From Briefing.com this a.m.: Coverage Initiated Company Ticker Brokerage Firm Ratings Change Price Target Syntax-Brillian BRLC Cantor Fitzgerald Buy $13
Funny how that upgrade came after the stk came within 4 cents of touching the neckline in the head and shoulders pattern! It's also teetering on on $8.00 in a scary way! They had good newsflow about taiwan today too! >>>>> 2 weeks from now will be the test....
massive support at 7.8 - 7.9. If it breaks support, I'm not shorting this stock, I'm midgeting this stock. (I know I'm so funny and corny, its a gift)
re BRLC. Sometimes a stock is like candidate's stump speech... you can't really describe why, but you are moved by it, just by looking at it- you know what to do. Sell it to others...
So what do people think is determining the price of this stock? It doesn't seem to follow the overall market...
It's the whole naked short reg SHO issue that is holding this thing back. 33.58M shares float; 16.76M held by institutions (assuming long term holds) that leaves 16.82M shares available for trades on a daily basis. Per the latest filing (data date 2/12/07), there were 16.38M shares shorted (or almost all of the "trading" shares). I am not a "hedge funds manipulate the market" conspiracy theorist and do believe that, over time, the market will determine the correct value. But that said I have been watching and trading BRLC for some time and swear there is manipulation in play here. Every time you see the stock move up in large blocks trades, it is just a matter of time before 100 share lots show up on the bid (or below) just dropping the price. I got stopped out of my position on the 2/27 market correction and would really like to get back in, but I am just monitoring at this time to either see either: a) squeeze come in play, or; b) the quantity of short shares drop drastically. This really should be a $10 + stock.
What would cause the short shares to have to cover ? Does this not happen simply because they are actually naked shorts ?
I have found it a best practice to stay away from these companies on the REG SHO list. The reason is because a hedge fund or some other institution has made this company a target and you dont want to be caught in between. Overstock.com still has issues with their float being "naked shorted". Im not sure how long its float has been this badly damaged, but I think its going on at least 2 years. Actually, BRLC's situation looks very similiar to Overstocks. Im not certain where BRLC will go from here, but I see a float that is shorted more then there are shares available as another problem similiar to the Overstock situation.