TheStreetSweeper out negative on Resolute Energy (REN)
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TheStreetSweeper out negative on Resolute Energy (NYSE: REN):
*Market sees REN management optimism, ignores ongoing financial disaster.
*Baseless, heavy promotion via chat rooms and financial site.
*Lower-tier Wunderlich Securities has raised its REN price target three times in two months. Northland Capital nearly tripled its price target again this week.
*SPO Advisory dumped 10 million REN shares in April, additional institutional investors unloaded before the 1-for-5 reverse stock split in June.
*Cash has dropped to $424,000. Liabilities are up to $639 million.
*Short squeeze interest grew nearly 50% in a month.
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