Short Bet Against Cameco (CCJ) And Uranium
According to Bloomberg, the short interest in uranium company Cameco (CCJ) has gone to 6.2% of shares outstanding. A few months ago, 24/7 pointed out that valuations of uranium companie were getting too high. At the turn of the year,…
According to Bloomberg, the short interest in uranium company Cameco (CCJ) has gone to 6.2% of shares outstanding. A few months ago, 24/7 pointed out that valuations of uranium companie were getting too high. At the turn of the year, Merrill Lynch offered a very upbeat note on the industry and this help raise prices in the sector.
Now sentiment is moving the other way, and fast enough to crush a large number of investors. After being up almost 40% from the first of the year, Cameco shares have fallen 7% in two days with the path down getting sharper.
Bloomberg quotes one brokerage firm as saying that the correction still has a way to go: "Uranium may slide about 30 percent to $95, the long-term price, from the record of $138 a pound in the last week of May, according to Raymond James Financial Inc. in Dusseldorf."
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
