This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Five Dumbest Things on Wall Street This Week: June 15

3. More Diamond Foods's Foolishness

The nuttiness at Diamond Foods (DMND - Get Report), alas, continues.

The San Francisco-based snack maker, whose brands include Emerald Nuts and Pop Secret popcorn, sank 8% percent on Monday after the company admitted its inability to report on its three most recent fiscal quarters by Nasdaq's June 11th deadline. As a result of Diamond's accounting ineptitude, the Nasdaq will likely move to delist its stock.

Wait a second! We forgot to mention that the company is also in the process of restating its entire fiscal 2010 and 2011 results. And silly us, we also neglected to say that Diamond plans to hold its annual meeting only after it finally files its belated, restated financials.

Sorry about that folks. It seems as though Diamond's carelessness is rubbing off on us. All these months of incompetence are apparently taking their toll.

Remember if you will that this sorry tale started last year when the company's alleged payments to walnut growers became cloaked in controversy. Nearly all winter the stock gyrated wildly as Wall Street analysts and financial reporters alike doggedly dug for the truth about Diamond's disbursements.

Finally, Diamond's audit committee concluded this past February that approximately $80 million in payments were booked in the wrong periods. Unfortunately, however, by the time the dingbats at Diamond were able to straighten out their accounting issues, their partners at Procter & Gamble (PG) decided against selling them the Pringles potato chip brand and unloaded it to Kellogg (K) for $2.7 billion instead.

Oh man. Forget Stockholm Syndrome. We've been trapped by these nutjobs for so long that we've come down with a case of Diamond Dumbness!

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ZNGA $2.47 -2.00%
BRK.B $141.51 -0.41%
DMND $29.56 -1.20%
GMCR $115.37 0.28%
JPM $62.75 0.24%

Markets

DOW 18,074.27 -5.87 -0.03%
S&P 500 2,119.04 +1.35 0.06%
NASDAQ 5,086.6590 -5.4260 -0.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs