On 5/9/2008 LNC announced it was selling its Teresa tenements. On that day the opening price for LNC was $2.99 & closed @ $4.35 after the news.
The day before the news on 4/9/2008 LNC opened @ $3.10 & closed @ $3.05.
The lowest price seen in trading in the previous few months before the sale announcement came was on 3/7/2008 where it traded as low as $2.61 & closed @ $2.91. The highest price around this time was on 12/6/2008 @ $4.92 (higher than the closing price on the day of the sale announcement).
I have noted the shorting taking place on the stock (as much as 22% of trades on 1 day if I remember correctly). Can we safely assume that some of the panicky posting is associated with this?
I've been reading lots of negativity on these threads lately & some are suggesting a non sale of Teresa value to be sub $1 & as low as 25c.
Perhaps I'm missing something?
Haven't missed the market turmoil or the other announcements since the sale announcement.
My opinion is that LNC has been oversold on available data whether it sells Teresa in the sort term or not.
Good luck to holders.
LNC Price at posting:
$1.12 Sentiment: Hold Disclosure: Held
