A year ago when FRD declared earnings of $0.58 per share, its stock price hit a high of $10. This time, if the reported earnings were down 50% to $0.29 per share, and if a simple linear proportionality rules the market, FRD should be at $5, already below the $5.85 AH (Aug.13,2009). The earnings just revealed, however, was down not just 50% but over 100% into negative territory!

Does anyone still remember the close-down of a large US steel mill (March 2009?) which used to supply a big chunk of business to Friedman Industries? Some market hands (or was it the top management?) tried hard to make people forget that by relentlessly pulling the PPS near or above $6.

FRD should drop below the 52-week low of $3.82 pps, if the Mississippi still flows into the Gulf of Mexico!