Tuesday, September 9, 2008

Gutnick's stock continues slide

Shares in Yossel Gutnick's LEGEND INTL HLDGS INC continue to slide. On Monday, the shares closed at $1.05 down $0.28 from Friday's close of $1.33 and way off its high of $5.05 that it hit on May 5th of this year. Volume on Monday was a heavy 447,537.

The stock's slide is somewhat surprising as there does not appear to be any negative news out on the company and it came on a day when the Dow Jones Industrial average was up 289 points. Additionally, it was just last month when the Indian Farmers Fertiliser Cooperative Limited (“IFFCO”) exercised 5,000,000 options in Legend at a strike price of $US 2.50 which provided an additional $US12.5 million of gross funding for the company.

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