Too high too fastI've been following Air Can a while and am a fan and got out and back in a few times. My last foray was after AC was oversold because of it reported a loss that, although was bigger than expected, had been alluded to the week before. I got bored due to no movement even at a low price and exited my position.
Missed the boat on this spike but it maks me wary that the stock spike is not justified.
They said they'd work to cut 50 million out of expenses and it lookslike they did. Westjet exceeded expectations so air can doing the same isn't a huge surprise. I would have expected a runup of 25 cents but approaching the $2.75 mark makes me think it will be shorted.
I'm staying on the sidelines as if it approaches $3, there isn't much room for it to move further. If it maintains this price over the next quarter or two, I'll look again, perhaps they'll pop a dividend.