AMRK -0.85 to 25.50, this is clearly another case of the stock dropping long before the bad news hit ..... it fell from $42 to $26 over the past 3 months on "no news" and then less than $1 this morning ..... so one way or another investors had already anticipated and priced in the big earnings miss. Damn, I wish I had figured out that this quarter would be bad !
fwiw, I sold about 50% of my position so far and am mulling over whether to sell more, but I don't agree with SSK that it deserves only a PE of 5 to 6 because of lumpy earnings. My concern is that earnings could continue to trend lower and tax loss selling will weigh on the stock regardless.
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