Is below $2 a possibility?

I have to admit I am sightly confused about the non-performance of this stock, I have held my allocation hoping for better news stories that will lift the SP. I was asked yesterday if I thought that the SP will fall below $2! - I had a minor nervous breakdown on that thought!

I agree with Bug1 on the numbers but something is holding back the increases and surely it cant just be uncertainty around NBN? Is the market expecting something more or are the falls in SP just reflective of the shine coming off Telco stocks across the board?

Would appreciate any feedback or thoughts.

Cheers

Ax