RE: Spoke to the CFO Thanks for sharing the dicussion with Matt. Always comforting to know nothing has changed other than weak hands. I had been watching SGY as well and the SP dropped a silly amount recently. Then one day, the selling just stopped (except for the remaining retail panic investors). I tried buying (even thought the stock price was down again that day (in the 2.70 - 2.75 range). I was lucky to get some at 2.76 and 2.77 and then a ton of buyers came in and the stock ran). I tried chasing and should of bought more, but I hate chasing a price. SGY ran for two days and both days had some panic selling still, but you could sense the SP was going up as the "retail panic" seemed to be over and many investors were worried they were going to miss the bargin SP.
I suspect LEG is suffering from "retail panic" as well as some of the other institutiional effects when a SP drops (stop orders). At the end of the day, you could sense panic selling again today with LEG (likely retailers worried that tomorrow will be another down day" - it was almost like panic and sell before someone else does before the end of the day. Until the panic sellers get cleaned out, the SP will drop. After that, then the buying will come in. We should be getting close to this point, but it is difficult to say: many retailers will be thinking $5 is coming. It may, but I will be surprised as institutions should be looking hard at this price.
Sub $6 is silly for this stock just like sub $3 for SGY.