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TSX Venture Comment: Orbite, Pivot, BNK Petroleum,
I knew it was going to be a bad day when the Ontario Securities Commission announced that they were going to halt Orbite Aluminae (TSX:ORT) at 7:30 before the actually did halt it at 10:30 a.m. EST. Thus, the stock was induced to shed $0.30 a share instantly, or 15% of its value in the three hours intervening. If you’ve been watching the action on Orbite since it got a head of steam up, you would swear John Hykawy over at Byron Capital Markets was an employee of the Securities Commission. The multiple attempts to destroy the company’s credibility are as mystifying as the rationale that could possibly conclude the company is not a screaming buy.
But whatever…its not like the TSX resource sector doesn’t need the extra help in announcing to the world that it is in full capitulation mode, and the government is here to expedite that process, as opposed to aid the sector responsible for 15% of its GDP. Mind you, Ontario regulators have been the butt of jokes for decades, as they consistently aid and abet the scams and penalize and obstruct their genuine heroes.
BNK Petroleum (TSX:BKX) has been putting on a great show since announcing the sale of certain of their Tishomingo Field, Oklahoma assets for US$147.5 million XTO Energy, a subsidiary of ExxonMobil (NYSE:XOM). The stock has been gaining strength as the deal is set to close next week, having closed up 15% to $0.92 as the market expects the topped up treasury will speed exploration on the Caney formation in the same area, which is believed to be a new discovery by the company.
John Sculley’s Pivot Technology Solutions Inc (TSX.V:PTG) started trading yesterday and today added 50% of its value on volume of 209,445 shares. Not bad for your second day out of the chute, and in this market? Nothing short of stupendous. But then again, how many TSX Venture-listed companies have $1.5 billion in revenue? In case you don’t recognize the name, John Sculley was Pepsi-Cola Co.’s (NYSE:PEP) youngest marketing VP and President, and the former CEO of Apple Inc. (NASDAQ:APPL). This stock has the potential to be a big winner, I think. I bought a small position today so I’m biased.
The poor old TSX Venture (OSPVX) itself delivered another record low, and so we sit and watch as the general market sets sail for 900. The TSX Venture shed 1.88% in value, or 20.46 points on volume of just over 72 million shares – a number reminiscent of Boxing Day. Oh well…on the bright side, the number of losers will soon start to diminish as more companies start to go illiquid and disappear. Where’s the bottom, you may ask? Why, zero, of course, is the bottom.
The post TSX Venture Comment: Orbite, Pivot, BNK Petroleum, appeared first on Midas Letter.
2013-04-02 14:22:52
Source: http://www.midasletter.com/2013/04/tsx-venture-comment-orbite-pivot-bnk-petroleum-1304027/
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