MIG
Ramsey's mostly right IMO but has downplayed the media aspect. The DJ reporter wrote follow-up "corrections" to her earlier report where she had inferred a deployment partnership w/IBM.
She retracted that, blaming a misleading PR and then threw in KPMG going concern letter (for Q2 mind you). Another "correction" was the SEC was "investigating" Wave and holding up a s/h vote to increase the "float" of the stock by up to 60%
The following day Linda Larouche did 3-4 reports on CNBC from the NAZ site & guess which aspects of the story were reported by CNBC...
for those not "in the know" it looked a bit like chicken little & that Wave was a P&D & a sketchy company & DJ/CNBC were fanning the flames.
DJ then tossed in a report about PJS selling to repay the loan (following a Wave PR), as well as SKS & Feeeney selling up to 10% of their positions. No mention made of what SKS did w/his proceeds, nor whether Feeney paid back the "bonused" loan. They sold in the mid $4s if memory serves.
You can see the effect of the first "correction" on the chart where it dipped late day & the follow-up & the CNBC effect on the selling the next day...
many silver linings in the story IMO, incl the fact that wavx is in its 9th trading day above $1.90.
there was a poster calling himself "financial_reporter23" who came on the boreds in the aftermath seeking feedback from s/h for a story he is writing for a "major financial website." Some here have checked him out (incl me) & he is 99% for real.
Checking FR23's record left me wondering if there is any possibility whatsoever for a positve piece as his work (as a whole) seems decidely negative. Am hoping that the massive mistakes made by the rookie DJ reporter won't be repeated by FR23 & that he'll do a balanced report.
He was doing interviews yesterday & will likely run the story in the next few (unless he waits for the CC for more detail). His last story ran last week & he publishes about every 3-5 days (he does more feature-ish work than the wire reporters.
My take on this is one of hope but *NOT* optimism, esp. recalling the days of Claugus & Barrons. However, FR23 assured me that he would be inquiring w/wave officers (unlike the Barrons hack).
we'll see - could be released today or as late as friday IMO.
buenos tardes,
el SPIN
PS Larry D's moving avg post was "great stuff" IMO...
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