Back in late May, early June, there was a lot of commentary posted on HC2 regarding the fortunes of MSC.
At the time, I incurred the wrath of GP for my comments on MSC. Since then, however, I have not looked in again at MSC. But, today, I have noticed that MSC has dropped to 24c on 450k volume, and is looking rather sick for the time being.
Buying support appears minimal with 7 buyers seeking 272k in stock, and 46 sellers offering 1.7m units of stock.
In amongst all this, the 500k buyer @24c has either been taken out, or has quit the scene.
Originally, this particular buyer had been sitting things out patiently for ~2 months.
Now, the highest remaining bid is 100k @23c.
Having previously quit the stock @29c, and having not yet returned, I am concerned about the >25% drift in value from its late May peak of 32.5c, and in particular, its drift today (doen 1.5c) in a rising market.
Whether the time is right to return will depend upon what, if anything, is being said about MSC for the moment.
Has anyone else heard anything out there?
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