Apologies to the Street.Com for borrowing their headline today. Canada changed their law on how Trusts are taxed. And FDG is a trust. The change caused the stock to drop a whopping 12%! I did a little research and found this article about the change (CANADIAN MARKETS Canadian stocks tumble on tax change). The interesting thing is that the change will not be implemented (at least that is my understanding) until 2011. A lot can change in 5 years.
PTEN announced their earnings this morning. I thought they were terrific! And so did early traders, the stock was bid up about 5% when they were released, but ended up down a nickel. They made $1.12 per share! This is a $23 stock. I do feel they have kind of peaked, but They should be minting money for the next 12 months at least. The stock will move back north of $25 before year-end.
CHKE got the $34m I mentioned a month or two ago. Remember, that is a lot of cash for a company the size of CHKE. As astute readers may recall, I wondered what they'd do with the extra $ as they run pretty lean (not a capital intensive business). They answered the question this morning, they are raising their dividend to a nifty 75 cents(Cherokee Announces December Quarterly Dividend Increased to $0.75 Per Share).
All-in-all a crummy day for my portfolio, down 1.6%. Hopefully better news tomorrow.
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