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Non-Tech : Thom Calandra, CBS Marketwatch and IVAN - Exposing the TRUTH
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To: tradermike_1999 who wrote (156)2/4/2004 2:52:23 PM
From: Kevin Podsiadlik   of 167
 
Ivanhoe Revs Promotion Engines

By James J. Cramer
RealMoney Columnist
02/04/2004 12:28 PM EST

Ivahoe (IVAN:Nasdaq) BEARISH
Price: $3.23 | 52-Week Range: $0.32-$7.55
# Ivanhoe is back to promoting.
# When promoters play, someone gets hurt.
# The find in China doesn't justify the market cap.
Position: None

Ivanhoe's doing the big promotion thing again, this time without its chief promoter. It's flooding the wires with releases about fields of development that are meant to justify its $500 million market capitalization.

I don't mind that. Canadian companies love to promote. That's kind of their thing.

What I don't like is the new, aggrieved tone of those who own the stock. They are all over me for taking up the bear cause.

That just makes me laugh. I can't short. I can't profit from the decline. I don't know anyone who is short Ivanhoe. I just know that when promoters play, someone gets hurt.

Is the Ivanhoe China find huge?

No.

Does it justify the $500 million market cap?

No.

And that's all there is to it.

(Followup remark in a later column: "The Sir Walter Scott fans are all over me again for my little tidbit on Ivanhoe not long ago. My advice, get a life.")
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