GROW getting hammered

Discussion in 'Stocks' started by dac8555, Jan 17, 2007.

  1. dac8555


    Looking for a potential bounce play off of the 50 MA and support a little below 52.

    in case you care to take a look.

    good luck.
  2. I took a very bad hit on the chin from GROW today. I realy cant seem to find an explanation for this sudden decline. I lost faith in it. Maybe il sell out. OUCH
  3. Something strange is going on. Look at the volume in the last 30 mins. Weird
  4. btw, i bought this stock at $63, when i thought it has declined enough from its high of $72.70. Boy was i wrong.
  5. GROW splits next week.
  6. Dividend, Im new to all this, so excuse me if my questions reflects little knowledge, but why would the split thing make it go down?
  7. U.S. Global Investors offer proxy extension on stock split, dividend vote
    Friday January 12, 5:43 pm ET

    Executives at U.S. Global Investors Inc. have extended the period for voting on the company's proposed two-for-one stock split and amended dividend.
    Nearly half of the investment firm's shareholders participated in the vote, which did not constitute a quorum. The original deadline for the vote was Jan. 10.

    However, a new special meeting has been reset for Jan. 31 at 9 a.m. at the company's corporate office in Northwest San Antonio.

    The first proposal would have allowed the company to increase the number of authorized shares in order to complete the two-for-one stock split.

    The second proposal would have modified the dividend payment to reflect the split. It also would have allowed the company to convert its Class C common stock to Class A common stock.

    Both the board of directors and management are recommending these measures be approved.

    If both proposals are approved, the shareholders of record as of Feb. 7 will receive a special dividend of 25 cents per share based on the number of shares held after the split. The dividend will be paid on Feb. 16.

    U.S. Global CEO Frank Holmes says of those who initially voted, an overwhelming majority supported the measure. Because of the timing of the vote around the holiday season, Holmes says it may be possible that eligible shareholders did not participate.

    San Antonio-based U.S. Global (NASDAQ: GROW - News) is a registered investment adviser that manages 13 no-load mutual funds. The company had an average $4.8 billion in assets under management as of Sept. 30, 2006.

    Published January 12, 2007 by the San Antonio Business Journal

    Did the decline occur because they increased the number of authorized shares in order to complete the two-for-one stock split?
  8. S2007S


    the way this stock moves shouldnt suprise anyone, tomorrow this could be back at 55.
  9. dac8555


    it looks to me like a hedge fund unloaded a VERY large position on this.

    I am in at $51 long with 50.50 stop...incase the selling continues.

    It is sitting right at support and also a pretty strong fib line.

    I would not be long and stong...i have just a $55 target before i bail.
  10. blast19


    Don't think so. That would be a weird one to sell off because of considering it would be a necessity if they were going to approve the split.

    Maybe the share conversion? I don't know the structure of them though...and it likely wouldn't make a difference.
    #10     Jan 17, 2007