up on massive volume, page-5

re: takeover or big contract driving sp Dolphin,
Re reporter comments on Macquarie Bank / Leightons sniffing out Downers .......
Yeah, maybe journo has a set against Downers and is sending some negative stuff back at them in spite

but

the market punished the sp severly on the back of what really was an abnormal impact on profit (but negative surprise) and this opened the door for smarties with trucks loads of cash and no garage for the trucks.
Been plenty of talk about private equity houses bursting with cash and needing acquisitions for it.

There is no doubt the markets reaction was way beyond deserved given the fundamentals were essentially strong so this was a good opportunity for the opportunists to buy in to a basically very good business at unexpected bargain price.

Other thing is the BIG contract date is looming and if anyone has confidence that Downer is going to get it over UGL then this could explain why a normally very good growth stock like UGL has been churning with no sustainable upward movement when much of the market has moved up in past month.

Either way, Downer looks like an interesting proposition for a while. Volatility around takeovers and big contract news is always risky business cause every potential upside has an equal and opposite potential downside - except downsides can often magnify. Anyway, fun days ahead.