This one hurt me today.
8:14AM Phoenix Tech beats by $0.07, misses on revs (PTEC) 15.36 : Reports Q2 (Mar) earnings of $0.08 per share, $0.07 better than the First Call consensus of $0.01; revenues rose 89.0% year/year to $17.1 mln vs the $17.4 mln consensus. Co states, “…Combined with deferred revenues, our total order backlog for the quarter is now nearly $55 million, or 92% higher than year-ago levels. This positions us well for sustained revenue growth over future quarters as we begin to invoice and recognize this revenue.”
I knew the report was mixed, but I never expected to see a 15% haircut.
There is yahoo message board speculation that Ramius Capital Group is selling out the rest of their shares, as some sort of punishment to Pheonix for refusing their buyout offer of $5.25/share in January 2007.
What was clear today is that someone was selling [[PTEC]], almost every minute of the day. Despite my index shorts working hard for me today, this move down eclipsed those gains.
The 200 day average is now the line in the sand.
Pheonix…ashes….blah blah blah
