The EXACT OPPOSITE happened. Better luck next time dingdong.
InterOil may not be as toxic as Sino Forest but it adds another black mark on their record.
I'm not outrightly calling IOC a liar, but how can the two companies differ so much in the terms of the purchase? It's like they are transacting a completely different set of assets.
My buy order got hit at $85.5 at around midday. This undeserved two day massacre is like ten standard deviations from the norm.
TGT should pull out of Canada. The country has five people living there. California has a higher population than Canada. Yes it is a scenic heavenly country, but to make money there, is not.
I agree with you about the uncoiling of the shorts which has yet to happen. The massive stock run basically started in August, from $50 to today's price. The short position on Aug 30 was 6M shares. However, the short position on Oct 31 was still 6.1M shares. The shorts still haven't covered.
I got in at $48 in spring of this year, after a strange selloff subsequent to quarterly earnings. I resist getting out by not looking at it, but it is hard, because it sticks out like a big star.
In addition to tax loss selling, year end window dressing will make sure fund managers not let their clients know they own such a train wreck of a stock, putting even more selling pressure on ABX, GG etc...
The combination of tax loss selling and window dressing will attract short sellers to further pile on, doubling the selling pressure to ensure 2013 is the year of hell for ABX.
Since virtually every ABX bag holder lost money, entering this tax loss selling period will mean ABX, along with GG, NEM, Detour Gold etc... will mean another devastating leg down, as investors use these huge losses to offset some of the best stock market gains we've seen in a while.
Even with one of the conditions being Munk's exit, the stock can't find any buyers. The market is finally recognizing that gold miners like ABX have broken unsustainable business models.
In case people are tempted to buy GG or any other mining stock, here's my message again. And GG looks like it is catching up to ABX's summer collapse, even though GG is supposed to be superior.
Needless to say, the over allotment option was not exercised. As expected, the underwriters will take a bath and dump these unwanted shares onto the market soon, crushing the stock price. It also slams the door on ABX raising more capital, which it still desperately needs to fund all the money pits.
Stock up over $2 today. Probably a lot of short covering going into earnings.
because $3B is not enough. Bagholders will be so diluted they will no longer be able to physically hold the bags containing millions in worthless ABX shares.