OCZ Technology (OCZ -18.3%) plunges to a mere $1.52 after telling the SEC it "cannot currently...


OCZ Technology (OCZ -18.3%) plunges to a mere $1.52 after telling the SEC it "cannot currently estimate the exact filing date" for its FQ2 (August quarter) 10-Q. Shares are now down 51% since OCZ stated on Wednesday it would delay filing its 10-Q, while warning revenue would be well below guidance. During an earnings call discussing the mess, new CEO Ralph Schmitt said management tried to "grow market share at all cost" in FQ2, something that led to a major gross margin hit.
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Comments (6)
  • Austin Craig
    , contributor
    Comments (995) | Send Message
     
    As I covered here http://seekingalpha.co...

     

    OCZ has until Monday to announce earnings or they will be late in filing
    12 Oct 2012, 01:45 PM Reply Like
  • 1ralphlabr
    , contributor
    Comments (5) | Send Message
     
    How do I get a job being a CEO? My judgment skills are as good if not better than the people who get these extremely high paying jobs. I can guarantee that I can lead a company to consistence profitability.

     

    All my life I see people lead their companies down the sewer. When I work at these bum flank companies I see first hand keeping or taking orders from dumb bells, who are caught up in their greed. Tell me how to get a job like the CEO of OCZ had and when he was shit can he still got a full years salary and a seat on the board of directors. This is bullshit.

     

    Give me a job like this and contrary to most CEO's I can make the company profitable.
    12 Oct 2012, 01:54 PM Reply Like
  • PE123
    , contributor
    Comments (5) | Send Message
     
    as Ralph Schmitt said on the conference call - they filed for and received an extension for filing
    12 Oct 2012, 05:50 PM Reply Like
  • Trysson
    , contributor
    Comments (63) | Send Message
     
    This stock is so over-sold for the circumstances that the bounce - when it comes - is going to shoot the price to 3.00 in the wink of an eye. However, the sellers are still in control and may take it to a dollar. Position for me is watch and hold.
    13 Oct 2012, 07:48 AM Reply Like
  • osty
    , contributor
    Comments (24) | Send Message
     
    Trysson,Even it goes to 50 cents and back to 3.00 in a "wink",it will revert back to 0.50 in the same flash.The glut of OCZ short sellers will crush it instantly.There are serious problems with fundamentals,debt and lack of any credibility.The company must find a buyer,before it hits bottom.Its only asset is its fantastic technology.Look for a new CO with a reputation to come in quickly.
    13 Oct 2012, 05:27 PM Reply Like
  • honestmarket
    , contributor
    Comment (1) | Send Message
     
    OCZ in need of a new CFO asap.
    15 Oct 2012, 01:48 PM Reply Like
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