selling overdone?

Surely all the sellers new that todays profit downgrade would have been coming, so I find it hard to understand why it has been sold off so much today. I have family who work in the travel industry and over the past two weeks they have not been able to keep up as they have been having so many enquiries and bookings for both domestic and international, so I would expect that qantas should have a strong recovery later in the year as people are starting to forget about sars and many of the political worries. I bought some calls today as I think the reaction to the profit downgrade has been overdone and I really don't expect it to fall below $3 again.