Taking it on the chinIt's not helping at all that Pyrogenesis' "strategic investment" is making new lows as well.
After making a new low on above-average volume yesterday, HPQ has done it yet again today.
Going only from memory, I believe Pyro had 26 million shares of HPQ as of June 30th.
This is the "and publicly traded shares" portion of the $9 million in liquid assets that the company reported. ( Again, memory only )
Loosely translated, HPQ shares represent approximately 80% of Pyrogenesis's liquid assets.
Several posters on the HPQ board have been less than complimentary there in response to my suggestion that PYR might be selling shares to shore up liquidity.
In my opinion, that's very likely what we're seeing here.
Pyrogenesis is taking a bath in HPQ.
I'm not here to bash anything, but if I owned Pyrogenesis I would sell it.
I DO have some experience with companies that have failed despite showing some promise.
There's a Chinese proverb about bad news.
The rain always starts with one drop.