MP Evans (LON:MPE) surprises me. It was always known that KLK would fail at the first acceptances stage with their 740p bid where the major shareholders (55%) had in mind perhaps 840p. So when the failure was announced and KLK said that its offer would lapse, one might have expected the price to settle at around, say, 650p. In the event, I paid 530p this morning since it seems to me that MPE is worth at least 700p as matters stand and likely to receive a bid in excess of 800p.
Interestingly, one would have expected REA (LON:RE.) to fall in sympathy. However, it is quite unmoved and is still a screaming buy below 400p. My wife holds the 9% loan stock which was not in any sense diluted when a £10m equity placing occurred last week.
Tesla (NASDQ:TSLA) seems indifferent to gravity. But it is still a screaming short since it does not possess some magic self-levitational tool in its kit. I know that magic can hang around for longer than is convenient. But there is no harm in piling up the put options (borrowing stock in Europe is very expensive) at around the current $208.
Given the long history of failure on the part of Cadiz’s (NASDAQ:CDZI) promoters one might have expected the stock to give up its recent steps upwards. However, seemingly not. This suggests that the resistance lines are being pushed aside. Now $12.
Fevertree (LON:FVR) continues to defy gravity and looks like a short nap for 2017 at 1,120p.
Finally, I shorted copper at 250 cents. Apparently analysis of Commitment of Traders data compels such a step. I do not know what the target is but I have in mind 225 cents.