The short position (both markets) is only about 6%. We haven't seen any new attacks. Spruce Point, who attacked earlier this year, said it was no longer short in June. Certainly the big decline highlights the 'surprise' factor here. The stock was already cheap, so investors assumed bad news was priced in. Financing costs are higher, and business in general is slower than expected. We think the main issue was the loss of a big customer, and this was the surprise. This happens in business, of course, but investors worry about other shoes dropping. Because debt rose sharply with a recent acquisition, the recent guidance gave more worry to investors than if the balance sheet was stronger.
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