Here's why:
Kaiser says Casey tout spurs Channel to two-year high
2004-08-04 20:01 ET - In the News
John Kaiser, writing in a July 30 Bottom-Fish Action, says Channel Resources Ltd. (then 20 cents), which he adopted as an "Extreme Risk" buy below 10 cents in September, 2003, exploded from its slumber on July 22 after fellow letter writer Doug Casey issued an Investment Alert in which he recommended Channel as a "Story in the Making" pick. Mr. Kaiser says Mr. Casey has been a past supporter of Ross Fitzpatrick plays, including Viceroy and Pacific Wildcat. The tip came by e-mail at 9:30 a.m. (Pacific Time) and Channel shares exploded to a high of 29 cents with 754,700 shares traded. The TSX Venture Exchange contacted the company but did not force it to put out a "no material change" declaration. Once the market understood that the action stemmed from a newsletter recommendation and not a new story, volume dried up and the price slid back below 20 cents. He says Mr. Casey's argument for buying Channel is similar to his, namely that with the end of the Jean Chretien regime in Canada, Mr. Fitzpatrick no longer has any distractions to keep him from rebuilding Channel as his new resource sector flagship. In the past year, Mr. Fitzpatrick and his wife have boosted their personal holdings.
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