I took a nice beating on the little bit I bought of this today too. Good thing I was up on so much else or I'd feel sad. It's really surprising behavior for such potentially profitable stock. The Chinese LOVE gambling... they are now starting to travel because the wealth is getting out of control, and this will be only 1 of 3 hotels going up in the only designated gambling city. It's a long term keeper anyway unless it's mismanaged. Just goes to show that the money's not as easy as it was 2 weeks ago.
I have noooo idea... While I'm sure they exist, I have never yet seen a stock that started falling towards it's IPO price after only a $2.99 runup. Either there's something bad we don't know about this stock, or no one's talking about til they can get more money to buy themselves (sort of out there thought). The problem is the total shortage of data on it since it's so new. Also, the market has been so touchy lately that a lot of speculators bought for the sole purpose of flipping (like houses!). But there's NO buyers stepping in who are really interested to absorb the selling. So all I can guess is that it's not been strongly advertised, or there's seriously negative news that's not come out. As I said, I have never seen such a potentially great idea go south on the IPO like this. I've seen some of the stupidest dot.coms sell for multiples the first days of the IPO. As for hitting 19... I don't believe THAT will happen, but never say never. I'd buy more if it hit 19, I don't have much $$ in this anyway, since it was pure speculation, and IPO's are always priced fairly as far as I know (and they don't stay at those prices).
Is there one chance in a million that EVERYBODY does not know and believe this already? Who's left to convince?
http://www.iht.com/articles/2006/12/19/bloomberg/sxmelco.php Lots of danger. I see lots of danger. Check out all the problems this unprofitable company has YET to face. And almost all of its growth is hinged on things that have yet to happen. It hasn't even bought the land (closed) yet on the location for its main gaming operation!! And a 3 billion dollar lawsuit?? Wow.
You're right, but I think it's highly unlikely it's going to go below $19, so there's simply no point selling if you got in between that and $21. It's probably easier just to wait and see at this point.