looks like a buy to me - pe will be less than 10, page-2

Not sure, certainly watching them but this is now the 2nd downgrade in a short time and the track record of downgraders recently is pretty tragic. Even MGW after downgrading and falling to $4.20 is now at $4.00.

The other concern is that before this downgrade they had very high debt to equity levels of 106 or $280 million in debt. Put this against the current market cap of $200 million and we've got a debt to equity of about 140. One of the reasons why Ion went under was the very large amount of debt.

Tread carefully. I'm not in but still watching.