Agree 100 percent. Aventine has been beaten down like you can't believe.
I was looking at the 1 yr price chart at Fidelity and thinking about what they have been through in the last 12 months. Lousy corn vs. ethanol price spreads killed their margins starting in Aug 08 (when stock was $7). They dropped to $2 by Nov 1st. Then Verasun announced their BK which further hammered them down to $.30 over the next 2 months since they were the only two NYSE traded "pure play" ethanol companies. Then their bad operating results in Q4 and the rather large hedged corn positions that hurt Q1 09 earnings. Things are looking much better now with corn and ethanol prices where they are today. There is also a very good chance the blend rate will go up some (to 12% or 13%)in Dec when EPA is forced to rule on it.
Its a true value play at this point, not a pump and dump.
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