Herd instinctSNC, selling at ridiculously low prices, is a textbook case.
I have explained in many posts why engineering services alone is worth 14B on top of 2.5B for Capital. Substracting debt, the value per share is 80$.
So you rightfull would ask the question, why Gabs, why is that ?
Two answers.
HERD instinct at work : When a consensus develops, the majority jumps on the bandwagon to belong to the club and it hinders people from thinking rationally. Everyone wants out at the lowest. Sure shorts benefit and short more.
Then you got the Confirmation bias: Ignoring any positive information. i have seen this happen many times with SNC. Focusing only on the bad.
Look at Digital World, a completely empty shell with a 2B market cap and 0 tangible asset and you had 2B buying in yesterday.