Poseidon Concepts (PSN-T)

(A Top Pick August 12/12. Down 98.12%.) This company was delisted from the TSX. It will be interesting to see the results of the class-action suit.

Just sold his holdings.

(Market Call Minute.) Real disaster stock to own. Have a fair bit of debt on their balance sheet. Future is very unclear.

Stay away until this company shows it has some credibility. If you own, he would go elsewhere.

Have more than 3 competitors in the oil patch doing exactly the same thing. As a growth stock, this company has overstayed its welcome. When he sees a stock like this that has fallen from grace and suddenly has accounting issues, it’s a run for the door stock.

Still owns all his holdings and even bought some more at $2.50. Things are happening behind the scenes so how much can be recovered he doesn’t really know. There is a lot of volume at the $1.50-$1.60 level. Even though he is holding all of his stocks, he is not recommending to anybody that they do anything right now.

Sold some of his holdings of on the way down. Management is doing a spinoff. He has no sense of the reason for the calamity. Doesn’t know what happens next.

Wouldn’t be stepping into this one today. Management team left. Dividend has been suspended. Have a number of lawsuits against them.

He owned it and rode it down. Was a very, very bad drop. 50-60% in a single day and then it kept going. He got out right away. Don’t expect a dead cat bounce. Has gone beyond panic selling.

Had a 43% miss on earnings. Cut guidance. Whole bunch of problems. Confidence has been lost in management. Yield of 31% so definitely the dividend is in doubt. Have more competition coming on. Demand for this kind of service is declining.

Not one of his best picks. Bowled over by the earnings announcement 3 weeks ago. Competition came in a lot sooner than anticipated. Decline is a little over done. 40-50 cents in dividends next year. If you have it, hold it and don’t sell during the tax loss season. Tax loss selling will be a big issue for this stock.

Tough part is that their business model has significantly changed. It was a growth and dividend payout darling. Numbers have been slashed now. Business model is a bit broken and timing the bottom is difficult. Tax loss selling candidate or sit tight and wait.

Came out with disastrous earnings. Canadian analyst raise earnings estimate 2 days before the announcement. The dividend is declared for Nov/Dec, but he would not touch this one.

Stock took a 50%+ drop last week because of a class-action lawsuit. Dropped their 2012 guidance by 30% in mid-November. Stock will be in the penalty box at best. There are concerns about the sustainability of what they are doing.

Owns a small position. Was attracted by Return on Capital and the dividend. Management has revised what its profitability will be and it is nowhere near as profitable. When you get a situation where a bad quarter comes out, there is a big, big overreaction. You are probably safe around this price. All the people who own this stock though are going to be looking to Sell between now and January for tax loss purposes. This one could even go down into the $4’s. Once the selling has stopped, it will probably go back to $7-$8. Accumulate this between now and Dec 15.