After it released its Q1 2013 earnings report on July 10th, OCZ Technology (OCZ) dropped over 20% in a matter of days. Importantly, though, the stock did not hit a new 52 week low below $4.14, suggesting that maybe the worst was finally over for long suffering shareholders.
The leading provider of high-performance solid-state drives (SSDs) for computing devices and systems met on the revenue line and missed on the bottom line. So naturally the 20% selloff must've been justified with a earnings miss?
The company reported a $0.17 loss versus expectations of a $0.12 loss. The bigger than expected loss cemented all of the fears of the longs and encouraged the shorts to press further on the stock.
Read the full article at Seeking Alpha.
Disclsoure: Long OCZ. Please review the disclaimer page for more details.