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A midday pop in Pacific Drilling (PACD) based on takeover chatter didn't hold up as shares ended...

  • Wednesday, November 21, 2012, 5:47 PM ET
    A midday pop in Pacific Drilling (PACD) based on takeover chatter didn't hold up as shares ended slightly lower, but FT's Bryce Elder thinks there's credibility to the talk. The habitually acquisitive Seadrill (SDRL) posts Q3 results on Monday and has raised more than $2B in the past three months via asset sales and a bond issue, Elder notes.
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    I follow the Cabot Market Letters and they bailed out of SLW a couple of weeks ago. I persisted hoping for a pop but followed their lead a couple of days ago. I have a substantial investment in a junior gold mine, Maodore (MAO or MAOMF) and have thus been following the metals for several years. I'm not a gold bug by any means but the deal is tremendous as a straight bidnezz situation. Having said that, the whole sector has tanked while they wait for the majors to start purchasing as their inventories of gold deplete. So, with SLW acting badly, I departed as I've got enough metal to worry about. No additional brilliant comments come to mind.....
    22 Nov 2012, 03:25 AM Reply Like
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