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Grease!
Richard Croft
Greece held their national elections on Sunday and the electorate threw their support behind the pro-bailout New Democracy party. Taking 130 of the 300 seats the next step is to put together a “pro-Euro” coalition government. New Democracy leader Antonis Samaras believes that with this vote, Greece has secured its place in...
Dealing with the Summer Heat
Richard Croft
President Obama held a press conference on Friday and spoke about the state of the US economy. Although in reality it looked a lot like a political soap box for Obama to illustrate how the approach taken by his administration differs from the Republican line of attack. Of course with any political showboating there are some...
Gold and Gold Miners Coming Full Circle!
Richard Croft
You may recall at the end of April (see “Gold Miners Tarnished”) I wrote about the sell-off in gold and more importantly the havoc that could wreak on gold mining stocks. In that blog I suggested buying the July 20 puts on iShares S&P/TSX Global Gold Index ETF (TSX: XGD, Friday’s close $19.38). At the time XGD was...
A Moment of Sanity
Richard Croft
In what was the most hyped initial public offering (IPO) of all time, Facebook (NASDAQ: FB, Friday’s close US $38.23) hit the market walking. Trading was delayed by an imbalance of orders until finally, at 11:30 AM eastern standard time, the first trade crossed at US $42.05 which was 10.6% above the IPO price. After an...
The Risk in Covered Options
Richard Croft
When assessing the perils associated with covered and uncovered options, the financial industry has always acknowledged the risk reduction benefits of a covered position. You can see it in the risk levels as defined on option application forms where the industry designates uncovered options in the level 4 category (presumably...
Gold Miners Tarnished
Richard Croft
The price of gold has slipped some 12% since its all-time high over US$1,900 per ounce at the end of last August. Canada’s S&P/TSX Global Gold Index, however, has plummeted 31% in about the same period. You’d think there would have to be a closer correlation between the price of gold and the fortunes of gold miners, but...
RIM in Play?
Richard Croft
Having lost some 75% of its share value over the past year, could it be that Waterloo, Ontario-based Research-in-Motion Ltd. (TSX: RIM Fridays close $13.26) is at last in play? If so, it should not come as any major surprise as frankly, in the shark-infested waters of the high-tech world (worse, even, than the predatory world...
SNC-Lavalin’s Faulty Structure
Richard Croft
Engineering and construction company SNC-Lavalin Group Inc. (TSX: SNC) has certainly hit some rough waters recently. Its murky dealings in Libya, recent departures of high-ranking executives, and last week’s police raid on its offices in Montreal are starting to make investors nervous. Share prices, already on the way down...
Is the Shine off Gold?
Richard Croft
The gold bears are coming out of hibernation, at least for a little while. The price of gold slipped again last week, closing at around US$1,632 per ounce, down from a 2012 high of US$1,793 at the end of February – a loss of 9%, and down 11% from its all-time high of US$1,840 last September. The reason – at least, one...
Pulp Fiction
Richard Croft
Moody’s Investor Services recently released an analysis of the global paper and forest products industry, and doesn’t like what it sees. It believes overall operating income for most players in the industry will decrease in the next year and a half as demand fades and prices weaken. If Moody’s outlook pans out, that could...
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