Yep, I meant EBIT(A)- the first coffee had not kicked in yet. Thanks mate.
I was just revisiting 22 August 23- the day of the original guidance advice- that advice too had not been received well- the SP movements that day were very similar to those of yesterday. Shortman shows that at the time shorting had been increasing steadily from the DDH announcement- then spiked on the 22nd and then fell quickly back to its previous trajectory. I was watching the PRN SP and trading DDH at the time. I posted that day that the PRN SP had bounced off $1 and had done so several times previously this year.
Sometimes I make a study of how particular stocks react to earnings/guidance announcements- some stocks are really predictable in this way. Charts show day end SPs and do not reflect the rodeo rides that some stocks go on intraday at announcement time.
Anyway, getting to the point, the market did not like guidance on the 22nd August and reacted almost identically yesterday.
IMHO DYOR
PRN Price at posting:
$1.05 Sentiment: None Disclosure: Not Held
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