It looks like the blood in the water has attracted the Wall St sharks. Chatterjee Fund Management has taken a 5.6% stake. I wonder what and who these guys know?
The shorts just keep increasing their bets against us too, I wonder what they know!
Hang on, things may get interesting!
I used to work for the company before they merged into McDermott, but now I day trade. As for me, I am shorting the stock generously. It has a long way to go down as indicated by the descending wedge formation in the stochastics charts. I feel good about the trade as I believe the downtrend is indicated by the technicals. The stock has demonstrated a descending waterfall with several flag and watershed formations usually indicative of a declining stock price. I am personally watching the Fibonacci tracings for indications as far as 6 months out. If we get an impulse K wave, it could even go to a dollar or less. We'll keep watching.
Lots of investors rode the stock to all time lows this year, lower than when we was just Offshore. No one knows nothing except the stock is really down. Maybe there's a takeover in our future. But the stock is cheap and they don't know more than the rest of them.