With disappointing initial jobless claims and Philadelphia manufacturing survey results, the market is pretty much saying 'no problem', as the S&P 500 is now green. It appears that Hilsenrath's article about the Fed's 'maybe, maybe not' QE exit strategy has done its job - the market reacts positively to good economic news, and it reacts positively to bad economic news. Interesting that while there was so much debate going on around whether or not insurance companies must be forced not to automatically reject people with pre-existing health conditions, everyone keeps pushing and begging the Fed to keep 'insuring' the equity market. As we have said before, we are going along for the ride, but at these levels, for safety reasons, we're holding on to something as it might get bumpy.
Regarding AVID, the stock spiked up 2% at around 11:15AM (ET), on pretty good volume. The deadline for the Company to submit a plan to NASDAQ on how it will regain compliance is Monday, 5/20. With the resignation of former CEO, Gary Greenfield, from his latest so-called consulting position, some are thinking that AVID will provide an update sooner than later. And it appears that some (or someone) bet about 30 minutes ago that the update will be good news. The stock is up only 1.5% now for the day.
Regarding AVID, the stock spiked up 2% at around 11:15AM (ET), on pretty good volume. The deadline for the Company to submit a plan to NASDAQ on how it will regain compliance is Monday, 5/20. With the resignation of former CEO, Gary Greenfield, from his latest so-called consulting position, some are thinking that AVID will provide an update sooner than later. And it appears that some (or someone) bet about 30 minutes ago that the update will be good news. The stock is up only 1.5% now for the day.
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