Three attorney firms have announced they are “investigating” claims brought to light on SeekingAlpha: Rosen, Kahn Swick & Foti, LLC and Bernstein Liebhard LLP
These guys are the ones who might recover any losses from shareholders through a class action suit. This is way faster than anything on the DEER front. Makes one wonder if there is something to the claims after all.
I don’t know the writer of the story, but I just rode a mini flash crash today. 40% is a pretty hefty hit, maybe too much to be realistic yet. It will be interesting to watch – and maybe just a bit painful. If you had been watching this stock today you could have grabbed it below $2.00 per share and rode it up to $2.15 for a tidy profit. If you had shorted at the opening bell, you would have even more. SeekingAlpha is definitely influential, and at least for today (even if it is a self-fulfilling prophecy) they were right to be short.
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I bought 500 shares of ABAT on 3/28. This morning the stock fell off the cliff. This is another Chinese company that is getting hammered on Seeking Alpha. I don’t know if the analysis is right or wrong. I do know that it’s hit my shares for over a 20% loss this morning. I have done OK with ABAT since I started trading it in 2009. I don’t have any problem holding this stock long term through a temporary bashing. Not sure how long this slam might last or if it will Enron on me. So far my inclination is to hold – even through the roller coaster – average my price down like I wrote about with INTC last year if it gets low enough and still looks like a decent stock (to me) and come out on the other end, a little older, a little wiser, and preferably a little wealthier.
Disclaimer: I do own shares of ABAT. I’m not suggesting that you transact in any way with ABAT – that’s on you if you do.
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DEER fires a legal salvo at “Alfred Little” the Seeking Alpha blogger that DEER claims is illegally manipulating DEER’s price in order to profit from the subsequent price drop.
Disclaimer: I did not buy, sell or short DEER, I’m just a sideline observer.
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I bought 500 shares of WTSLA on 3/23 at $3.41. I was looking for $3.77 to sell and today (with earnings conference calls held last evening) it sold @ 3.80. That’s a nice 10% in two days. I tried to calculate the APR using the XIRR function in OpenOffice.org, but it came to some ridiculously high rate like 5 billion percent.
Due to trade settlement rules (T+3) I have to wait for the cash to credit in my account before I can run another turn. That seems to happen when the buy and sell are so close to each other, my purchase cash is still encumbered. So in a day or so I will look to see if WTSLA is still in the screener.
Had you signed up for my newsletter you could have been in on this trade. Not that I would be selling or recommending stocks, just notating what I’m looking at.
Donald Trump’s hair piece must be on too tight. On “The View” he said that Barack Obama has to produce his birth certificate. In the court room this would be called badgering the witness, in politics it’s called “fair and balanced”. I never took Trump for a racist, but that’s all that’s left. Obama has produced his birth certificate, the Republican Governor of Hawaii has signed a bill allowing the state to ignore repeated requests for Obama’s birth certificate. I court room terms, the Republican Governor has responded, “asked and answered”.
To continue to insist that Obama is not a US citizen is racist and xenophobic. Heck, John McCain was born in Panama, but on a military base. That makes his citizenship even more questionable that Obama’s. Perhaps that is the real push behind the illegal immigrant sentiment that is surging through the repugnican and tea-bagger parties like a tsunami wave at Wet ‘N Wild. Let’s not let anyone born in the US have citizenship unless they can prove at least one parent is here “legally”. I mean, at some point there might be a Hispanic running for president. We cannot have that. So the fair and balanced right wing wants to make sure that never happens.
The US was founded by christian white males (after they beat back the tanned Native Americans and built their plantations on the backs of kidnapped Africans) so they should be the only ones to benefit from being president. A black man with a funny sounding name – and whose middle name is the same as the last name of the now decapitated leader of Iraq – should never have been allowed to be president of the United States.
Trump needs to quit sipping tea from his hair-piece, spewing vile nonsense only lends credence to the racist tea-bagger party.
Some baggers have taken offense to be called tea-baggers. I say when they cough up the short and curlies that have been tickling their tonsils for the last few years and put those KKK masks back over their pillows I’ll stop calling them them testicle gurgling racists. Fair enough?
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I run a simplistic stock screener in my TDAmeritrade account to look for stocks that I might be interested in buying – usually with the goal of selling at a higher price in a short to medium term time frame1. Recently, DEER popped up on my screener as falling within the price and value criteria. Looking at the chart, the price fell straight off a cliff within the past few days. DEER is a small appliances company in China, where the market for small appliances is potentially huge. This is the beginnings of an interesting dance between what might be termed investigative investors and a publicly traded company.
The first volley appears to have been fired by “Alfred Little” over at Seeking Alpha. He alleges that that Deer overpaid for land use contracts and that his attempts to confirm the contracts actually exists were in vain. He believes that massive fraud may be taking place at Deer and it’s time to bet on the downside. For its part, Deer alleges that Alfred Little is engaging in internet rumor mongering in an illegal attempt to drive the price down and take advantage the the huge price drop in a massive short collusion. In management’s defense, they have made significant purchases recently (and at $11.00 per share)
Bloggers seem to be today’s version of Geraldo Rivera sneaking into a mental health facility or, dare I say it, deep throat. A tiny kernel of truth sometimes exists. A blogger, an investigative investor, may stumble upon something that makes sense to them – heck read some of my posts, you’ll see I’m sure about what I believe whether it’s right or wrong. The tug-of-war that was started just days ago by Alfred Little may just end up being one blogger’s attempt to make a fast buck using the internet rumor machine or he could be cracking open the next Enron. Unlike Enron, though, there is insider buying, so I remain neutral on the whole affair.
It will be interesting to sit here, on my hands buying my own adjudged good buys, and see how this plays out.
- My dominant, but not only, trading style is to buy channel trading stocks
Disclaimer: I am not suggesting you buy, short, sell, run options on or otherwise transact in any way in DEER. If you do, it’s your own money on the line.
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I like FIZZ. Not sure why, I just watch and pick it up for a turn now and then. Since I wrote about it before I figure I’ll let you know that I grabbed another 100 shares @ $13.00 on 1/21/11. I was looking for $13.74 and got that on 3/22/11. After commissions it’s $53.99 or 4.12% for an APR of 27.85%.
Disclaimer: This is not a recommendation for this stock one way or the other, just what I’m doing. I’m not selling stocks, you need your own broker.
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My old rewrite rules have been blown away by WordPress 3.1. The links were so broken I only got blank pages. So, I had to retire the rules from How I Cheated to the right and replace them with:
RewriteEngine On
RewriteBase /
RewriteRule ^index\.php$ – [L]
RewriteCond %{REQUEST_FILENAME} !-f
RewriteCond %{REQUEST_FILENAME} !-d
RewriteRule . /index.php [L]
Very simple, but a pain to try to figure out. Nothing else I found on the internet worked.
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