JCOM Plunges After Mid-Day Downgrade
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j2 Global Communications (Nasdaq: JCOM) is getting hammered mid-day related to Pacific Growth's downgrade of the company (see 1:32PM post), which cited a tax on telephone numbers which could be devastating to the company's profitability.
Traders are selling first and asking questions later. According to the analyst, one of the funding sources that is currently being recommended to Congress is a $1.00 per-line per-month tax, but the analyst noted that it is not likely to be considered by Congress until 2006.
Is today's 14.7% sell-off overdone (curently at $34.32)? We are waiting to see in anyone will come out in defense of the stock.
Traders are selling first and asking questions later. According to the analyst, one of the funding sources that is currently being recommended to Congress is a $1.00 per-line per-month tax, but the analyst noted that it is not likely to be considered by Congress until 2006.
Is today's 14.7% sell-off overdone (curently at $34.32)? We are waiting to see in anyone will come out in defense of the stock.
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