their very aggressive revenue projections. I also think the delay in issuing the financials could be because, once converted to U.S. GAAP, they weren't that compelling. They may have taken the extra few quarters to grow into some decent GAAP numbers. Except for forward guidance on revenues several quarters back there is no guidance or other basis of which I am aware to estimate the earnings the financials will ultimately show. Young companies that are ramping up and growing quickly often can't show high earnings. If top line growth is really high, that may be enough for the stock to continue climbing even if earnings aren't great.
CVCP.PK--Vietnamese construction/infrastructure. On a run recently after announcement that audited financials are close. Will be interesting to see if they cause price to go up or down. I sold almost all of mine when management went radio silent for months after financials were long overdue.
I'm the worst performing winner. That has to be good luck...
TAM--It suddenly spiked on late Friday afternoon. Just an enthusiastic buyer or some other explanation?
etrade has live quotes for a number of foreign markets including Canada--however still can't buy or sell except for pinksheet equivalents
CSCT--Lentinman. Maybe the recent sell off is meaningful from a technical standpoint. Given the strength in the last few days, I think of it simply as somebody (or bodies) dumping it who bought it under 10 followed by somebody (or bodies) "discovering" it and deciding it has homerun potential. It is good to see that the GAAP earnings hit they took with the Citadel financing hasn't discouraged some pretty aggressive buying in the last few days. Does this recent bounce overcome the "penalty" of breaking the trendline?
CSCTabh3vt-- Agree with your comments/analysis. I wasn't aware of how the Citadel loan would affect GAAP earnings until the stock was well off its high above $18. Obviously others were sharper. They are now trying to get SHs to focus on an earnings number that excludes some none cash item like the phantom interest. Clearly more of a "story" stock now than a "sequential earnings growth" stock. I still buy the story so am hanging in--especially at this price.
CSCT--NYSE listing discussion in last cc. I thought this language was interesting from last cc. I pasted two separate excerpts. First from "Joe's" question which gets a more general "probably Q3" type of response. Then, Joanna brings it up again at the end of the call and gets the response "hopefully in September, on September 2, 3." Don't think he would mention specific dates unless there was a pretty specific plan being pursued.
Joe Detoriyo: My final question is just a general question about sort of corporate. You know there is been lot of volatility in your stock the past couple of months and you know as a significant shareholder, I think we attributed for being to the fact that there is a lot “ FAS money or hedge fund money” in your net? Have you had any discussions given the fact that your track record in deed from a net income basis whether its appropriate to move to you major extends.
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Terence Yap: Yes. I guess, one of our major opportunities as a management actually for us to look at changing of blot, changing of our much more longer-term shareholders. We have really contemplated are moving to a mean mode. As I mentioned previously, we maybe looking at the New York stock exchange as one of the possibilities but we are still contemplating on that.
Mr. Tu and myself who are really flying between New York and leaving for San Francisco this here today and we’ll be meeting there the executives of the New York Stock Exchange to clearly talk about this opportunity, but certainly this is something that is in our mind.
Joe Detoriyo: Got it. Is there an expected timing that you can share with us today?
Terence Yap: Well, as I mentioned previously we are looking at probably this year sometime in Q3 but once again it all depends on several other factors as well.
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Joanna Wu: Okay. And then lastly regarding listing on main exchange can you provide any update as to what the timing or process or status is?
Terence Yap: Yes. As I mentioned to the previous caller we will be looking at some time this year, hopefully in September, on September 2, 3.
Joanna Wu: Got it.
Terence Yap: That’s about the timeframe, but this is something that’s not confirmed yet.
FORG--No recourse if you have already settled. I don't own FORG and am not pumping it, but keep in mind that over 50% of patent trial verdicts are reversed on appeal. Not predicting it, but this is just the 5th inning.
FSIN--Running up all week prior to earnings. Very hard to buy without pushing the price. Based on last conference call (reading between the lines)should post good earnings. If they also provide upbeat, updated guidance stock will have a big week next week.
HRBN--2morrow. I am a committed long term holder and this PR re pump is encouraging as it looks to have huge potential. The stock has responded modestly probably because the reported initial order for 13 units only amounts to $600,000 in revenue. Will be interesting to see 1st Q numbers and whether any of these R+D initiatives are starting to materially drive reveunue growth. I expect HRBN's revs and earnings to grow explosively at some point--I just hope it's before a global market meltdown so that performance will get a good PE valuation and the stock price will rise accordingly.
TGB--Digitech--Your discussion with IR sounds like we are going to have repeat of last Q where the excuse was "mud" for lower numbers than some of us anticipated. The excuse before that was "tires". This one always seems one Q away from good numbers.
Kozuh--Gotta love any stock whose symbol is "CHuRN"...
CSCT--abh3vt and Michael--There was an S-1 filing yesterday for between 2-3 million shares which they used as part payment in one of their recent acquisitions. I'm guessing the selling is related to that. As I noted in an earlier post, there has actually been consistent selling pressure for 1-2 weeks and a steadily decreasing ask. Based on another recent filing,I think a large Texas based fund is selling down at least some of its position as well.
I was surprised and relieved to see the abrupt turnaround midday yesterday on more than twice normal daily volume. At some price I'm guessing existing large SHs can't resist adding to their positions (and probably don't like how the fire sale is impacting their performance). I am very interested to see the price action today to see if yesterday's turn marks the end of consistent recent selling pressure. They will also be announcing 1Q results any day now which should add to the mix.