I think some commentators are saying the market is marking down SWM today but the truth is probably far simpler - 1 holder for whatever reason decided to exit the stock.
no market announcement and no other media stocks affected. ARN media in the last week or so made an offer to take over southern cross media for a 30% premium with very little negative backlash on their share price so the 'market' dumping media stocks idea doesn't really wash.
also only point one of a percent of SWM shares changed hands today (circa $500k), yet it wiped 7% or 32 mill from theoretical market cap. Someone can easily scare the market in these volatile times and then pick up those same shares back again at a discount over the next week.
my prediction is the shares will recover in a week or two but SWM will be volatile for the next 6-12 months until it pays down a chunk of debt or pats a dividend .
SWM Price at posting:
26.5¢ Sentiment: Hold Disclosure: Held
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