Eamon
There is still too much fog here. Wave had indicated they wanted to fully utilize the shelf and have also indicated that they could use more resources now as the market is engaging. So I think they would have acted as quickly as they could and felt the price was about as good as it was going to get in the near term. Also if revenue is engaging then the quicker the market feels they won't be going back to the well, the better. So with positive revenues and some cash in the bank, the overall outlook will be more positive.
The fog I refer to is simply our inability (or rather SKS' inability) to articulate clear guidance that stands up. We shouldn't need to parse statements, guess what periods it applies to and then be unable to understand what has changed. If he said, the expected volume through Q2 was less than he expected before, or the average price was less than before, and thus he was extended his outlook a quarter we would understand. He also could have said that he expected breakeven because of upgrades in any event. Instead there are dozens of posts seeking explanations and looking for missing numbers. That's a failure by him to be clear. Now he may not want to be clear, but that's another story.
