Only thing I know at the moment is going to incredibly volatile - Great for trading.
At one point I had decent free carry (profit left) in this stock - stopped out of most of that after open today - now only small free carry which hardly worth worrying about. Should have probably sold it down preceding day as just underestimated how far this would be whacked. And what a whacking!
Article in SMH that SGH will be under large pressure to settle cases including big class action one with Newcrest for $36m close to settling. As others pointed out value is in WIP and hence means banks would prefer to see major restructure and put company on solid footing to restructure. SGH under pressure to deliver mother of all restructures for UK (as Oz largely ok) and guess what that -is what FTI consulting since early jan appointment been focussed on. It will need to be a brutal restructuring but one which could in years to come make it a stronger viable business. But they need to turn the ship quickly to ensure any chance of that.
Probably in most volatile time - but busiest work time for me so no time to watch it and consider a trade - so have to leave that for others.
SGH Price at posting:
31.5¢ Sentiment: None Disclosure: Held
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