After a Share Price Alert just two days ago on Contact Energy Ltd [CEN.NZX] where shares plunged 18c or 3.13% to $5.57c due to more bad operational data and a loss of 20000 customers. The shares slipped 6c yesterday and are currently (10.16am) trading down another 3c at $5.48, a 2 and a half year low that has broken the bottom of the 3 year trading cycle (see 3 year chart below) where the downside usually stops at around $5.50.
The drops have been on much higher than average volumes.
There are rumours that majority owner Origin Energy Ltd [ORG.ASX] are keen to make a bid for the company and are mismanaging the company intentionally poorly so the share price is affected and they can come in and make a cheeky bid for the 47% odd of shares they do not already own. Its sounds an odd thing to do but nevertheless this rumour is currently doing the rounds for a number of good reasons that will remain between me and my keyboard.
This stock is looking more and more attractive everyday for the short term investor.
My last advice two days ago still stands. Buy near the current price and because of the buy-out rumours.
Share Price Alert Series
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Contact Energy @ Share Investor
Share Price Alert: Contact Energy Ltd 2
Share Price Alert: Contact Energy Ltd
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Not so fast Davy Boy
Still Watching Contact Energy
Beam me up Davy
Stock of the Week: Contact Energy
MarketWatch: Contact Energy - June 2009
MarketWatch: Contact Energy - Jan 2009
Contact Energy looks bright during dark times
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