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Thursday, June 08, 2006

Update - PMTI

PMTI had some light action in the pre-market hitting a high of $44.00 at 7:49am after trading last night at $43.73. It was a pretty steady decline from there trading at $43.57 at 9:28am. It then spiked at the opening bell to $43.90 and briefly saw a high of $43.90 in the first minute of trading only too see the "Cramer drop" to $42.60, a drop of 3% from the $43.93 high. The stock did find a slightly lower low just after 1:00pm when it traded at $42.55 but well after the initial Cramer effect drop. So the ANGO no-short rule didn't apply here, but given the weak market indicators before the open today it really isn't much of a surprise.

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