A small, speculative company in my portfolio made the grand press release that they were rescheduling their quarter end conference call for one day later (oh my!). The stock promptly lost nearly 2/3rds of its value (please don't cry for me, before the drop, it was .15% of my portfolio).
Does the market automatically assume a rescheduled call means something major, like the auditors aren't signing the financials, is going on? (If so, why?) Does it mean that 95% of the shares' holders are insiders who all decided to sell when they learned about whatever is causing the delay in the con call? What gives?
Edit: It turns out there was an SEC filing last Friday. The SEC filing did not appear in the company's news feed that I read (why the heck not?). So I was unaware that the filing said they have debt due in June which is nearly twice the amount of cash they have. So the market was selling because of that, not the rescheduled news conference.