Monday, October 27, 2008

Mechel (MTL) is now a $4 Stock

Posted by TraderMark at 2:08 PM TweetThis
Long time readers will remember former holding Mechel (MTL).... I just pulled up a quote and see it is hovering just over $4. Ouch. Russia has been among the worst stock markets this year, closing their market almost on a weekly basis now. Mr. Putin didn't help Mechel either with his "interest" in the company's business practices.

This was once a near $60 stock. By "once", I mean early summer.

[Jul 25: Russian Stock Market Plunging]
[Jul 24: Mechel Down 20% on Putin's Comments]
[Jul 23: Closing Mechel]

No position


Posted by TraderMark at 2:08 PM Comments (2) | Edit This Post | Create A New Post

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2 comments:

jegan said...

Some of that was Putin's comments and the scenic tour of Georgia, but most of the more recent action seems to be money fleeing Russia and commodity drops.

Look at Lundin Mining (LMC).. It was a $14.50 stock in 2007 and now is trading at $1.12. It used to be considered one of the best copper and zinc plays around.

Fortesque Mining (FSUMPF.PK) One of the three big iron producers in australia (RTP and BHP being the others). Was trading at $55 at the end of 2008 and is now a $2.00 stock!

I think I'll forgo my Starbucks Latte and go out and buy a couple hundred shares.. Well, if I didn't think I could get them cheaper tomorrow!

jegan

October 27, 2008 3:15 PM  
defense20 said...

Pretty sure Fortesque underwent a 10:1 split in early '08.

October 28, 2008 4:18 PM  

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