Since the purpose of any Message Board is to foster idea and info exchanges to help every reader make his own investment decisions, bad or good, I have decided to reprint here the PM I sent to Glenn. Havent made a decision yet how to proceed with my CNAM position but this does reflect my thoughts as of now:
Hi Glenn: Thanks for the reassurance. What made me mad is not the 2nd guidance cut to "we dunno" but the 140MM guidance and the Q2 CC. By Sep 10 they damn knew what to expect from Q3, or at least they should as Mgmt if they had any competence. Still they guided for a skyhigh 140MM, thus leading investors to set wrong expectations on Q3 Q4 performance. They live and work in China so they should know their own gvmt much better than us. If you are not sure then dont guide skyhigh. Guide low and shoot high. You cannot blame everything on gvmt and say, we didnt know that we were going to get more blackouts in Q4. How come no other company known to the CGS board has similar extreme misguidance issues due to power issues?
By Sep 10 when they issued the 140MM guidance, Q3 was almost over and they didnt know that rev was going to come in below 19M? Still they were guiding for 57M+? That's absolutely ridiculous. Looks to me the CFO doesnot know how to add 1 to 1. JMHO
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