Our long term bearish call on $MFE has proven correct. Our average short price is $43.92. The earning report validates our thesis that the bulk of revenues are coming from what has now been commoditized. The earnings report is in line with what we expected , but a disaster compared to the consensus. We are locking in partial profits right here at $ 35.65 and putting a tight trailing stop on the rest. If the stock spikes up, we will short again.

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