While normal convention indicates that SP drops at ex-div date IMO MYR has not been responding this way with the shares in free fall since last year and suffering drops again when reporting was done recently. Not sure that the sellers were too interested to wait until May for a dividend.
The interesting piece to see is whether the shorting continues at the same pace now that MYR have issued an outlook/profit warning and taken the view of providing a harsher outlook than they had been prior to this. The only uncertainty is probably whether they require additional capital. Once this becomes known MYR speculation may ease and the shorting positions reduce IMO.
MYR Price at posting:
$1.36 Sentiment: Hold Disclosure: Held
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