Thoughtful post Toly and have always thought along these lines. The real issue here is that at 2.60 LYC was overbought or priced to perfection whatever you want to call it and therefore susceptable to anything even slightly negative.
Added to that some of the price/time expectations expressed here were a tad ambitious.
JP Morgan have stuck with 2.71 Dec 11 with the LAMP up and running AND a basket price of $60 (I believe for good reason).
2012 earnings 17c & 2013 @ 45c + 12c dividend.
This forecast may end up being conservative but if I can buy LYC for around $2 today and it's worth 4.60 (PE 10) paying 2.5% div in 2.5 years I'm thinking that's gotta be a good deal.
Despite these hiccups I'm confident LYC can execute so the tricky bit is picking a bottom particularly when the SP has run so hard.
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