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| quote: | Originally posted by Krypton
I made almost 200% on my MTL, before selling. Too bad it was one of my smallest holdings...
I generally believe the commodities sector has topped out for now. That includes precious metals, agriculture, energy. But only for the near term.
POT, or pot, I like em both! |
I lost a lot of money this morning....my gf has 300 shares and is still holding on, but I just don't trust the Russian government after they've decided to go after someone and dumped mine at $30. It's down to $25 now and was as low as $22.
| quote: | MOSCOW, July 24 (Reuters) - New York-traded shares in Russian coal miner Mechel (MTL.N: Quote, Profile, Research, Stock Buzz) fell more than 20 percent on Thursday after Prime Minister Vladimir Putin accused the firm of selling its products domestically at twice the price of exports.
"I'm asking the federal anti-monopoly service to pay special attention to this problem. And maybe even the investigative committee of Prosecutor Generals Office," Putin told steel company owners at a meeting to discuss developments in the market.
Mechel, also Russia's sixth-largest steel maker, declined immediate comment. Its billionaire majority owner, Igor Zyuzin, did not attend the meeting in the city of Nizhny Novgorod.
"In the first quarter of this year, the company sold its raw materials abroad at half the price of its domestic prices," Putin told the meeting.
Traders were quick to draw comparisons with Putin's once sharp criticism of oil firm YUKOS, which was bankrupt under a huge back tax bill.
"This (Mechel) was a benchmark stock for the sector, but now people are remembering what happens here when you come into conflict with the government," said Pavel Koryshev, trader at East Kommerts investment group in Moscow.
"The company could face corporate ramifications along the lines that we've seen before," he said.
A Moscow-based fund manager, who asked that he not be identified, said investors in Mechel were being scared off by Putin's comments.
"People are getting out of Russia. Putin had some very angry comments directed straight at the company and it is quite rare for Putin to specifically single out one company," he said.
Mechel shares were down 18.8 percent at $29.7 at 1505 GMT. |
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"Go back to bed america your government is in control
Here's American Gladiators, here is 56 channels of it,
Watch these picturary retards bang their fuckin' skulls together and congratulate you on living in the land of freedom,
Here you go America you are free to do as we tell you
We want your soul
Your cash, your house, your phone, your cash, your house, your life" -Adam Freeland - We Want Your Soul
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