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I reinforced BIDZ throwing some spare change on that looser November 21, 2009

Posted by deminvest in BIDZ, growth stock, investment, My investing mistakes, nasdaq, Nasdaq stock.
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BIDZ lost 75% Since I bought 100 shares for $ 1008.

I checked on Alexa that the online auctioneer’s website still attracts large number of visitors. So I figured I may average down (which usually is a bad idea!) by buying 90 more BIDS for about $230.

Here is my silly order:
Executed Size: 90

Executed Price: 2.47

Let’s see what happens.

Comments»

1. andrew - November 21, 2009

Hmm brave move!

2. brian - December 2, 2009

I first bought BIDZ at $14, held it above $20, and then watched it fall all the way to $2 last spring. After shaving off some, my average is now $4.18. I am doubling down after a 52 week low high of $2.15 yesterday.

3. deminvest - December 3, 2009

yea,

it continues going down. I swear I won’t put one more cent on that sucker. Not even if it goes down to $ 0.1.

4. andrew - December 5, 2009

😀

5. Josh - December 22, 2009

I am hoping it goes down to $1.80 and ill buy more….right now im averaged at $2.50, it will come back…patience

6. brian - December 23, 2009

Mgmt still has $$ authorized in their repurchase program, look at last weeks volume….they won’t let it fall too much. Also noteworthy is their recent increase in adwords spending, should be a good quarter. I am a long term holder & customer.

7. andrew - June 3, 2010

Sigh, what do you think of this sucker…?? geez.. earning reports were even delayed.. don’t know what’s happening with the management .

really thinking about cutting my loses on this one..

8. Deminvest - June 3, 2010

Andrew,

this doesn’t surprise me.
There were strong doubts about morals of BIDZ management. We basically invested on a questionable company. We did not know at the time.
I am not selling for 4 reasons:

1) my losses are so wide (-74.51%) that I would just get peanuts if I sold
2) people with questionable morals are capable of playing tricks to manipulate stock prices and make us small fishes undersell
3) My strategy tells me to hold and only sell stocks that re 40% up. This way I never do panic selling and I am more protected from stock price manipulations.

If your losses on BIDZ are nont as wide as mine and if selling to cut losses is part of your strategy, it may be a good idea for you to get rid of this sucker.

9. deminvest - June 9, 2010

No matter how low stock price goes, the sucker’s CEO and founder is selling disgustingly:

http://www.gurufocus.com/news.php?id=95958

Sell:: CEO, 10% Owner David Zinberg sold 5,960 shares of BIDZ stock on 05/25/2010 at the average price of 1.7, the price of the stock has decreased by 1.76% since.

Sell:: CEO, 10% Owner David Zinberg sold 2,040 shares of BIDZ stock on 05/18/2010 at the average price of 1.87, the price of the stock has decreased by 10.7% since.

Sell:: CEO, 10% Owner David Zinberg sold 6,465 shares of BIDZ stock on 04/21/2010 at the average price of 2.06, the price of the stock has decreased by 18.93% since.

Sell:: CEO, 10% Owner David Zinberg sold 3,535 shares of BIDZ stock on 04/17/2010 at the average price of 2.05, the price of the stock has decreased by 18.54% since.

Sell:: CEO, 10% Owner David Zinberg sold 5,786 shares of BIDZ stock on 03/19/2010 at the average price of 2.05, the price of the stock has decreased by 18.54% since.


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