Ann: Chairman's Address to Shareholders, page-27

I don't see anything changing fundamentally, or at least to the market's knowledge.

On the technical side, we have breached and completely cross through any MA or support line.

Cracked through 1st point of support @ 3.66. The next line of support is now at 3.52 and if that goes off, plenty of gaps through down to 2.5. I doubt that'll happen but by the way the things been trading the past 4-5 session, it's hard to analyse what's going on.

The profit taking component isn't out of the equation, but seems odd to be selling this low. Our PE is now ~20

As some has mention, December is historically a weak month for HSN, but this drop seems a little unprecedented. I suspect we will get a change in substantial notice and we'll see who actually is doing the majority of the selling.