Talk about unloved, Headwaters Incorporated (NYSE: HW) is so far down you would think they were a homebuilding hedgefund that wrote their own sub-prime loans and kept them. In the spring of last year this once high flyer was trading at $40, but yesterday it closed at $15.67. That's a wild ride for anyone that held on until now. So here's the good news: now it's a value proposition. Now it's worth looking at. HW was called to my attention many times in recent history but I always felt it was a good company that was too expensive. Perhaps now it is a good company that is being unduly punished.

Before I get into the promising part of the story I want to share my greatest apprehension. Last week the company announced that Chief Financial Officer Scott Sorensen was resigning and it would bring his predecessor Steven Stewart back from retirement to be the new CFO. It is never a good sign when there is a shake up in the CFO's office. We do not know if Sorensen was pushed out to make room for Stewarts return and "stewart-ship" in turning the ship around or that Sorensen is abandoning a sinking ship and Stewart was brought back as the only way to keep the stock afloat. As an Enron loser I will always be watchful of management shuffling.