Take physic, pomp

Allied Nevada (ANV): Yes, Kitco’s reporters really are this stupid about the markets

I wish I hadn’t read it, but it cannot be unread. Here’s what Kitco had to say today about Allied Nevada (ANV) (ANV.to) and its Chapter 11 announcement earlier in the week:

(Kitco News) – Allied Nevada Gold Corp.’s (TSX: ANV) (NYSE: ANV) bankruptcy filing stole center stage in the mining world this week. Allied Nevada filed for chapter 11 protection on March 10 creating a restructuring supported by the majority of its creditors that included a fresh cash injection of $78 million. Daily operations are expected to continue with no interruption in business.
Allied Nevada closed out the week as of Thursday’s close on the New York Stock Exchange with a 3.7% percent decline, settling at C$1.08. This week Moody’s Investor’s Service downgraded Allied Nevada’s rating to Ca from Caa1.
  • So, it’s down 3.7% is it? 
  • So, nothing about the fact that the tickers have been halted since the news dropped?
  • So, not a word about the new pinksheet trading in ANV that’s taken the place of the halted stock, via the ticker ANVGQ?
  • So, not a word about the way ANVGQ is trading at 12c, or around 85% down since the Ch11 announcement?

Yes, Kitco’s staff really is this stupid about markets

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