We bought a small position (1000 shares) in InvenSense (INVN) at $9.40 on the assumption that the multiple-year support of $9 would hold although we sort of knew that business would be relatively soft due to the smartphone market maturing.
The support didn't hold, pointing out the importance of stop loss, and they've just come out with earnings which were in line with EPS expectations ($0.16) but a slight beat on revenue.
Nevertheless, the stock is down further after hours (-6% at $7.35). The company is between a rock and a hard place. Smartphones are maturing, and other markets are still not significant enough to replace that. It's actually an object lesson in how hard tech markets can be as InvenSense really is a market leader, having both Apple and Samsung as it's customers.
On a virtual portfolio of $1M our 1000 shares isn't very significant, but nevertheless this is a bit disappointing as we can't see an immedate turnaround of any substance either.