Post by
pennyoilking on Jun 26, 2014 4:53pm
Concerning CAK...stock going the wrong direction..
I need to do a little DD later tonight to verify. Supposedly, the company messed up on their calculations regarding their crude oil inventory in last update and a bunch of law firms came out of the woodwork looking for easy blood. Rumor off Yahoo board is that CAK UNDERSTATED its crude oil inventory by over $9 million!!! Yes, somebody screwed up and it does need to be addressed. But then again....if there is an extra $9 million infuture revenues unaccounted for the stock should go UP not down.....LOL...seems morons selling just because of the ambulance chasers are coming public. I am still up over double on this stock after the split!
Comment by
pennyoilking on Jun 26, 2014 5:17pm
Yep...Read the company release. Very simply put....Board acknowledges screwup after the big merger with Allied. Seems they needed a new calculator for US dollars instead of Nigerian. They are working on buying one. In the meantime, they have found an EXTRA $9.5 million in oil sitting around!!! Buying time!
Comment by
radcat on Jun 26, 2014 8:27pm
From crying time to buying time. I am also up more than double even after todays selloff. Not to mention a currency gain to boot. Canadian was around $1.02 U.S. when I bought. This company has a lot going for it. One bad day doesn't make a trend. Buy on weakness.
Comment by
vestor111 on Jul 19, 2014 5:28am
Looks like the account issues have been resolved and appear neutral. Doesn't change cash.