With the doubling of the OS in one quarter and the less than stellar conf call, I had to reduce my holdings this morning. It takes a lot to overcome that level of dilution.
There is uncertainty on the rate and extent of future dilution despite the great earnings reported. I hadn't seen the annual report numbers yesterday when I made projections, which were based on assumptions of very little dilution. The picture is less clear for me to have a high degree of confidence at this point. I expect that until this issue is addressed properly (it hasn't been IMO) the stock price will continue to be quite volatile.
I DO see the paydowns in cash as very positive so I retain some shares just in case the market decides to not place much importance on the .001 conversions going forward.
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