Seek is under Algo Engine sell conditions and we remain on the short-side of the trade.
Two negatives we focus on:-
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1}Surprise need to raise money in the bond market; and
2} Announcing they were dumping the final dividend in a bid to preserve capital, blaming the “uncertain environment” for the decision.
The above post was from Monday. Following today’s earnings release, Seek is down 13%. Seek has been a high conviction “short” trade expressed on our blog and in our Monday night webinar.
We suggest covering the short and taking profit.
