LWIN has dropped well off my radar screen, so I know nothing about their fundamentals. But many penny stocks and ex-high flyers that are now sub-$5 (and overpriced even at that level) have been moving strongly the past week or so. I suspect it is largely the remaining longer term shorts finally taking their profits, but those buying them as supposed "bargains" because of their current price levels will be disappointed, I think.
The following statement in LU's earnings report caused buyout speculation. (Note the run up began on 10/23, the day LU reported) Supposedly, in order to default on debt without filing chapter 11, someone has to buy the company.
"The loss in the latest quarter also included a significant financing default by a customer Lucent did not identify. Analysts have said the customer is Leap Wireless Inc. <LWIN.O>"
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