Recent Price RiseAdmittedly, I have been forced to re-buy in the $46-47's after selling a good chunk in the $44's. Instead of falling asleep between quarterly announcements, the buyers have come out in droves.
I would surmise that there are three things causing this:
1. Short covering.
2. Purchases by dividend funds. With their recent divident announcement, Rogers is now paying a "real" dividend. In addition, their debt is no longer all sub investment grade. Instead of sitting on the sidelines, the large dividend funds are now forced to start buying this stock.
3. Belief that the Apr-Jun quarter will beat the street - again. The runup that normally starts two weeks before the quarterly announcement is starting early this time.
The one wild card is the spectrum decision by the CRTC. IMHO, this is a "10%" decision for Rogers. Should it go against them and the other two incumbents, I can see RCI.b shares falling 8-10% that day. Long term, this would be nothing but a great buying opportunity. Should the decision go in favour of the three incumbents, I can see us going up, but probably by a lesser percentage.
Let's see what happens this summer. It will be interesting.
Larsen6