GigaMedia Limited (GIGM)

[Pay_tience]

lll...I can tell you exactly what happened yesterday! It was a load of sheep dung! Congress came out with the announcment they were passing the bill to ban online gaming in the USA and would take effect in 9 months. This news was taken as negative for GIGM and the stock was sold off by ill-informed investors! GIGM has NO EXPOSURE to the US online gaming industry, so it was a non-event for them. Think-Equity knew this and reiterated their "Buy" rating for GIGM yesterday. Investors with more money than sense, sold off GIGM yesterday and took out a LOT of people's stop loss orders. The stock went all the way down to $9.00 from forced selling (margin calls/stop losses).

It was a load of BULL!!!! Who cares if Congress is trying to ban online gaming in the US. They are only doing it because they haven't figured a way to TAX online gaming as yet.

GIGM is not involved AT ALL in the US gaming industry, so the stock should not have been effected one iota. But idiotic investors with more money than sense, sold it off because they are stupid!!!

Which just goes to show, just because you have a lot of money, doesn't mean you have a lot of sense! There are a lot of dumb people out there who have inherited a lot of money!

GIGM should bounce back quickly imho!

PP :)