Anyways, since the last entry, it has been time to deposit to the cash account, to build up enough for opening an e-trade account. Balance stands at $321, which includes a deposit of $100 CAD, and I found some USD laying around, and added that to it...hence the $321. Every dollar helps!
In other news, Nortel is being played by the profit takers, so it has been up and down around $4 for the past 2 weeks.
I had suggested Stelco, to see if we could get in and speculate the loss of votes for the restructuring plan currently on the table...it hasn't panned out that way yet, and rumour has it that the current plan will yield 66% to creditors (through equity and shares), versus 17-33% if the plan is voted down, and the company left to sell off assets. It is currently at 15 cents. In related news, Mittal paid a premium for the Ukraine state-owned mill, of $4.8 billion, expecting the steel market to rebound from where it is now...as a result, look for low P/E steel stocks to make some ground in Q1 2006. Algoma is holding on to a lot of cash, but hasn't decided what to do with it. Paulson, whose company holds 19%, is asking for a cash dividend, putting pressure on the board to do that. With a low P/E, prices going up in Q1 2006, look for a substantial return on Algoma in the next 6-9 months.
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