Remember the black knight in Monthy Python & the Holy Grail? He had an arm chopped off and said, "just a flesh wound!" (The Holy Grail: Scene 4). I feel like that today. Had the PTSC news, which was bad but not terrible. Then in the afternoon Ezenia! (EZEN.OB) announced that 2006 was going to be flat with 2005 (Ezenia! Inc. Announces Revised 2006 Earnings Guidance). Not good as you can see from the graph below. "Come back here, I'll bite your legs off!"
It amazes me that these companies make these sorts of announcements mid-day. I mean to me it doesn't matter as I am buy and hold with MFI. But if something is going to cause a stock to move 25%, it'd be nice if people could think about it for an hour before the market opens.
With EZEN and PTSC, it was a dreadful day as I gave back my gains from yesterday and then some. I did buy some EZEN at $1.71 in my retirement account as the sell-off was far too steep. They are still making money and they are optimistic about the future. I sold part of my successful BBSI add-on to fund the EZEN buy. The side fund has been doing quite well as PONR is up 6% today.
In my search for the next great MFI stock, I think I have shortened my list to BVF, AXCA, XJT and WNR. They all look quite acceptable and I will wait for one of them to swing low.