High $1.38s? And for how long?
It always amazes me - stocks that take huge dumps in a very short period, like a day, almost always have a rational reason for doing so and almost never come back anywhere close to as quickly, if ever, as they fell, but there are always a bunch of people out there jumping in thinking it's quick and easy money.
I believe there was a study a while back where after such huge drops, a new short position has a far better probability of excess returns than a new long position.