There’s not one “big thing” that jumps out at me this week to blather to you about for your Friday File edutainment, but I do have a smorgasbord of thinklinations to share… including a few “quickie” teaser solutions as we go along.
First, for those who have been asking: Yes, I have now covered my short on Energous (WATT) shares. It was a nice profit, though not as nice as I expected — the weakness in the shares took longer to materialize after the expected and almost certain “non mention” of Energous (or wireless charging at all) during the iPhone/Watch new product intro on Wednesday. The stock is down sharply, of course, but I thought it would fall more quickly and more dramatically… and it may still do so, but I decided against holding the short position through the weekend.
Holding a short-term position in a “story stock” over a weekend after your expected catalyst has already materialized creates some additional risk, either short or long, since you never know what kind of announcement the company might come up with following this big move… or whether the folks who were overly aggressive in promising big news (I’m looking at you, Ray Blanco) will re-up and send out another promotion that tries to get folks excited to buy on Monday morning. So I do think there’s a good chance of the stock falling to $11-12, which is what I expected previously, but I’ll accept my win before we hit that point, move on, and not take any additional risk on this one right now. Hopefully it will get inflated in another future ad and we’ll get another shot at this trade.
To answer a few questions about stocks being teased right now, though I haven’t dug very deeply into any of these companies just yet:
That Larry Edelson pick that he’s been promoting as his “My #1 Junior Miner to Buy Now” is B2Gold (BTG, BTO in Toronto), an “intermediate” gold producer that has recently bumped up production pretty substantially and is expected to continue growing, with pretty decent operating costs (from what I can tell at a quick glance)… that one is dipping from its peak of a couple days ago, but it’s still a large company in comparison to the junior miners you might be used to — the market cap is over $2.5 billion, and they’ve ...