Here you are in a middle of a trade and your up a few grand and then Bamm! it just stopped trading Halted :eek: 2 weeks later it's still halted WTF? Is there any limit to how long the Nasdaq can halt a stock? I got 30K tied up in this trade many traders are getting pissed RINO yes it's RINO
If you trade stocks making massive moves on news, expect to end up in trading halts on a fairly regular basis. RINO was alleged to have generated just $11 million in actual revenues while stating they had generated over $100 million in revenues. That's a serious allegation and places traders in a bad situation. The shorts are screwed if the allegation is false or the company's misstatements are insignificant; the longs are screwed if the allegation is true. A much safer method of trading is to buy NFLX. No matter how much you pay for NFLX and how low it goes from there, it will go higher, usually within a week. The reason for this is that NFLX now has a short interest of around 90%, which means that based on the average daily share volume on the stock, it will take the shorts approximately 352 days to cover, which means that the only people selling NFLX now are clinically insane. Seriously, all the best to you on RINO.
Nasdaq shows a short interest for NFLX of about 20% with 2 days of volume to cover. Netflix, Inc. (NFLX) Short Interest NFLX Netflix, Inc.NASDAQ-GS Settlement Date Short Interest Avg Daily Share Volume Days To Cover 11/15/2010 10,479,044 4,858,410 2.156888 http://www.nasdaq.com/aspxcontent/shortinterests.aspx?symbol=NFLX&selected=NFLX
I always thought halting a stock was a bunch of BS and just plain wrong. my .02 hopefully you're short, im sure you'll do well by the looks of it.
I recall when RIMM was having its ongoing patent dispute with NTP back in 2005. It would often get halted intraday when there was a court hearing, and then eventually would start trading again, resuming up or down several points, depending on what the judge said. It was quite wild. In your case with RINO, according to finance.yahoo.com, the shares in float are around 7.3 million, with a huge short interest of approximately 43% as of mid-November. Usually, bad news is often followed by more bad news. Hopefully you are on the right side of this trade. Here are some articles that may be of interest: http://seekingalpha.com/article/238006-prepare-for-the-rino-fallout?source=marketwatch http://www.thestreet.com/story/10928334/1/rino-speaks-investors-shudder.html Best of luck.