It is the outage combined with poor performance. The company has failed to adequetly disclose the actual cause of the outage and a pathway to resolution. The social disclosure is more than market disclosure. This will (and is) giving significant concerns to the business as the business is literally about transactions. This will have reputational damage. And to all those who will say every bank has issues, yes they do, but this is WEEKS running and WEEKS more to resolve. This level of outage has never happened with any other provider, and comes at a time of significant uncertainty and risk in general.
I said two days ago this is a shorters game, I converted all my stock here to shorts and will ride the wave down. Then yes I will buy back long at a substantial discount, but only when they disclose what exactly happened.
TYR Price at posting:
$2.95 Sentiment: Sell Disclosure: Held
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