Thursday, March 23, 2006
Of all my pet peeves about the stock market, probably my biggest is companies that release important news during trading hours. Usually there is no need for this since most of the time the news can wait until the market is closed. It completely screws the little guy who on the one hand, needs to use limit orders to avoid being robbed blind by market makers, and on the other hand, can't sit in front of the computer all day watching the news feeder. MFRI is a case in point. They released news about a new contract at around 10 in the morning. The stock immediately surged, taking out my 1000 share sell limit order at $8.25. By the time I got my Ameritrade order confirmation email, it was too late: the stock had moved to nearly $9. I sold my other 1000 shares at $9.39 but I lost a bundle on the first lot. Why doesn't the SEC forbid companies from releasing material news during trading hours if they can do it before the bell? Anyway, aside from that, it was a solid day for my portfolio: up 0.8 percent.
I owned MFRI years back (I think in the two's before they started their run) and sold them for lunch money. Bought back after you mentioned them (around 5.40) and kicked half out yesterday. Thanks for bringing MFRI up. Keeping the other half for now - we are in a bull market for pipes- at least that's what Cramer says. Also picked up some KINV a couple of weeks ago when my gtc hit. Lotta volume yesterday. Finally, MNDO hit a high of 3.50 yesterday after going bonkers on large volume. The dividend payment date is Monday. Could that spike have been caused by dividends being reinvested into MNDO (for those who elect reinvestment)? Sure wish I had some sell orders out there.
I don't think the spike in MNDO was due to the divident because I though the stock went ex-div a while back. You're smart to hold on to MFRI. I think it goes higher.Post a Comment