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Chief executive Richard O’Brien told shareholders at the company’s annual meeting in Melbourne that utilisation rates for its drilling rigs could fall as much as 20 per cent compared to last year.

Boart provided earnings guidance at the lower end of analyst forecasts – which have already been slashed repeatedly as the deterioration in the contract mining sector has accelerated.

“The downturn in capital and exploration spending in the mining sector globally has clearly reduced the demand for drilling services and products,’’ he said.

Despite the bad news, Boart shares are up 8.3 per cent, indicating shareholders had feared worse.


Read more: http://www.smh.com.au/business/markets-live/markets-live-selloff-hits-asx-20130521-2jxms.html#ixzz2Ttc6TtSx
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So basically as I said, the horse has bolted & the price was factoring worst case scenario. What is happening is not good, but the share price more than reflects this at these levels. That's what I was sayig in my earlier posts! Markets get too carried away in both directions.

We will still have down days when other companies bring out downgrades and we will have good days when iron ore & miners are up.