Yeah JP Morgan Chase & Co. have been selling since May 2004.
HOw about this ... JPMorgan Chase & Co. (or JF Asset Management/Jardine Flemining Institutional Investment Group) became a substantial shareholder of 7.8m OIL at 38cps on 10 Feb 2004. They bought that from AXN who sold their 9.65m OIL. The balance went to aust. based insto. investors.
On 13 Feb, OIL makes an announcement of this new shareholder, and write that JF Asset Managment said "We are long term investors and our focus on small caps tends to be on those that offer significant upside through penetration of global markets".
mmmmmmmmmmm, and then they start selling 3 months later. Long term investing these days must mean a few months.
No wonder this stock is getting trashed.
OIL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
