(CKCM) announced around mid-afternoon on Friday that they would be delaying the filing of their 10-K ((WFR), incidentally, announced the same thing today). The stock has a big short position and seems often to be in the grip of momentum traders and I thought the shares wildly overreacted to the news, dipping by more than 10%.
So I took advantage of the sale and picked up a little more CKCM in after-hours trading on Friday at $20.40. I could be wrong, but I don't think so. Click even went so far as to issue a press release reaffirming that the filing was not due to any significant issues with the numbers. I'm guessing that if that press release had come out concurrently with the SEC filing there wouldn't have been any dip at all. I think the overreaction will work itself out by next week, and the company's business has not been at all impacted by their brief delay in filing- a delay we're seeing a lot this year as companies, particularly small companies, struggle with the Sarbanes-Oxley rules.