hope yall got out
LAKE? I never got a borrow on it and haven’t been checking lately. I would keep the short on today though unless the rebate is really high. There is no way this stock is going to sustainably trade at $15. It can do whatever it wants between now and the point at which reality hits (usually sooner than you think) but there is just zero chance it will be a $15 stock over time. I take small positions in general in case stuff moves against me, but that’s especially prudent in day trader names like LAKE.
I would have to look in detail but this is probably a chump bounce. LAKE raised money last week and they don’t want to see their capital partners get blown out immediately after the deal (that’s bad for business and can result in lawsuits). That is especially true if there is some kind of nasty warrant package with a PIPE. So it’s easy to come out with some BS announcement that will send the stock higher (chumps buy), thereby helping out whomever infused capital. That setup rarely does well over time. Chumps gonna chump.
A little bounce of 23%…“Lakeland Industries Inc. (LAKE) said Wednesday it has received orders for about one million protective suits because of the Ebola outbreak and plans to double production.”
It is Halloween demand