Amen. The only support we have at this point is the previous 52 week high. After that, all bets are off until the $12s. We are in the low $15’s and there is little buy side action. For sanity's sake I've got to believe that Jacky realizes by now that no amount of contract additions, guidance raises or other talks about the future growth opportunities are going to provide sustainable capital appreciation until the credibility issue is addressed. The ONLY thing that got us out of the gutter was the "head fake" buyback. When people realized they didn't buy any back we gave back $7 a share.
I don't make the rules, but I do think it is foolish to try to argue amongst ourselves about whether or not the company is doing everything that they can to prove their credibility while the market is clearly still slamming them like they are a fraud. The market is screaming from a mountain top "prove you are real and we'll pay $30 a share, until then we're going short!"
I view this December’s PR as a last stand to make a surprise move to address the credibility issue, and that is what I expect. If that doesn't happen I anticipate that many more institutions and retail investors are going to continue to walk away in droves from the greatest company ever to trade like it was a slug.
I believe that if there is basically very little possibility of CCME hitting $20 again in 2011 without a dividend announcement or major analyst buy coverage. I think Jacky will realize that and act.
