We’re so close…just..a..little…bit…further. The Dow almost hit 7000 today but lost it in the final moments of the trading day and closed about 125 points short. In any case, it was way up from yesterday’s disaster so that is something to smile about. Stocks finally moved higher today after a 5 day sell off frenzy. Investors are starting to look for bargains as the market tanks and prices are low. A homeowner plan and possible Chinese economic stimulus packaged were announced giving investors some much needed hope.
There have been a lot of rumors floating around on the blogosphere that Blockbuster may be filing for bankruptcy. Just yesterday shares of Blockbuster (BBI) fell 77% in lieu of a Bloomberg report the company was thinking about Chapter 11. Blockbuster recently hired a law firm to help them raise additional capital-an act suggesting they really are in trouble. Over the past year BBI shares are down 92%. Yikes. I think its pretty clear that even if the company is saying they aren’t in trouble, BBI shareholders are.
I wanted to see how exactly investors are feeling about Blockbuster this month on PredictWallStreet.com. Looking at the poll numbers, it appears 77% of users have predicted for BBI to close up compared to the 23% who predicted down. After making my prediction, I can see the rest of the prediction data. Under the sentiment tab, I click one month. Sentiment had been steadily crawling up, almost breaking into the extremely bullish zone and then drastically fell and is now on its way to become bearish. If you overlay the price quote (the blue line) you can see that the price also dropped really dramatically with sentiment. Looking at Star Performers I notice that the less accurate predictors (3 and 1 star) predicted up. The higher a persons star rating the more accurate they are in their predictions so a person with a lower star rating is less accurate. Because these people predicted up, it may be reasonable to assume they are wrong and predict in the opposite way they have predicted. What are your opinions on Blockbuster? Who still thinks this company has a chance facing competitors like NetFlix (NFLX)?
In other news, PredictWallStreet published a few forecasts today and one was for the SP500. I’m sure you can guess which direction it was forecasted to close at but to check click here and find out.
Also, if you have a Twitter account, you can follow PredictWallStreet for market updates and current sentiment and have them sent right to your phone! Name: predict. You’ll recognize the UpDown arrows.
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