Performance Sports Group (TSX: PSG, Forum) lived up to its name today on the boards, but the upswing wasn’t based on any real news released by the company. It was however most likely based on speculation from the investment community that there had been a bid made to buy the sports equipment manufacturer of such well-known brands as Bauer.
The company quickly stepped in to address the situation with
a news release made a few hours ago which stated that trader buzz of W. Graeme Roustan’s withdrawal from board director candidacy indicated a confirmation that he had made a bid for the company. The release was clear in saying this has not happened.
Shares were up 12.90% to $18.56 per share.
Trican Well Service (TSX: TCW, Forum) took a header in the market today after the company announced that it had entered into an agreement in principle with its lender regarding the company’s revolving credit facility.
According to the
release, the company was able to negotiate more lenient terms to its current load and restrictions on its credit availability and limits. Investors weren’t so confident of the movement and ran from the building in droves, driving SP down considerably. There is speculation, and it isn’t entirely unfounded, that this move was based more on emotion than logic and the company is fine and would be returning to higher levels on the exchange soon.
Shares were down 27.27% to $1.04 per share.