CAN had to respond to the media - their stock jumped over 20% in a day.
It may not be a coordinated pump and dump, but it certainly looks like opportunism currently. Someone obviously knew they were in talks and leaked that to AFR, but led the media to believe it was talks about a takeover bid. My expectations have been close but a little off - I expected a high of $4 with a quick drop back to $3.5 as parties in-the-know took profits, then a slow decline to $3.1/3.2 as everyone else cottoned on or got impatient. It didn’t manage to reach $4 and so far it’s holding at $3.5, but I still expect that it will decline over the next 2 weeks unless they make an announcement about a material development. Buyers piled on during the rise from low to high $3’s in hopes of a quick flip and they’ll move on if it doesn’t show movement soon.
CAN Price at posting:
$3.58 Sentiment: Sell Disclosure: Not Held
