Guys you forget that CHC is not a liquid stock like Vodafone or HSBC which trades millions of shares a day, CHC have very low volume. What you are seeing is penny share traders (day traders and amateur investors) now cutting their losses. Professional investors (pension funds, etc) are still in the game. I've mentioned this before but if only about 5% of the company's shares are available to 'joe public' then they will always be volatile. These earnings are still in the red and by a lot and many will take this as the cue to leave CHC as an investment but I bet this time next year, the major investors below CD&R are still holding similar levels of stock.
If you wanted to buy in, now is a good time IMHO.