I agree, the announcement was as bad as you can get. At $6 they said it was a takeover target. At $3 I believe that will be true. You have to wonder why time after time they pay millions for CEOs that are completely incompetent and often just destroy the company value. Second massive downgrade in 6 months and the stock goes from $6.50 to $3.75.
The recent number of huge profit downgrades from index weighted and 'blueish' chip ASX companies is staggering.
All time low and highest volume ever for TWE will bring it onto the overseas buyers radar, particularly given our dollar has fallen 20% since the stock was over $6 and it earns a lot in foreign currency.
TWE Price at posting:
$3.76 Sentiment: None Disclosure: Not Held
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