Medinah Minerals (MDMN)

[Beth0515]

...and in anticipation of argument regarding the timing of news releases, while it is difficult to codify "common sense", here is a study that provides empirical evidence as to the economic cost of such stupidity--

Abstract
Do firms time the release of news in response to investor inattention? We consider news about earnings and analyze the reaction of investors to announcements on Friday and on other weekdays. The announcements have two main effects on stock returns. First, the short-term response to Friday earnings announcements is 20 percent smaller than the response on other days of the week. Second, the post-earnings drift is 70 percent larger for Friday announcements. These stylized facts suggest that weekends distract investor attention temporarily. Consistent with this interpretation, trading volume around announcement day increases 20 percent less for Friday than for non-Friday announcements. These facts support models of post-earning announcement drift based on underreaction to information due to cognitive constraints. We also show that firms appear to respond to investor distraction by releasing worse announcements on Friday. Friday releases are associated with a 25 percent higher probability of a negative earnings surprise and a 50 basis points lower abnormal stock return. Finally, we document a similar pattern of strategic behavior for political decisions. The US President is 25 percent less likely to sign on Friday legislation containing good news.

The rest is here:
http://www.aeaweb.org/assa/2005/0107_0800_0903.pdf