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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of regional bank Hampton Roads Bankshares (Nasdaq: HMPR ) plummeted 25% in intraday trading Monday on extraordinarily high volume.
So what: It's tough to know for sure, but a Seeking Alpha article today -- "A Violent Correction Could Be Coming for Hampton Roads Bankshares" -- seems to be spooking quite a few investors out of the stock. In fact, the stock is setting new 52-week lows on the report, with trading volume already at five times its three-month average.
Now what: I'd keep my distance from Hampton Roads. Along with a lofty valuation, a "crippling combination of nasty credit issues, a sizable capital hole, and limited profitability" were among several of the stock's red flags listed in the Seeking Alpha article. A one-day, 20%-plus plunge might be a little much, but given all the risks surrounding Hampton Roads, it's not exactly the most tempting turnaround bet.
Interested in more info on Hampton Roads? Add it to your watchlist.