Tom Winnifrith Bearcast: So Roger Lawson & the share selling twit from Accesso, just how do you want to control me?
Tungsten – “achieved its first annual EBITDA profit”… but what about cash & the rest of the balance sheet?
Caption Contest: Neill Ricketts of Versarien seeks guidance from a strong and stable proven winner edition
As the five year launch anniversary approaches for Woodford Equity Income Fund, another line in the sand approaches as the race to the bottom accelerates
Published 17 days ago
Woodford dog Mereo Biopharma, with its “value-enhancing” (according to 31% holder Neil Woodford) merger with Nasdaq’s Oncomed all delivered, has continued to slide: the shares, having been 325p at IPO on AIM in 2016 and having been over 160p up until completion of the merger have now collapsed to just 81p.
Published 27 days ago
Mereo Biopharma (MPH) is a typical Woodford dog: until a few days ago Neil had just shy of 42% of the equity in this cash-guzzling enterprise, which joined the AIM Casino back in June 2016 with a valuation of £142 million and a lofty share price of 325p, having raised £14.8 million, plus a convertible loan note worth another three million.
Published 27 days ago
Hello Share Cringers. They tell us that 90% per cent of our worries never materialise. This could be the case with all those Brexit fears. And it seems that the Big City agrees. Because despite all the cynicism, share prices are holding up remarkably well. But there are some headwinds that are now’t to do with Brexit.
Published 31 days ago
PDS Biotechnology (PDSB) joined Nasdaq just over a month ago following the merger of AIM-listed Netscientific (NSCI) investee PDS and previously Nasdaq-listed Edge Therapeutics. Netscientific – itself an investee of Neil Woodford - proudly told the market the listing was at $10 per share, but by the time the RNS came the following morning, the shares had already collapsed to $8.51.
Published 42 days ago
The horrendous Q1 delivery numbers from Tesla (NASDAQ - TSLA) should have finally buried the growth story for all but the die hard believers and the focus now should move on to when it has to raise capital or file for bankruptcy…
Published 42 days ago
No doubt Neil Woodford will be delighted that his good friends at Crystal Amber think they can realise the equivalent of 123p a share from Allied Minds (ALM). No matter it is a loss, it will be cash in the bank – much needed – IF Crystal gets control and IF the assets are worth what they think and IF they manage to sell them. Meanwhile, dear old Neil – having yet again spunked more other people’s money on Kier (KIE) which promptly fell to a new low - is now faced with a cash-call from Autolus (Nasdaq: AUTL). What will he do?
Published 80 days ago
I speculated previously about what might be the catalyst for the great Tesla (NASDAQ - TSLA) unravel and since then I believe we may have seen it...
Published 100 days ago
The year to date has not provided a very promising backdrop for bears. I - like many others - am intensely irritated by Donald Trump’s obsession with the level of the US market and his clearly seeing it as a barometer for his own genius. When he claimed late last year that the fourth quarter sell off was a blip and a buying opportunity I waited with grim satisfaction for the rude awakening that was sure to follow...
Published 130 days ago
Oh dear, oh dear. This really is proof that Independent Oil & Gas (IOG) is - whatever its scumbag Nomad FinnCrap (FCAP) claims -complete toast. You will remember that Independent owes more than £30 million to unquoted London Oil & Gas. That money has to start being repaid within a few months and Independent will go bust unless London provides more funds. But London has borrowed money from LCF a related party firm subject to a full blown FCA raid as it is a ponzi fraud as we showed here yesterday. That cash is repayable on demand. Now read on....
Published 253 days ago
It is true that it is not normally a great idea to short a company’s shares simply on the basis that its value is crazy because, as we all know, crazy can get a lot crazier. As a general rule it pays to wait for weakness in a crazy share price of, say 25%, rather than attempt to call the top.
Published 265 days ago
It’s looking increasingly like Elon Musk’s go private “funding secured” tweet on the 7th August has backfired horribly as Tesla (NASDAQ - TSLA) now trades $40 below the prevailing price before he sent it. I was recently accused of confirmation bias on Tesla, i.e. of looking only at the bear case and ignoring the positives but it is difficult post-tweet to find any bullish case that holds water.
Published 337 days ago
Writing on Akers Biosciences (AKR & NASDAQ - AKER) last month - “decided to withdraw” an initial FDA application… & worse, I concluded to run for the hills from this stock. Now, the shares are slumping again – this time on a “Notification of Class Action” announcement. Uh oh…
Published 346 days ago
US biotech firm MiMedx (NASDAQ - MDXG) has announced that none of its financial statements going back to 2012 can be relied upon and that it is still unable to file for Q4 2017 and Q1 2018. Its CFO was leaving with immediate effect to be replaced by one Edward Borkowski, who had previously tended the books of Canadian pharma company Concordia until it went bankrupt.
Published 353 days ago
In these benign markets, the word “catalyst” is heard frequently among bears. They may agree that they have found a real turkey, but fret about what specific event will engender a sudden loss of confidence and resultant share price fall. I suggested recently that a cash crunch is the most reliable catalyst for a correction, but it’s not that straightforward as demonstrated by two of my favourite shorts - Tesla (NASDAQ - TSLA) and Telit (TCM), both of which have traded sideways for a while.
Published 358 days ago
A slump in shares in Akers Biosciences (AKR & NASDAQ - AKER) was noted in Bearcast yesterday, what’s the detail?...
Published 363 days ago
I had to laugh last night when I saw PrimaryBid’s pre-Bank Holiday offer to the likes of you and me - Mereo Biopharma (MPH) - as although there’s some stiff competition, I think this must the worst deal offered up to-date and, in fact, worse than the other offer of a lifetime that I’m currently working out how to avoid, namely dinner at the in-laws during the Champions League final!
Published 463 days ago
Yesterday I listed 30 of the FTSE100 with high enough yields to interest me, noting that the yield on the FTSE100 as a whole was substantially higher than 30-year US treasuries and a country mile ahead of 30-year gilts. Of course, having a big yield doesn’t make them a buy automatically – just for starters, is the yield sustainable? But now I want to compare the performance of the FTSE100 with other indices around the world. It makes for a striking comparison.
Published 520 days ago
This is a total car crash video interview with Longfin's (LFIN) CEO and CNBC. I discussed the insanity of Nasdaq star Longfin in bearcast yesterday but the CEO seems to agree with me about the valuatiuon. Meanwhile as he discusses related party deals and other matters he is quite simply taken apart. But I admire his honesty. This chap surely shows the way for OnLine (ONL) boss Clem Chambers. Enjoy...
Published 568 days ago
I wrote a while back that Tesla (TSLA - NASDAQ) would be a cracking short if and when its shares break down below $300. They didn’t quite make it, rebounding sharply from $308. But the rally looks like it has run out of steam and they are heading south again.
Published 747 days ago
There has been much merriment in the bear community recently with the spectacle of short seller Marc Cohodes more or less single-handedly exposing the shenanigans at Toronto listed sub-prime lender Home Capital Group on his twitter feed. The debacle has now become main stream news in Canada and Marc has attained a kind of rock star status amongst his burgeoning army of followers.
Published 768 days ago
BNN Technology (BNN) has duly announced its prelims for the year to Dec 2016. First of all: hats off to broker Mirabaud for finding punters willing to throw a further £25 million at the company on top of £51 million stumped up last year.
Published 809 days ago
Poster child for the dogs on AIM heading for zero is Avanti Communications (AVN) which plumbed new lows this week with a dreadful H1 statement. For a supposedly maturing business to have interest expenses more than turnover is astounding. This is a product of its recent insane more-debt-for-debt swap.
Published 898 days ago
As a boy I would eagerly await the start of each month. Before I went to bed I said hares brown hares and my first words on waking would be rabbits white rabbits. That was meant to bring you luck. These days the start of the month ritual ( well six days in) involves chortling at the latest dire statistics AIM provides about itself. November was as bad as prior months. AIM is nothing if not consistent.
Published 924 days ago
Nasdaq listed GrubHub is one of many companies offering an app to allow you to order food from your local restaurants. Its boss Matt Maloney was a vocal supporter of Hillary Clinton and he has just committed commercial suicide for his company after telling Trump supporting workers to resign. #BoycottGrubHub is trending on twitter across the USA.
Published 1105 days ago
A glance at the chart of GW Pharmaceuticals (GWP), the developer of Cannabis based cures for a variety of diseases, since its appearance on AIM some fifteen years ago perfectly demonstrates the fact that when it comes to ramping and promoting drug companies the health obsessed Americans have no equal.
Published 1415 days ago
China is opening down another 2% today. Almost half the stocks out East are still halted or suspended so what is today’s (failing) panic reaction from the Authorities? Yes – arrest the bears, putt the pandas in cuffs because as we all know, the only reason shares fall is because of evil bears. Rob Terry really should list his latest fraud Quob Park in China.
Published 1701 days ago
Cambridge-headquartered consumer electronics technology company CSR plc (CSR) has announced an agreement to extend the deadline for Nasdaq-listed Microchip Technology Inc. to announce a firm intention or not to make a takeover offer. The following updates with shares in CSR currently more than 7% higher on the day at 782p.
Published 1713 days ago
It is now quite clear, after my shock revelations today HERE, that Naibu (NBU) is a total Norfolk and is going to 0p. And this is only the latest of a number of Chinese based Norfolks to list on the AIM casino. Good Chinese stocks list in Hong Kong or Shanghai, bad ones on NASDAQ and total stinkers and outright Norfolks on AIM. Well that is my view - hence the advice to dump shares in Camkids (CAMK) and China Chaintek (CTEK) as well as Naibu. What do you think? Which of the following statements most closely reflects your views:
Published 1722 days ago
The market has not reacted well to interims from Vislink (VLK) marking the stock down to 45p but research Equity Development reckons that Mr Market has got it very wrong. It predicts a “blowout” second half boosted by a five year partnership with Nasdaq listed Harmonic (US:HLIT), reckons that its own 2015 numbers are cautious and has increased its target price from 70p to 75p.
Published 1728 days ago
Having previously looked at whether Cambridge-headquartered consumer electronics technology provider CSR plc (CSR) was the next London-listed stock set to be taken over, the situation has further developed with a statement from prospective acquirer, NASDAQ-listed Microchip Technology Inc. In the following I review that statement and the prospects for CSR.