I was blasted today when one of my largest positions, CCJ, took a downgrade from Cowen. Why a firm pegging a position to “market perform” when they had it set at “outperform” (it never did) has the power to drop a stock 5% in a session…I have no idea.
Of course the biggest reason to fret about CCJ right now is their ongoing bloodsport with the Canadian tax man. But I’m not really catching wind of anything other than Seaking Alpha hit pieces to suggest the stakes have changed.
Maybe someone just felt like liquidating, eh?
My entire portfolio took a smacking today, and I am afraid we may very well be in the early stages of a correction. We feel top heavy.
If you enjoy the content at iBankCoin, please follow us on Twitter
You never know when it will end but
my guess is we go strong through
401k season with the normal bumps along the way.
That didn’t take long to recover…
Saw something interesting on Fission Uranium’s website, referencing an impending strike at CCJ, which I haven’t seen picked up by the newswires–>
http://fissionuranium.com/ceo-corner/index.php?&content_id=197
“Cameco facing strike action at major mines: On August 12, Cameco workers at two Saskatchewan uranium facilities – Key Lake and McArthur River – voted for strike action (92% in favour). Negotiations will continue until August 28th but if there’s no agreement then labour action will ensure with a resultant drop in production from one of world’s largest uranium producers. In addition, on August 1st, Honeywell’s management ordered a lockout of union workers at the Metropolis Works conversion plant.”
Labor unions…
Think this is actually about uranium prices, and not wanting to pay people while assets are mothballed. Nuclear fuel hasn’t rebounded. Maybe a cold European winter will be good news.