Yep nice work by the eagle eyes on this board who caught the FRD hedging issue after the Q4 report. It only got worse in Q1. Wish I'd bailed on my shares in the mid $14's yest in AH trading. Did sell some, will hold my nose and keep a few. Just because the numbers in the earnings PR look so terrific. Maybe the stock goes up anyway? With all the noobs in this market, not sure how many are delving into the 10Qs.
Agree with others it's pretty sleazy that FRD puts out such a glowing earnings PR, while some really negative stuff in the 10Q is swept under the rug. At least we were still able to make some money on this one (congrats for having a cost basis in the $7's!). But the stock would be trading much higher if not for their stupid hedging moves. Maybe they figure this meteoric rise in steel prices over the last year can't possibly be sustained. And I can't argue with that. But it's like betting against the stock market. S&P has doubled off its March 2020 lows. And there's been people shorting the whole way up. Sure to be a sizable correction at some point, but nobody knows when.
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