It will be interesting to see with how many of those 70 million shares the underwriters got slotted.
It's clearly a lot, based on the fact that the stock dropped straight passed the $6.51 sale price.
This increasingly looks like botched trade on the part of the underwriters, with it looking like Goldmans and Jarden are now falling over one another to hose out the stock that ended up in their hot hands.
So, the selling pressure is not driven by any fundamentals which means that, unless the business is broken (and given the nature of the beast no one, not even the best fund managers in the world, will be able to know that), it presents a rare buying opportunity arising from technical selling due to an institutional imperative.
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CGF Price at posting:
$6.04 Sentiment: None Disclosure: Held
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