Bought first tranche after initial drop and more today just before close. Definitely caught the falling knife with the first purchase. Who knows if this is the bottom or not, but happy to average down on a 10% down day and get a great yield in exchange. Not that anyone cares, but my average cost is now $4.90.
I knew it wasn't a good risk/reward buy at $13, even with all the newletter writers pumping it, and am glad I stuck to my convictions on that. However, still one big lesson learned -- on a massive drop like PSN experienced, there will ALWAYS be a class action lawsuit that follows, even if it has no merit (time will tell here), and the SP will ALWAYS have another major leg down when that happens. I forgot that and bought my first tranche too soon.
My bet is that they have identified the problems and are on their way to fixing them, and that the divvy will not get cut or will only be cut minimally. They will no doubt get much more aggressive on collecting their ARs and will be much more selective in their customers (and hopefully will take better security from their good smaller customers with bigger orders). They are still the main game in this space and have market penetration, which are two strong advantages that shouldn't be overlooked.
Hopefully today is the floor but I'll buy more if there are other big drops on no company-specific news.