This year’s interim reporting season has further stirred an already volatile market.
Was it a case of overdone selling yesterday for debt collection company Credit Corp (CCP) after its shares fell a staggering 70% on the back of negative earnings forecast.
The Sydney-based company downgraded its half-year earnings by 50% prompting shares to fall $2.84 to $1.15.
Today the stock rose as much as 32% to $1.20 during intraday trading.
More than 8 million shares had changed hands, about 25 times the daily average of 313,757.
In the process of finalising the half-year results, the company said it had "identified various matters which resulted in the directors reassessing the company’s FY2008 financial outlook and initiating a strategic review to address these matters and the company’s performance".
This wouldn’t appease those shareholders still holding the stock from the $12.99 days just over 52-weeks ago, as those days seem a long way off from the current $1 mark trade.
Shareholders and experts will get their chance to examine the numbers in detail on Thursday when Credit Corp is due to release its interim figures.
