Gencor Industries Inc. (NASDAQ:GENC)

synergize (32.08) Submitted: 5/15/2008 1:08:50 AM : Start Price: $18.03 GENC Score: +13.29

The Orlando based machinery manufacturer reported second quarter profit on 9-May-2008 of only $1.3 million, or 15 cents per share, down 88% from $10.5 million, or $1.08 per share, a year earlier.

Making matters even worse, Gencor Industries has also reported that board member Lloyd Miler resigned May 9th – which is a significant development because it leaves Gencor with only two independent directors on the audit committee which is a violation of Nasdaq listing requirements.

Technicals:

Using weekly charts, Stochastics indicates is not yet oversold so I anticipate more selling in the coming days or weeks which will bring the price down.

Reports and Links:

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