TSX Top Traders: (PSN), (BB), (PWT), (BSX)
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New York, New York - February 14, 2013 (www.investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in sector research for independent investors reports on the top traders on the TSX for February 14th, 2013.
Poseidon Concepts Corp., (TSX:PSN) trading at $0.255 lowered by $-0.635 or -71.35% on a volume of 11,347,254 shares, making it today's top trader on the TSX.
As previously announced on December 27, 2012, the Company established the Special Committee to review and address various issues arising from the Company's write-off of certain of the Company's accounts receivable and the evolving business plan of the Company. In order to assist the Special Committee in its review, the Special Committee retained the services of Norton Rose Canada LLP as its legal counsel, who in turn has retained Ernst & Young Inc. Based on the recommendation of the Special Committee and the interim report of its advisors, the Board of Directors has determined, on a preliminary basis, that primarily related to long term take-or-pay arrangements: approximately $95 million to $106 million of the Company's $148.1 million in revenue for the 9 months ended September 30, 2012 should not have been recorded as revenue in the Company's financial statements; and as a result of recording the foregoing revenues, approximately $94 million to $102 million of the Company's $125.5 million accounts receivable as at September 30, 2012 should not have been recorded in the Company's financial statements as accounts receivable.
This will mean that the first, second and third quarter 2012 financial statements will be restated and the Company advises investors that they should no longer rely on the Financial Statements as well as the corresponding Management's Discussion & Analysis.
Research In Motion (TSX:BB) trading at $14.840 gained $0.840 or 6.00% on a volume of 8,335,557 shares.
Shares of Blackberry lowered earlier today after the company's former Co-Chief Executive Officer Jim Balsillie disclosed that he had sold his once-sizable stake in the embattled smartphone maker.
In a regulatory filing on Thursday, Balsillie said that by the end of last year he had sold his entire stake in the company, about 26.8 million shares, or a roughly 5 percent stake in the company.
The stock has been able to recover most of the loss, though still below yesterday's close.
Penn West Petroleum Ltd., (TSX:PWT) trading at $10.680 moved up $0.230 or 2.20% on a volume of 4,358,318 shares.
Penn West Petroleum Ltd, a major Canadian conventional oil and gas producer, posted a smaller fourth-quarter loss, helped by gains from asset sales that more than offset lower commodity prices.
The Calgary-based company said it sold non-core assets in the quarter for about C$1.3 billion ($1.3 billion), which it used to cut debt to C$2.7 billion from C$3.2 billion a year earlier.
Belo Sun Mining Corp., (TSX:BSX) trading at $1.340 dropped by $-0.040 or -2.90% on a volume of 4,334,171 shares.
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