It can be a great time to buy on bad news. I often make money when a stock losses 25% + on a day after a bad ann. People ask me how did you possibly make money on that stock ?
You need to be able to pick the bottom though and then get out within minutes usually. These bad news stocks seem to get very oversold within minutes of open and then slightly recover only then to fall to new lows towards close of trade that day. It can be a real quick money spinner if you guess right as the volitility is high until the price settles at a point.
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