Beat just Got Beaten up

Weird title isn’t it? Today I traded a stock called CardioNet Inc. Its stock ticker is “Beat”. Its stock price got beaten up today dropping more than 40% because of lower earning forecast. I got in at $9.59 and sold it at $9.90. Close to the end of the trading day I got in again at $9.60 so I am holding 500 shares of Beat right now.

In its yahoo profile it says that CardioNet, Inc. provides ambulatory, continuous, real-time outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health in the United States. I have no idea what kind of business that is about. I did check on its financial statement and this company had a problem managing its ever increasing receivable and cash out flow. It is very suspected when receivable grows faster then sales but I was tempted by its 40% drop. Hopefully it will be up a bit tomorrow.

account balance 20090701

My account is up about $100 today. Dropping 40% in a single day seems a lot to me especially for a stock that has never traded that low. I am hopping it will bounce back above $10 in a couple days.


Account Balance Changes: +$109.93