I think PME must be running a gold mining operation on the side. Every time gold gets it in the neck, PMEs price gets clobbered. I know this because I am overweight in both and that makes days like today hard to take
It doesn't seem to matter whether or not PME's contract pipeline is bulging like Popeye's biceps. The market seems determined to take the SP down to the gap between $29 and $30.
I note that short interest in PME has climbed steadily since March to 5.46% on 22 Oct. Short interest over 5% starts to worry me, especially in a stock like PME that is not particularly liquid It shows a worrying degree of conviction on the part of the shorts. As of 18 Nov the short interest had fallen to 4.76%.
Maybe they were betting on the SP filling in the gap. I hope their chooks turn into emus and kick their outhouse down... with them in it. Better still, would be if someone like Alphabet makes an offer for PME at $50 a share.
Cheers
PME Price at posting:
$30.86 Sentiment: None Disclosure: Held
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