Watch Escala (ESCL) tomorrow at the open May 22, 2006
Posted by stockguru8888 in Stocks to watch.1 comment so far
Just minutes after the close of the markets today (May 22nd, 2006), ESCL has announced that it will host a investor’s conference call tomorrow morning at 9 a.m. EDT (Tue, May 23, 2006). The conference will be hosted by Jose Miguel Herrero, the company’s chief executive. Shares of Escala plunged two weeks ago after police in Spain arrested nine people in an anti-fraud swoop on Afinsa and another Spanish company. Escala lost more than $750 million in market capitalization from that plunge. Escala has since declared it would defend itself against a number of lawsuits that allege violation of securities laws. Escala’s stock closed at $7.87 on Nasdaq today, May 22nd, 2006. Shares have rebounded from a low of $3.95 on May 12, but are off from a 52-week high of $35 set on Feb. 8.
Based on the after hour action of ESCL, the news will most likely be positive. However, ESCL could also be an excellent short, if news release should be negative. Either way, ESCL will be very volatile tomorrow and should be watched at the open.
