Of course it was just another silly fluff piece, but I disagree with you about no one taking it seriously.
The market is inherently bullish and biased. Look at AGY; it's an obvious train wreck, the announcement is obvious garbage, but anyone who can see that has already sold. The remaining people holding are those who choose to believe or are unable to grasp the reality of the situation, mostly because they're unable to admit things went badly, and probably a few who are genuinely just that inept at understanding things. The market weeds out anyone who isn't a bullish believer, and when things get as extreme as AGY now is, the weeding becomes extreme and you're only left with diehard believers, the type of folks prone to believing nonsense like this.
But it wasn't even that fluffy. Even if I believed the story in this announcement I wouldn't be excited, and I'd be waiting before wanting to hold. It reminds me a little of the time before I first bought (I started buying after the CR which funded the 2,000TPA plant, which predictably crashed the price), except that this time they've already had two pilot/demonstration facilities to demonstrate that they're incompetent and can't produce. So we have another requirement for a SP-crushing CR, then another orphan period of years (assuming they do succeed in raising capital), followed by a brief excitement phase, probably followed by more disappointment, but even if you were a true believer, why would you want to be holding any time between now and the later part of that orphan phase? It's absurd. But, the thing is, the holders here are the type of people doing that, they're the remaining few who chose not to sell and some have even been buying, so of course some, maybe most, will actually take it seriously.
And, of course, insane people hate it when people clearly explain why they are insane. So, they will hate and attack me and anyone else who does it.
I've never found an effective cure for denial and I doubt I ever will, but I'll keep trying.
AGY Price at posting:
3.7¢ Sentiment: Sell Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)