This stock was always interesting as it could serve as a barometer for our market, given it’s exposure to the equity markets, interest rates etc. Late last year we still entertained the possibility of at least a $5 rebound from the lows then of about $11. We got the $5 but the stock simple did not do what it should if the market was O.K. Unequivocally we recommended getting out of the stock, and perhaps the market in its entirety on March the 6th (the blog is under “canary” on this website because of the dead bird picture). Here is Manu today;
Often it is more important to observe what a stock does NOT do, than what it does do. The expectation, or at least a probability of the stock doing an A-B-C as shown in red, was reasonable. But in early March the stock just would not above a narrow range, a dead give-away that something was wrong, so we advised to get out. (by the way, if your broker does not keep track of stocks bought for you , perhaps you should get a different one!).
We are now at $14 and would have given back any gains from$11. As mentioned then this could deteriorate rapidly.