I share your concerns. I was lucky to get out of CXO at 70c just after their last quarterly. My average there was 55c, so I escaped with a small profit (28%) after riding it up to $1.86, then all the way down again. The key was knowing when to walk away, and that time came for me when I read their ridiculous quarterly report. As with AGY, there's a group of pumpers on the CXO threads who were emphatically encouraging others to hold on because CXO was going to the moon. Now they're doing a cap raise at 40c, which is 36% lower than the current share price. And they've got ~$150m in the bank already.
Many lessons to be learned there, the most important being that anyone who thinks that a CR isn't possible for AGY in the next 12 months is a fool.
AGY Price at posting:
25.0¢ Sentiment: None Disclosure: Held
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