It looks like Joyce blew the remaining buyback money with the big surge in share price this afternoon.
What happens next without Qantas buying up its overvalued shares on the market and ahead of a bear market that will likely continue? QAN has itself been propping up the share price while letting its fleet decay, pissing off its workforce, letting it reputation erode in the eyes of the Australian media. Now that Qantas has become a laughing stock of the nation, how will the share price perform without its biggest single trader buying shares anymore?
I predict another "market update" from Joyce soon as a final attempt to prop up the share price ahead of imminent falls over the coming days, weeks and months. This is a broken business with the dumbest management in Australia who are solely focussed on their owne remuneration. Joyce and the board have ruined what was once a brand for the nation.
QAN Price at posting:
$6.27 Sentiment: Sell Disclosure: Held
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