Take physic, pomp

Primero (P.to) (PPP) is so proud of its net earnings figure for 2q14 that…

…it gets announced after 12 paragraphs and a whole bullet point section of the NR this morning. In fact, you have to wade through 1,320 words before you find out what they managed to make in the quarter, though IKN is kind and generous and does the hard work for you, so here’s…
“The Company generated net income of $0.6 million ($0.00 per share)”
…the information as reported (in fact it’s $572k, but apparently twenty-eight thousand dollars isn’t worth much these days so they just round up a couple of sig figs). And why are they so proud of that net earnings number that they bury it so far down? Because we have to pay attention to what a company wants us to read, not silly fripperies such as whether a company is profitable or not. By the way, if you think that net earnings number is a bit light for a $1.25Bn precious metals mining company you’re not alone, kind reader.
On that subject, cue the lapdog anal ysts who’ll now tell you how wonderful the stock is again.

UPDATE: Case in point, from the Scotia Daily Mining Scoop mailer:

“Ovais Habib (Precious Metals Analyst – Scotiabank) saying that Primero should react well today from the expansion news and overall strong Q2/14 results. “

Hmmm, maybe Scotia’s Ovais is confused about the 5% drop in Primero shares this morning.

Hey, totally unrelated of course, I wonder if Scotia’s ever done any investment banking business with Primero? 

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