In my defense [for selling], Fuel Tech Inc. (NASDAQ:FTEK) has made less revenue and profit in every quarter since September '06 [this streak could extend further but I haven't looked further for data].
It is also on track to make less revenue and profit in '07 compared to '06, though this might not end up being true since apparently Q4 is supposed to end full with backlogged orders. Also, in a business like this revenue is clumpy and inconsistent.
However, the shares trade as though investors are expecting some huge breakout in orders, possibly from China. Perhaps because of some hugely increased acceptance of the company's technology in general, or maybe because greenhouse gas emissions may become further regulated, or even that the company will be bought out. I don't think the company will be bought out much higher than at the price the stock trades at today.
The bottom line is that I'm trying to retroactively justify my selling of this company and I am hoping that I'll get a chance to pick it up later in the year, possibly during a further market downturn or if Q3 is going to bring back some reflection of pessimism in the shares.
FTEK 1-year chart