We have all heard about the phone hacking scandal, which was done by one of Murdoch little tabloid newspapers that doesn’t seem to exist anymore. The scandal has shaken Murdoch’s media empire so bad that the losses are now astronomical.

To make things short, the scandal started weighing on NWSA as of July 6th. On July 5th, the stock was trading at $18.13, yesterday the stock closed at $14.97 (down 18% so far). Now since there are 2.63 billion common shares, this means that the market capitalization of News Corporation was reduced by $8.31 billion (that’s in less than 2 weeks). Now how much did Rupert Murdoch lose?

Since Murdoch controls around 30% of News Corporation, then his total loss is around $2.5 billion.

July 18, 2011 | In: Financial

BAC Falls Below $10

Bank of America (NYSE: BAC) is now trading in single digits, current at $9.89. Look at today’s chart for the stock:

BAC Trading Below $10

I know I have said this would happen a week ago, but hey, it eventually happened, and not long after I predicted it. I think $10 will become a huge resistance for the stock if the stock closes below the $10 level by the end of this week.

Note that there was a huge volume for this stock in the first 2 minutes of trading, about 17 million shares traded hands. So BAC is going down on very high volume.

I don’t know where BAC will go from here, but it’s not looking good (come to think of it, it rarely looks good for this stock).

IRE (NYSE:IRE) has dropped yesterday below the $1 level, and is currently trading at $0.91. As we already know, NYSE (as well as NASDAQ) rules require that the stock maintains a price above $1 at all time, and if it drops below the $1 level, then it has 1 month to climb to at least $1, or else it’s booted out of the market (after a warning period).

This means that Bank of Ireland’s executives will most likely go for a reverse split. I think they’ll probably go for either a 1:5 (same as AIB) or 1:10. If they go with a 1:10 reverse split, then the following will happen:

- The number of shares will drop below the billion share level, and it will become only 320 million shares.
- The price of the stock will be around $9.11 (if it doesn’t go down further between now and the reverse split).
- The stock will continue to decline, because reverse splits are bad and are looked upon unfavorably by the investors.

I think both AIB and IRE are now the playgrounds of “shorters” (those who short stocks). Both of them have no future, and the serious problems in Europe are now emerging to the surface (forget about Greece and Portugal, there’s now Italy and Spain). I expect another reverse split for AIB probably in 2 months from now, I think this time they will go with a 1:10 just so they can last until the end of the year before the next reverse split.

I wanted to know how many companies are listed in the TSX, but, when I went to check the TSX page that listed the companies, I was surprised that each page was limited to all 10 entries, so there was no downloadable list and no way to find out how many companies are listed in the Toronto Stock Exchange. I think with the exception of TSX executives, everyone agrees with me that it’s a very lame way for presenting the information to the user.

So, I did the hard job and compiled a list of all the public companies in the Canadian market listed in the TSX, and here it is:

  • 01 Communique Laboratory Inc.
  • A&W Revenue Royalties Income Fund
  • Aastra Technologies Limited
  • Aberdeen Asia-Pacific Income Investment Company Limited
  • Aberdeen International Inc.
  • AbitibiBowater Inc.
  • Absolute Software Corporation
  • Acadian Mining Corporation
  • Acadian Timber Corp.
  • Accord Financial Corp.
  • ACE Aviation Holdings Inc.
  • ACTIVEnergy Income Fund
  • ADF Group Inc.
  • Adherex Technologies Inc.
  • Advantage Oil & Gas Ltd.
  • Advantaged Canadian High Yield Bond Fund
  • Advantaged Preferred Share Trust
  • Aecon Group Inc.
  • Aeroquest International Limited
  • AEterna Zentaris Inc.
  • Afexa Life Sciences Inc.
  • Africo Resources Ltd.
  • Ag Growth International Inc.
  • AGF Management Limited
  • AGF Master Limited Partnership
  • Agnico-Eagle Mines Ltd.
  • Agrium Inc.
  • Ainsworth Lumber Co. Ltd.
  • Air Canada
  • AirBoss of America Corp.
  • Akela Pharma Inc.
  • Akita Drilling Ltd.
  • Alacer Gold Corp.
  • Alamos Gold Inc.
  • Alaris Royalty Corp.
  • AlarmForce Industries Inc.
  • Alexco Resource Corp.
  • Alexis Minerals Corporation
  • Algoma Central Corporation
  • Algonquin Power & Utilities Corp.
  • Alimentation Couche-Tard Inc.
  • Allbanc Split Corp.
  • Allbanc Split Corp. II
  • Alliance Grain Traders Inc.
  • Allied Gold Mining PLC
  • Allied Nevada Gold Corp.
  • Allied Properties Real Estate Investment Trust
  • Allon Therapeutics Inc.
  • Almaden Minerals Ltd.
  • AltaGas Ltd.
  • Alter NRG Corp.
  • Alterra Power Corp.
  • Altius Minerals Corporation
  • Altus Group Limited
  • American Bonanza Gold Corp.
  • Amerigo Resources Ltd.
  • Amica Mature Lifestyles Inc./Style de Vie Amica Inc.
  • Amorfix Life Sciences Ltd.
  • Anaconda Mining Inc.
  • Anderson Energy Ltd.
  • Andrew Peller Limited/Andrew Peller Limitee
  • Angle Energy Inc.
  • Anglo Pacific Group PLC
  • Antrim Energy Inc.
  • Anvil Mining Limited
  • Aquila Resources Inc.
  • Arbor Memorial Services Inc.
  • ARC Resources Ltd.
  • Arctic Glacier Income Fund
  • Argonaut Gold Inc.
  • Argosy Energy Inc.
  • ARISE Technologies Corporation
  • Armistice Resources Corp.
  • Armtec Infrastructure Inc.
  • Arsenal Energy Inc.
  • Artek Exploration Ltd.
  • Artis Real Estate Investment Trust
  • Asia Bio-Chem Group Corp.
  • Aston Hill Global Agribusiness Fund
  • Astral Media Inc.
  • Atco Ltd.
  • Athabasca Oil Sands Corp.
  • Atlantic Power Corporation
  • Atna Resources Ltd.
  • Atrium Innovations Inc.
  • ATS Automation Tooling Systems Inc.
  • Augusta Resource Corporation
  • Aura Minerals Inc.
  • Aureus Mining Inc.
  • AuRico Gold Inc.
  • Aurizon Mines Ltd.
  • Aurora Oil & Gas Limited
  • Auryx Gold Corp.
  • Australian Banc Capital Securities Trust
  • Australian Banc Income Fund
  • AutoCanada Inc.
  • Automodular Corporation
  • Avalon Rare Metals Inc.
  • Avcorp Industries Inc.
  • AvenEx Energy Corp.
  • Avion Gold Corporation
  • Avnel Gold Mining Limited
  • Axia NetMedia Corporation
  • Azure Dynamics Corporation
  • B2Gold Corp.
  • Badger Daylighting Ltd.
  • Baja Mining Corp.
  • Ballard Power Systems Inc.
  • BAM Split Corp.
  • Bank of Montreal
  • Bank of Nova Scotia (The)
  • Bankers Petroleum Ltd.
  • Bannerman Resources Limited
  • Banro Corporation
  • Barclays Bank PLC Fixed Income Notes
  • Barrick Energy Inc.
  • Barrick Gold Corporation
  • Bauer Performance Sports Ltd.
  • Baytex Energy Corp.
  • BCE Inc.
  • Becker Milk Company Ltd. (The)
  • Bell Aliant Inc.
  • Bell Aliant Preferred Equity Inc.
  • Bellatrix Exploration Ltd.
  • BELLUS Health Inc.
  • Bengal Energy Ltd.
  • Bennett Environmental Inc.
  • Big 8 Split Inc.
  • Big Bank Big Oil Split Corp.
  • Big Rock Brewery Inc.
  • BioExx Specialty Proteins Ltd.
  • Bioniche Life Sciences Inc.
  • BioteQ Environmental Technologies Inc.
  • BioWest Therapeutics Inc.
  • BIOX Corporation
  • Birchcliff Energy Ltd.
  • Bird Construction Inc.
  • Black Diamond Group Limited
  • Black Iron Inc.
  • BlackPearl Resources Inc.
  • Blue Ribbon Income Fund
  • BMO 2013 Corporate Bond Target Maturity ETF
  • BMO 2015 Corporate Bond Target Maturity ETF
  • BMO 2020 Corporate Bond Target Maturity ETF
  • BMO 2025 Corporate Bond Target Maturity ETF
  • BMO Aggregate Bond Index ETF
  • BMO Agriculture Commodities Index ETF
  • BMO Base Metals Commodities Index ETF
  • BMO China Equity Hedged to CAD Index ETF
  • BMO Covered Call Canadian Banks ETF
  • BMO Dow Jones Canada Titans 60 Index ETF
  • BMO Dow Jones Industrial Average Hedged to CAD Index ETF
  • BMO Emerging Markets Bond Hedged to CAD Index ETF
  • BMO Emerging Markets Equity Index ETF
  • BMO Energy Commodities Index ETF
  • BMO Equal Weight REITs Index ETF
  • BMO Equal Weight US Banks Hedged to CAD Index ETF
  • BMO Equal Weight US Health Care Hedged to CAD Index ETF
  • BMO Equal Weight Utilities Index ETF
  • BMO Global Infrastructure Index ETF
  • BMO High Yield US Corporate Bond Hedged to CAD Index ETF
  • BMO India Equity Hedged to CAD Index ETF
  • BMO International Equity Hedged to CAD Index ETF
  • BMO Junior Gas Index ETF
  • BMO Junior Gold Index ETF
  • BMO Junior Oil Index ETF
  • BMO Long Corporate Bond Index ETF
  • BMO Long Federal Bond Index ETF
  • BMO Mid Corporate Bond Index ETF
  • BMO Mid Federal Bond Index ETF
  • BMO Monthly Income ETF
  • BMO Nasdaq 100 Equity Hedged To CAD Index ETF
  • BMO Precious Metals Commodities Index ETF
  • BMO Real Return Bond Index ETF
  • BMO S&P/TSX Equal Weight Banks Index ETF
  • BMO S&P/TSX Equal Weight Global Base Metals Hedged to CAD Index ETF
  • BMO S&P/TSX Equal Weight Oil & Gas Index ETF
  • BMO Short Corporate Bond Index ETF
  • BMO Short Federal Bond Index ETF
  • BMO Short Provincial Bond Index ETF
  • BMO US Equity Hedged to CAD Index ETF
  • BMTC Group Inc.
  • BNK Petroleum Inc.
  • BNS Split Corp. II
  • Boardwalk Real Estate Investment Trust
  • Boliden AB
  • Bombardier Inc.
  • Bonavista Energy Corporation
  • Bonnett’s Energy Corp.
  • Bonterra Energy Corp.
  • Boralex Inc.
  • Boston Pizza Royalties Income Fund
  • Boyd Group Income Fund
  • Boyuan Construction Group, Inc.
  • BPO Properties Ltd.
  • Brampton Brick Limited
  • Breakwater Resources Ltd.
  • Bri-Chem Corp.
  • Brick Brewing Co. Limited
  • Bridgeport Ventures Inc.
  • Bridgewater Systems Corporation
  • Brigus Gold Corp.
  • Brompton Advantaged Oil & Gas Income Fund
  • Brompton Advantaged VIP Income Fund
  • Brompton Lifeco Split Corp.
  • Brompton Oil & Gas Income Fund
  • Brompton Split Banc Corp.
  • Brompton VIP Income Fund
  • Brookfield Asset Management Inc.
  • Brookfield Infrastructure Partners L.P.
  • Brookfield Office Properties Canada
  • Brookfield Office Properties Inc.
  • Brookfield Real Estate Services Inc.
  • Brookfield Renewable Power Fund
  • Brookfield Renewable Power Preferred Equity Inc.
  • Brookfield Residential Properties Inc.
  • Brookfield Soundvest Equity Fund
  • Brookfield Soundvest Split Trust
  • Bucking Horse Energy Inc.
  • Buhler Industries Inc.
  • Build America Investment Grade Bond Fund
  • Burcon Nutrascience Corporation
  • C.A. Bancorp Inc.
  • C&C Energia Ltd.
  • CAE Inc.
  • Caldwell Partners International Inc. (The)
  • Caledonia Mining Corporation
  • Calfrac Well Services Ltd.
  • Calian Technologies Ltd.
  • Call Genie Inc.
  • Calloway Real Estate Investment Trust
  • Calmena Energy Services Inc.
  • Calvalley Petroleum Inc.
  • Calvista Gold Corporation
  • Cameco Corporation
  • Can-60 Income Corp.
  • Can-60 Income ETF
  • Can-Energy Income ETF
  • Can-Financials Income Corp.
  • Can-Financials Income ETF
  • Can-Materials Income ETF
  • Canaccord Financial Inc.
  • Canacol Energy Ltd.
  • Canada Bread Company, Limited
  • Canada Lithium Corp.
  • Canadian Advantaged Convertibles Fund
  • Canadian Apartment Properties Real Estate Investment Trust
  • Canadian Banc Capital Securities Trust
  • Canadian Banc Recovery Corp.
  • Canadian Convertible Liquid Universe ETF
  • Canadian Convertibles Plus Fund
  • Canadian Energy Services & Technology Corp.
  • CANADIAN Financials & Utilities Split Corp.
  • Canadian General Investments, Limited
  • Canadian Helicopters Group Inc.
  • Canadian High Income Equity Fund
  • Canadian High Yield Focus Fund
  • Canadian Imperial Bank Of Commerce
  • Canadian Income Management Inc.
  • Canadian Income Management Trust
  • Canadian Life Companies Split Corp.
  • Canadian National Railway Company
  • Canadian Natural Resources Limited
  • Canadian Oil Sands Limited
  • Canadian Pacific Railway Limited
  • Canadian Real Estate Investment Trust
  • Canadian Resources Income Trust
  • Canadian Satellite Radio Holdings Inc.
  • Canadian Tire Corporation, Limited
  • Canadian Utilities & Telecom Income Fund
  • Canadian Utilities Limited
  • Canadian Western Bank
  • Canadian Wireless Trust
  • Canadian World Fund Limited
  • Canadian Zinc Corporation
  • CanAlaska Uranium Ltd.
  • Canam Group Inc.
  • Canarc Resource Corp.
  • CanBanc Income Corp.
  • Candax Energy Inc.
  • Candente Copper Corp.
  • Candente Gold Corp.
  • Canexus Income Fund
  • Canfor Corporation
  • Canfor Pulp Products Inc.
  • Cangene Corporation
  • Canickel Mining Limited
  • Canlan Ice Sports Corp.
  • Canoe ‘GO CANADA’ Income Fund
  • Canoe Strategic Resources Income Fund
  • Canso Credit Income Fund
  • CanWel Building Materials Group Ltd.
  • Canyon Services Group Inc.
  • Capital Gains Income STREAMS Corporation
  • Capital Power Corporation
  • Capital Power Income L.P.
  • Capstone Infrastructure Corporation
  • Capstone Mining Corp.
  • Cardero Resource Corp.
  • Cardiome Pharma Corp.
  • Carfinco Income Fund
  • Cargojet Inc.
  • Caribbean Utilities Company, Ltd.
  • Carlisle Goldfields Limited
  • Carmanah Technologies Corporation
  • Carpathian Gold Inc.
  • Cascades Inc.
  • Caspian Energy Inc.
  • Catalyst Paper Corporation
  • Cathedral Energy Services Ltd.
  • Caza Oil & Gas, Inc.
  • CCL Industries Inc.
  • CE Franklin Ltd.
  • Celestica Inc.
  • Celtic Exploration Ltd.
  • Cenovus Energy Inc.
  • Centamin Egypt Limited
  • Centerra Gold Inc.
  • Central Fund of Canada Limited
  • Central GoldTrust
  • Centric Health Corporation
  • Cequence Energy Ltd.
  • Ceres Global Ag Corp.
  • Cerro Grande Mining Corporation
  • Cervus Equipment Corporation
  • CGA Mining Limited
  • CGI Group Inc.
  • Chalice Gold Mines Limited
  • Champion Minerals Inc.
  • Chartwell Seniors Housing Real Estate Investment Trust
  • Chartwell Technology Inc.
  • Chemtrade Logistics Income Fund
  • Chesswood Group Limited
  • Chieftain Metals Inc.
  • China Gold International Resources Corp. Ltd.
  • Chinook Energy Inc.
  • Chorus Aviation Inc.
  • Churchill Corporation (The)
  • CI Financial Corp.
  • CI Master Limited Partnership
  • CIBT Education Group Inc.
  • CIC Energy Corp.
  • Cinch Energy Corp.
  • Cineplex Inc.
  • Cinram International Income Fund
  • Cipher Pharmaceuticals Inc.
  • Citadel Income Fund
  • Citadel SMaRT Fund
  • Clairvest Group Inc.
  • Clarke Inc.
  • Claude Resources Inc.
  • Claymore 1-5 Yr Laddered Corporate Bond ETF
  • Claymore 1-5 Yr Laddered Government Bond ETF
  • Claymore Advantaged Canadian Bond ETF
  • Claymore Advantaged Convertible Bond ETF
  • Claymore Advantaged High Yield Bond ETF
  • Claymore Advantaged Short Duration High Income ETF
  • Claymore Balanced Growth CorePortfolio ETF
  • Claymore Balanced Income CorePortfolio ETF
  • Claymore BRIC ETF
  • Claymore Broad Commodity ETF
  • Claymore Broad Emerging Markets ETF
  • Claymore Canadian Financial Monthly Income ETF
  • Claymore Canadian Fundamental Index ETF
  • Claymore China ETF
  • Claymore Equal Weight Banc & Lifeco ETF
  • Claymore Global Agriculture ETF
  • Claymore Global Infrastructure ETF
  • Claymore Global Monthly Advantaged Dividend ETF
  • Claymore Global Real Estate ETF
  • Claymore Gold Bullion ETF
  • Claymore International Fundamental Index ETF
  • Claymore Inverse 10 Yr Government Bond ETF
  • Claymore Japan Fundamental Index ETF C$ hedged
  • Claymore Natural Gas Commodity ETF
  • Claymore Oil Sands Sector ETF
  • Claymore Premium Money Market ETF
  • Claymore S&P Global Water ETF
  • Claymore S&P/TSX Canadian Dividend ETF
  • Claymore S&P/TSX CDN Preferred Share ETF
  • Claymore S&P/TSX Global Mining ETF
  • Claymore Silver Bullion Trust
  • Claymore US Fundamental Index ETF
  • Clearwater Seafoods Income Fund
  • Cline Mining Corporation
  • ClubLink Enterprises Limited
  • Cluff Gold plc
  • CML HealthCare Inc.
  • CMP Gold Trust
  • Co-operators General Insurance Company
  • Coalspur Mines Limited
  • Coast Wholesale Appliances Inc.
  • Coastal Contacts Inc.
  • Coastal Energy Company
  • Coeur d’Alene Mines Corporation
  • Cogeco Cable Inc.
  • Cogeco Inc.
  • Colabor Group Inc.
  • Colossus Minerals Inc.
  • COM DEV International Ltd.
  • Cominar Real Estate Investment Trust
  • Commerce Split Corp.
  • Commercial Solutions Inc.
  • COMPASS Income Fund
  • Compton Petroleum Corporation
  • Computer Modelling Group Ltd.
  • Condor Petroleum Inc.
  • Connacher Oil and Gas Limited
  • Connor, Clark & Lunn Conservative Income & Growth Fund
  • Connor, Clark & Lunn Global Financials Fund II
  • Connor, Clark & Lunn Real Return Income Fund
  • Consolidated HCI Holdings Corporation
  • Constellation Software Inc.
  • Continental Gold Limited
  • Continental Precious Minerals Inc.
  • Contrans Group Inc.
  • Convertible & Yield Advantage Trust
  • Copernican British Banks Fund
  • Copernican International Financial Split Corp.
  • Copernican International Premium Dividend Fund
  • Copernican World Banks Split Inc.
  • Copernican World Financial Infrastructure Trust
  • Copper Mountain Mining Corporation
  • Corby Distilleries Limited
  • Core Canadian Dividend Trust
  • Coro Mining Corp.
  • Corona Gold Corporation
  • Corridor Resources Inc.
  • Corus Entertainment Inc.
  • Corvus Gold Inc.
  • Cott Corporation
  • Counsel Corporation
  • Coxe Commodity Strategy Fund
  • CP HOLDRS
  • CPI Preferred Equity Ltd.
  • Craig Wireless Systems Ltd.
  • Crescent Gold Limited
  • Crescent Point Energy Corp.
  • Crew Energy Inc.
  • CriticalControl Solutions Corp.
  • Crocodile Gold Corp.
  • Crocotta Energy Inc.
  • Crombie Real Estate Investment Trust
  • Crosshair Exploration & Mining Corp.
  • CryptoLogic Exchange Corporation
  • CryptoLogic Limited
  • Crystallex International Corporation
  • CU Inc.
  • Curis Resources Ltd.
  • CVTech Group Inc.
  • Cyberplex Inc.
  • Cymat Technologies Ltd.
  • Cymbria Corporation
  • D-Box Technologies Inc.
  • Dalradian Resources Inc.
  • Danier Leather Inc.
  • Data Group Income Fund (The)
  • Davis + Henderson Corporation
  • Day4 Energy Inc.
  • Daylight Energy Ltd.
  • DDJ High Yield Fund
  • DDS Wireless International Inc.
  • Deans Knight Income and Growth Fund
  • Deans Knight Income Corporation
  • DeeThree Exploration Ltd.
  • Dejour Energy Inc.
  • Delphi Energy Corp.
  • Delrand Resources Limited
  • Denison Mines Corp.
  • Descartes Systems Group Inc. (The)
  • Detour Gold Corporation
  • DHX Media Ltd.
  • DiagnoCure Inc.
  • Diamond Fields International Ltd.
  • Diaz Resources Ltd.
  • DirectCash Payments Inc.
  • Discovery Air Inc.
  • Distinction Group Inc.
  • Diversified Preferred Share Trust
  • Diversified Private Equity Corp.
  • Dividend 15 Split Corp.
  • Dividend 15 Split Corp. II
  • Dividend Growth Split Corp.
  • Dividend Select 15 Corp.
  • Dollarama Inc.
  • Dominion Citrus Income Fund
  • Dominion Citrus Limited
  • Domtar (Canada) Paper Inc.
  • Domtar Corporation
  • Dorel Industries Inc.
  • DPF India Opportunities Fund
  • DragonWave Inc.
  • Duluth Metals Limited
  • Dundee Capital Markets Inc.
  • Dundee Corporation
  • Dundee Energy Limited
  • Dundee Precious Metals Inc.
  • Dundee Real Estate Investment Trust
  • DundeeWealth Inc.
  • Dynacor Gold Mines Inc.
  • Dynasty Metals & Mining Inc.
  • Dynetek Industries Ltd.
  • E-L Financial Corporation Limited
  • Eagle Energy Trust
  • Eastern Platinum Limited
  • Eastmain Resources Inc.
  • easyhome Ltd.
  • Economic Investment Trust Limited
  • Ecopetrol S.A.
  • ECU Silver Mining Inc.
  • EGI Financial Holdings Inc.
  • Eldorado Gold Corporation
  • Electrovaya Inc.
  • EMC Metals Corp.
  • EMED Mining Public Limited
  • Emera Incorporated
  • Emerge Oil & Gas Inc.
  • Empire Company Limited
  • Enbridge Inc.
  • Enbridge Income Fund Holdings Inc.
  • EnCana Corporation
  • Endeavour Mining Corporation
  • Endeavour Silver Corp.
  • EnerCare Inc.
  • Enerflex Ltd.
  • Energizer Resources Inc
  • Energy Fuels Inc.
  • Energy Income Fund
  • Energy Split Corp. Inc.
  • Enerplus Corporation
  • EnerVest Diversified Income Trust
  • EnerVest Energy and Oil Sands Total Return Trust
  • Enghouse Systems Limited
  • Ensign Energy Services Inc.
  • Enterprise Oilfield Group, Inc.
  • Entree Gold Inc.
  • Envoy Capital Group Inc.
  • Epsilon Energy Ltd.
  • Equal Energy Ltd.
  • Equinox Minerals Limited
  • Equitable Group Inc.
  • Equity Financial Holdings Inc.
  • Erdene Resource Development Corporation
  • Espial Group Inc.
  • Essential Energy Services Ltd.
  • Etrion Corporation
  • European Goldfields Limited
  • Evertz Technologies Limited
  • Evolving Gold Corp.
  • Exall Energy Corporation
  • Excellon Resources Inc.
  • Exchange Income Corporation
  • Exco Technologies Limited
  • Exeter Resource Corporation
  • EXFO Inc.
  • Extendicare Real Estate Investment Trust
  • Extorre Gold Mines Limited
  • Extract Resources Limited
  • Fairborne Energy Ltd.
  • Faircourt Gold Income Corp.
  • Faircourt Split Trust
  • Fairfax Financial Holdings Limited
  • Fibrek Inc.
  • Fidelity Partnership 1996
  • Fiera High Income Trust
  • Fiera Sceptre Inc.
  • Financial 15 Split Corp.
  • Financial 15 Split Corp. II
  • Financial Preferred Securities Corporation
  • Finning International Inc.
  • Firan Technology Group Corporation
  • Firm Capital Mortgage Investment Corporation
  • First Asset Canadian Dividend Opportunity Fund
  • First Asset CanBanc Split Corp.
  • First Asset Diversified Convertible Debenture Fund
  • First Asset Energy & Resource Fund
  • First Asset Pipes & Power Income Fund
  • First Asset REIT Income Fund
  • First Asset Yield Opportunity Trust
  • First Capital Realty Inc.
  • First Majestic Silver Corp.
  • First National AlarmCap Income Fund
  • First National Financial Corporation
  • First Nickel Inc.
  • First Quantum Minerals Ltd.
  • First Trust Advantaged Short Duration High Yield Bond Fund
  • First Uranium Corporation
  • FirstService Corporation
  • Flaherty & Crumrine Investment Grade Fixed Income Fund
  • Flint Energy Services Ltd.
  • Focused Global Trends Fund
  • Foraco International SA
  • Forbes and Manhattan Coal Corp.
  • Forbes Energy Services Ltd.
  • Formation Metals Inc.
  • Forsys Metals Corp.
  • Fortis Inc.
  • Fortress Paper Ltd.
  • Fortuna Silver Mines Inc.
  • Fortune Minerals Limited
  • Forzani Group Ltd. (The)
  • FP Newspapers Inc.
  • Franco-Nevada Corporation
  • Freegold Ventures Limited
  • Freehold Royalties Ltd.
  • Front Street MLP Income Fund II Ltd.
  • Front Street MLP Income Fund Ltd.
  • Front Street Strategic Yield Fund Ltd.
  • Frontera Copper Corporation
  • Frontier Rare Earths Limited
  • Frontline Technologies Inc.
  • Futuremed Healthcare Products Corporation
  • Gabriel Resources Ltd.
  • Galleon Energy Inc.
  • Gamehost Inc.
  • Garda World Security Corporation
  • GASFRAC Energy Services Inc.
  • Gazit America Inc.
  • Gendis Inc.
  • GeneNews Limited
  • General Donlee Canada Inc.
  • General Moly, Inc.
  • General Motors Company
  • Genesis Land Development Corp.
  • GENIVAR Inc.
  • Gennum Corporation
  • Genworth MI Canada Inc.
  • Geodrill Limited
  • Geologix Explorations Inc.
  • George Weston Limited
  • Geovic Mining Corp.
  • Gibson Energy Inc.
  • Gildan Activewear Inc.
  • Glacier Media Inc.
  • Glentel Inc.
  • GLG Life Tech Corporation
  • Global 45 Split Corp.
  • Global Advantaged Telecom & Utilities Income Fund
  • Global Alumina Corporation
  • Global Banks Premium Income Trust
  • Global Diversified Investment Grade Income Trust
  • Global Diversified Investment Grade Income Trust II
  • Global Dividend Fund
  • Global Railway Industries Ltd.
  • Global Strategy Master LP
  • Global Uranium Fund Inc.
  • GlobalBanc Advantaged 8 Split Corp.
  • Globex Mining Enterprises Inc.
  • Gluskin Sheff + Associates Inc.
  • GLV Inc.
  • GMIncome & Growth Fund
  • GMP Capital Inc.
  • Gold Participation and Income Fund
  • Gold Reserve Inc.
  • Gold-Ore Resources Ltd.
  • Goldcorp Inc.
  • Golden Minerals Company
  • Golden Peaks Resources Ltd.
  • Golden Predator Corp.
  • Golden Queen Mining Co. Ltd.
  • Golden Star Resources Ltd.
  • Goldgroup Mining Inc.
  • Goldstone Resources Inc.
  • Goodfellow Inc.
  • Government Strip Bond Trust
  • Gran Colombia Gold Corp.
  • Gran Tierra Energy Inc.
  • Gran Tierra Exchangeco Inc.
  • Grande Cache Coal Corporation
  • Grandview Gold Inc.
  • Great Basin Gold Ltd.
  • Great Canadian Gaming Corporation
  • Great Panther Silver Limited
  • Great-West Lifeco Inc.
  • Greystar Resources Ltd.
  • Groupe Aeroplan Inc.
  • Groupe Bikini Village inc.
  • Gryphon Gold Corporation
  • Guardian Capital Group Limited
  • GuestLogix Inc.
  • Guyana Goldfields Inc.
  • GVIC Communications Corp.
  • GWR Global Water Resources Corp.
  • H. Paulin & Co. Limited
  • H&R Real Estate Investment Trust
  • Hammond Manufacturing Company Limited
  • Hammond Power Solutions Inc.
  • Hanfeng Evergreen Inc.
  • Hanwei Energy Services Corp.
  • Hard Creek Nickel Corporation
  • Hardwoods Distribution Inc.
  • Harmony Asset Limited
  • Harry Winston Diamond Corporation
  • Hart Stores Inc.
  • Hartco Inc.
  • Harte Gold Corp.
  • Harvest Banks & Buildings Income Fund
  • Harvest Canadian Income & Growth Fund
  • Harvest Operations Corp.
  • Harvest Sustainable Income Fund
  • Hathor Exploration Limited
  • HBanc Capital Securities Trust
  • Helix BioPharma Corp.
  • Hemisphere GPS Inc.
  • Heritage Oil Corporation
  • Heroux-Devtek Inc.
  • High Arctic Energy Services Inc.
  • High Liner Foods Incorporated
  • High River Gold Mines Ltd.
  • High Yield & Mortgage Plus Trust
  • Holloway Lodging Real Estate Investment Trust
  • Homburg Canada Real Estate Investment Trust
  • Homburg Invest Inc.
  • Home Capital Group Inc.
  • Homeland Energy Group Ltd.
  • HOMEQ Corporation
  • Horizon North Logistics Inc.
  • Horizons AlphaPro Balanced ETF
  • Horizons AlphaPro Corporate Bond ETF
  • Horizons AlphaPro Dividend ETF
  • Horizons AlphaPro Enhanced Income Energy ETF
  • Horizons AlphaPro Enhanced Income Equity ETF
  • Horizons AlphaPro Enhanced Income Financials ETF
  • Horizons AlphaPro Enhanced Income Gold Producers ETF
  • Horizons AlphaPro Floating Rate Bond ETF
  • Horizons AlphaPro Gartman ETF
  • Horizons AlphaPro Global Dividend ETF
  • Horizons AlphaPro Income Plus ETF
  • Horizons AlphaPro North American Growth ETF
  • Horizons AlphaPro North American Value ETF
  • Horizons AlphaPro Preferred Share ETF
  • Horizons AlphaPro S&P/TSX 60 Equal Weight Index ETF
  • Horizons AlphaPro Seasonal Rotation ETF
  • Horizons AlphaPro Tactical Bond ETF
  • Horizons BetaPro COMEX Copper Bear Plus ETF
  • Horizons BetaPro COMEX Copper Bull Plus ETF
  • Horizons BetaPro COMEX Gold Bullion Bear Plus ETF
  • Horizons BetaPro COMEX Gold Bullion Bull Plus ETF
  • Horizons BetaPro COMEX Gold Inverse ETF
  • Horizons BetaPro COMEX Silver Bear Plus ETF
  • Horizons BetaPro COMEX Silver Bull Plus ETF
  • Horizons BetaPro COMEX Silver Inverse ETF
  • Horizons BetaPro MSCI Emerging Markets Bear Plus ETF
  • Horizons BetaPro MSCI Emerging Markets Bull Plus ETF
  • Horizons BetaPro NASDAQ-100 Bear Plus ETF
  • Horizons BetaPro NASDAQ-100 Bull Plus ETF
  • Horizons BetaPro NYMEX Crude Oil Bear Plus ETF
  • Horizons BetaPro NYMEX Crude Oil Bull Plus ETF
  • Horizons BetaPro NYMEX Crude Oil Inverse ETF
  • Horizons BetaPro NYMEX Long Crude Oil/Short Natural Gas Spread ETF
  • Horizons BetaPro NYMEX Long Natural Gas/Short Crude Oil Spread ETF
  • Horizons BetaPro NYMEX Natural Gas Bear Plus ETF
  • Horizons BetaPro NYMEX Natural Gas Bull Plus ETF
  • Horizons BetaPro NYMEX Natural Gas Inverse ETF
  • Horizons BetaPro S&P 500 Bear Plus ETF
  • Horizons BetaPro S&P 500 Bull Plus ETF
  • Horizons BetaPro S&P 500 Inverse ETF
  • Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus ETF
  • Horizons BetaPro S&P 500 VIX Short-Term Futures ETF
  • Horizons BetaPro S&P/TSX 60 Bear Plus ETF
  • Horizons BetaPro S&P/TSX 60 Bull Plus
  • Horizons BetaPro S&P/TSX 60¿ Inverse ETF
  • Horizons BetaPro S&P/TSX Capped Energy Bear Plus ETF
  • Horizons BetaPro S&P/TSX Capped Energy Bull Plus ETF
  • Horizons BetaPro S&P/TSX Capped Energy Inverse ETF
  • Horizons BetaPro S&P/TSX Capped Financials Bear Plus ETF
  • Horizons BetaPro S&P/TSX Capped Financials Bull Plus ETF
  • Horizons BetaPro S&P/TSX Capped Financials¿ Inverse ETF
  • Horizons BetaPro S&P/TSX Global Base Metals TM Bear Plus ETF
  • Horizons BetaPro S&P/TSX Global Base Metals TM Bull Plus ETF
  • Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF
  • Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF
  • Horizons BetaPro S&P/TSX Global Gold Inverse ETF
  • Horizons BetaPro U.S. 30-yr Bond Bear Plus ETF
  • Horizons BetaPro U.S. 30-yr Bond Bull Plus ETF
  • Horizons BetaPro U.S. Dollar Bear Plus ETF
  • Horizons BetaPro U.S. Dollar Bull Plus ETF
  • Horizons COMEX Copper ETF
  • Horizons COMEX Gold ETF
  • Horizons COMEX Silver ETF
  • Horizons Enhanced U.S. Equity Income Fund
  • Horizons GMP Junior Oil and Gas Index ETF
  • Horizons Gold Yield Fund
  • Horizons S&P 500 Index (C$ Hedged) ETF
  • Horizons S&P/TSX 60 130/30 ETF
  • Horizons S&P/TSX 60 Index ETF
  • Horizons U.S. Dollar Currency ETF
  • Horizons Winter-Term NYMEX Crude Oil ETF
  • Horizons Winter-Term NYMEX Natural Gas ETF
  • Horizonte Minerals Plc.
  • HSBC Bank Canada
  • HSE Integrated Ltd.
  • HudBay Minerals Inc.
  • Huntingdon Real Estate Investment Trust
  • Husky Energy Inc.
  • Hydrogenics Corporation
  • Hyduke Energy Services Inc.
  • IA Clarington Aston Hill Tactical Yield Fund
  • IAMGOLD Corporation
  • IBI Group Inc.
  • IC Potash Corp.
  • IGM Financial Inc.
  • Imaging Dynamics Company Ltd.
  • IMAX Corporation
  • Imperial Metals Corporation
  • Imperial Oil Limited
  • IMRIS Inc.
  • Imvescor Restaurant Group Inc.
  • Income Financial Trust
  • Income STREAMS III Corporation
  • INDEXPLUS Dividend Fund
  • INDEXPLUS INCOME FUND
  • Indigo Books & Music Inc.
  • Industrial Alliance Insurance and Financial Services Inc.
  • ING Floating Rate Senior Loan Fund
  • Inmet Mining Corporation
  • Innergex Renewable Energy Inc.
  • InnVest Real Estate Investment Trust
  • INSCAPE Corporation
  • Insignia Energy Ltd.
  • Inspiration Mining Corporation
  • Intact Financial Corporation
  • Integrated Asset Management Corp.
  • IntelliPharmaCeutics International Inc.
  • Inter Pipeline Fund
  • Inter-Citic Minerals Inc.
  • Intermap Technologies Corporation
  • International Datacasting Corporation
  • International Forest Products Limited
  • International Minerals Corporation
  • International Road Dynamics Inc.
  • International Sovereign Energy Corp.
  • International Tower Hill Mines Ltd.
  • InterRent Real Estate Investment Trust
  • Intertape Polymer Group Inc.
  • Intrepid Mines Limited
  • Intrinsyc Software International, Inc.
  • INV Metals Inc.
  • Investment Grade Trust
  • iPath CBOE S&P 500 BuyWrite Index ETN
  • iPath EUR/USD Exchange Rate ETN
  • iPath GBP/USD Exchange Rate ETN
  • iPath JPY/USD Exchange Rate ETN
  • iPath Optimized Currency Carry ETN
  • iPath S&P 500 VIX Mid-Term Futures ETN
  • iPath S&P 500 VIX Short-Term Futures ETN
  • iPath US Treasury Flattener ETN
  • iPath US Treasury Steepener ETN
  • iShares Alternatives Completion Portfolio Builder Fund
  • iShares China Index Fund
  • iShares Conservative Core Portfolio Builder Fund
  • iShares DEX All Corporate Bond Index Fund
  • iShares DEX All Government Bond Index Fund
  • iShares DEX HYBrid Bond Index Fund
  • iShares DEX Long Term Bond Index Fund
  • iShares DEX Real Return Bond Index Fund
  • iShares DEX Short Term Bond Index Fund
  • iShares DEX Universe Bond Index Fund
  • iShares Diversified Monthly Income Fund
  • iShares Dow Jones Canada Select Dividend Index Fund
  • iShares Dow Jones Canada Select Growth Index Fund
  • iShares Dow Jones Canada Select Value Index Fund
  • iShares Global Completion Portfolio Builder Fund
  • iShares Gold Trust
  • iShares Growth Core Portfolio Builder Fund
  • iShares J.P. Morgan USD Emerging Markets Bond Index Fund (CAD-Hedged)
  • iShares Jantzi Social Index Fund
  • iShares MSCI Brazil Index Fund
  • iShares MSCI EAFE Index Fund (CAD-Hedged)
  • iShares MSCI Emerging Markets Index Fund
  • iShares MSCI World Index Fund
  • iShares NASDAQ 100 Index Fund (CAD-Hedged)
  • iShares Russell 2000 Index Fund (CAD-Hedged)
  • iShares S&P 500 Index Fund (CAD-Hedged)
  • iShares S&P CNX Nifty India Index Fund
  • iShares S&P Global Healthcare Index Fund (CAD-Hedged)
  • iShares S&P Latin America 40 Index Fund
  • iShares S&P/TSX 60 Index Fund
  • iShares S&P/TSX Capped Composite Index Fund
  • iShares S&P/TSX Capped Consumer Staples Index Fund
  • iShares S&P/TSX Capped Energy Index Fund
  • iShares S&P/TSX Capped Financials Index Fund
  • iShares S&P/TSX Capped Information Technology Index Fund
  • iShares S&P/TSX Capped Materials Index Fund
  • iShares S&P/TSX Capped REIT Index Fund
  • iShares S&P/TSX Capped Utilities Index Fund
  • iShares S&P/TSX Completion Index Fund
  • iShares S&P/TSX Equity Income Index Fund
  • iShares S&P/TSX Global Base Metals Index Fund
  • iShares S&P/TSX Global Gold Index Fund
  • iShares S&P/TSX North American Preferred Stock Index Fund (CAD-Hedged)
  • iShares S&P/TSX SmallCap Index Fund
  • iShares U.S. High Yield Bond Index Fund (CAD-Hedged)
  • iShares U.S. IG Corporate Bond Index Fund (CAD-Hedged)
  • Isotechnika Pharma Inc.
  • Ivanhoe Australia Limited
  • Ivanhoe Energy Inc.
  • Ivanhoe Mines Ltd.
  • Ivernia Inc.
  • Jaguar Financial Corporation
  • Jaguar Mining Inc.
  • Jayden Resources Inc.
  • JDS Uniphase Canada Ltd.
  • Jean Coutu Group (PJC) Inc. (The)
  • Jewett-Cameron Trading Company Ltd.
  • Jovian Capital Corporation
  • Jura Energy Corporation
  • Just Energy Group Inc.
  • K-Bro Linen Inc.
  • Karnalyte Resources Inc.
  • Katanga Mining Limited
  • Keegan Resources Inc.
  • Keg Royalties Income Fund (The)
  • Keyera Corp.
  • Khan Resources Inc.
  • Killam Properties Inc.
  • Kimber Resources Inc.
  • Kingsway Financial Services Inc.
  • Kingsway Linked Return of Capital Trust
  • Kinross Gold Corporation
  • Kirkland Lake Gold Inc.
  • Klondex Mines Ltd.
  • La Mancha Resources Inc.
  • Labopharm Inc.
  • Labrador Iron Mines Holdings Limited
  • Labrador Iron Ore Royalty Corporation
  • Lake Shore Gold Corp.
  • Lanesborough Real Estate Investment Trust
  • Laramide Resources Ltd.
  • Lassonde Industries Inc.
  • Laurentian Bank of Canada
  • Le Chateau Inc.
  • Legacy Oil + Gas Inc.
  • Leisureworld Senior Care Corporation
  • Leon’s Furniture Limited
  • Lexam VG Gold Inc.
  • Liberty Mines Inc.
  • Life & Banc Split Corp.
  • Lifeco Split Corporation Inc.
  • Linamar Corporation
  • Linear Metals Corporation
  • Lipari Energy, Inc.
  • Liquidation World Inc.
  • Liquor Stores N.A. Ltd.
  • Lithium Americas Corp.
  • Loblaw Companies Limited
  • Logan International Inc.
  • Logistec Corporation
  • Lone Pine Resources Inc.
  • Longview Oil Corp.
  • Lorus Therapeutics Inc.
  • lululemon athletica inc.
  • Lundin Mining Corporation
  • Lundin Petroleum AB
  • Lupaka Gold Corp.
  • Lydian International Limited
  • M Split Corp.
  • MacDonald, Dettwiler and Associates Ltd.
  • Mackenzie Master Limited Partnership
  • Macquarie Emerging Markets Infrastructure Income Fund
  • Mad Catz Interactive, Inc.
  • Madison Pacific Properties Inc.
  • MAG Silver Corp.
  • Magellan Aerospace Corporation
  • MagIndustries Corp.
  • Magma Metals Limited
  • Magna International Inc.
  • Magnotta Winery Corporation
  • Mainstreet Equity Corp.
  • Major Drilling Group International Inc.
  • Malaga Inc.
  • Mandalay Resources Corporation
  • Manitoba Telecom Services Inc.
  • Manulife Brompton Advantaged Bond Fund
  • Manulife Financial Capital Trust
  • Manulife Financial Corporation
  • Manulife Strategic Income Opportunities Fund
  • Maple Leaf Foods Inc.
  • Marathon Gold Corporation
  • March Networks Corporation
  • Marengo Mining Limited
  • Mariana Resources Limited
  • Markland AGF Precious Metals Corp.
  • Marquest Canadian Equity Income Fund
  • Marret High Yield Strategies Fund
  • Marret Investment Grade Bond Fund
  • Marret Multi-Strategy Income Fund
  • Martinrea International Inc.
  • Matrix Asset Management Inc.
  • Mawson Resources Limited
  • Mawson West Ltd.
  • Maxim Power Corp.
  • MBAC Fertilizer Corp.
  • MCAN Mortgage Corporation
  • McCoy Corporation
  • McGraw-Hill Ryerson Limited
  • MDC Partners Inc.
  • MDN Inc.
  • Mediagrif Interactive Technologies Inc.
  • Medicago Inc.
  • Medical Facilities Corporation
  • Mediterranean Resources Ltd.
  • MEG Energy Corp.
  • MEGA Brands Inc.
  • Mega Uranium Ltd.
  • Melcor Developments Ltd.
  • Mercator Minerals Ltd.
  • Mercer International Inc.
  • Metalore Resources Limited
  • Metals Plus Income Corp.
  • Methanex Corporation
  • MethylGene Inc
  • Metro Inc.
  • MGM Energy Corp.
  • MI Developments Inc.
  • Microbix Biosystems Inc.
  • Middlefield Bancorp Limited
  • Middlefield Tactical Energy Corporation
  • Midway Energy Ltd.
  • Migao Corporation
  • Minco Gold Corporation
  • Minco Silver Corporation
  • Minefinders Corporation Ltd.
  • Minemakers Limited
  • Minera Andes Inc.
  • Minera IRL Limited
  • Mineral Deposits Limited
  • Mines Management, Inc.
  • MINT Income Fund
  • Mirabela Nickel Ltd.
  • Miranda Technologies Inc.
  • Mitec Telecom Inc.
  • Molson Coors Canada Inc.
  • Moly Mines Limited
  • Moneta Porcupine Mines Inc.
  • Mood Media Corporation
  • Morguard Corporation
  • Morguard Real Estate Investment Trust
  • Morguard Sunstone Real Estate Income Fund
  • Morneau Shepell Inc.
  • MOSAID Technologies Incorporated
  • Mountain Province Diamonds Inc.
  • MTY Food Group Inc.
  • Mullen Group Ltd.
  • Multi-Manager Limited Partnership I
  • Mundoro Capital Inc.
  • NAL Energy Corporation
  • Namibia Rare Earths Inc.
  • National Bank of Canada
  • Nautilus Minerals Inc.
  • NB Split Corp.
  • NEMI Northern Energy & Mining Inc.
  • Neo Material Technologies Inc.
  • NeuLion, Inc.
  • Nevada Copper Corp.
  • Nevsun Resources Ltd.
  • New Dawn Mining Corp.
  • New Flyer Industries Inc.
  • New Gold Inc.
  • New Look Eyewear Inc.
  • Newalta Corporation
  • Newfoundland Capital Corporation Limited
  • Newgrowth Corp.
  • Newmont Mining Corporation of Canada Limited
  • Nexen Inc.
  • NexJ Systems Inc.
  • NGEx Resources Inc.
  • Niko Resources Ltd.
  • NiMin Energy Corp.
  • Niocan Inc.
  • Noranda Income Fund
  • Norbord Inc.
  • Nordion Inc.
  • NorRock Realty Finance Corporation
  • Norsat International Inc.
  • North American Advantaged Convertibles Fund
  • North American Energy Partners Inc.
  • North American Financials Capital Securities Trust
  • North American Palladium Ltd.
  • Northcore Technologies Inc.
  • Northern Dynasty Minerals Ltd.
  • Northern Financial Corporation
  • Northern Property Real Estate Investment Trust
  • Northgate Minerals Corporation
  • Northland Power Inc.
  • Northland Resources S.A.
  • Northstar Aerospace, Inc.
  • Northstar Healthcare Inc.
  • Northwest Healthcare Properties Real Estate Investment Trust
  • Nova Scotia Power Inc.
  • Novadaq Technologies Inc.
  • NovaGold Resources Inc.
  • Noveko International Inc.
  • Noventa Limited
  • Nuinsco Resources Limited
  • NuVista Energy Ltd.
  • Nuvo Research Inc.
  • O’Leary Advantaged Tactical Global Corporate Bond Fund
  • O’Leary BrIC-Plus Income & Growth Fund
  • O’Leary Canadian Equity Income Fund
  • O’Leary Canadian Income Opportunities Fund
  • O’Leary Canadian Income Opportunities Fund 2
  • O’Leary Hard Asset Income Fund
  • O’Leary U.S. Strategic Yield Advantaged Fund
  • OceanaGold Corporation
  • OCP Credit Strategy Fund
  • OCP Senior Credit Fund
  • Oil Sands Sector Fund
  • Olympus Pacific Minerals Inc.
  • Omega Advisors U.S. Capital Appreciation Fund
  • Oncolytics Biotech Inc.
  • Ondine Biomedical Inc.
  • ONEX Corporation
  • Open Range Energy Corp.
  • Open Text Corporation
  • OPMEDIC Group Inc.
  • Opta Minerals Inc.
  • OPTI Canada Inc.
  • Orbit Garant Drilling Inc.
  • Orezone Gold Corporation
  • Orocobre Limited
  • Oromin Explorations Ltd.
  • Orsu Metals Corporation
  • Orvana Minerals Corp.
  • Osisko Mining Corporation
  • Otelco Inc.
  • Pace Oil & Gas Ltd.
  • Pacific & Western Credit Corp.
  • Pacific Insight Electronics Corp.
  • Pacific North West Capital Corp.
  • Pacific Northern Gas Ltd.
  • Pacific Rim Mining Corp.
  • Pacific Rubiales Energy Corp.
  • Pacrim International Capital Inc.
  • Paladin Energy Ltd
  • Paladin Labs Inc.
  • Palko Environmental Ltd.
  • Pan American Silver Corp.
  • Parallel Energy Trust
  • Paramount Gold and Silver Corp.
  • Paramount Resources Ltd.
  • Parkland Fuel Corporation
  • Pason Systems Inc.
  • Patheon Inc.
  • Pathfinder Convertible Debenture Fund
  • PC Gold Inc.
  • Peer 1 Network Enterprises, Inc.
  • Pembina Pipeline Corporation
  • Pengrowth Energy Corporation
  • Penn West Petroleum Ltd.
  • Peregrine Diamonds Ltd.
  • Peregrine Metals Ltd.
  • Perpetual Energy Inc.
  • Perseus Mining Limited
  • Petaquilla Minerals Ltd.
  • Pethealth Inc.
  • PetroBakken Energy Ltd.
  • Petrobank Energy And Resources Ltd.
  • Petrominerales Ltd.
  • Petrowest Corporation
  • Peyto Exploration & Development Corp.
  • PFB Corporation
  • Phonetime Inc.
  • PhosCan Chemical Corp.
  • PHX Energy Services Corp.
  • Pilot Gold Inc.
  • Pinetree Capital Ltd.
  • Pizza Pizza Royalty Income Fund
  • Platinum Group Metals Ltd.
  • Platmin Limited
  • Points International Ltd.
  • Polar Star Mining Corporation
  • Polaris Minerals Corporation
  • Pollard Banknote Limited
  • Polo Resources Limited
  • Polymet Mining Corp.
  • Posera-HDX Inc.
  • Postmedia Network Canada Corp.
  • Potash Corporation of Saskatchewan Inc.
  • Power Corporation of Canada
  • Power Financial Corporation
  • PowerShares 1-5 Year Laddered Investment Grade Corporate Bond Index ETF
  • PowerShares Canadian Dividend Index ETF
  • PowerShares Canadian Preferred Share Index ETF
  • PowerShares DB Agriculture Double Long Exchange Traded Notes
  • PowerShares DB Agriculture Double Short Exchange Traded Notes
  • PowerShares DB Crude Oil Double Short Exchange Traded Notes
  • PowerShares DB Gold Double Long Exchange Traded Notes
  • PowerShares DB Gold Double Short Exchange Traded Notes
  • PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF
  • PowerShares QQQ (CAD Hedged) Index ETF
  • PowerShares Ultra DLUX Long Term Government Bond Index ETF
  • Powertech Uranium Corp.
  • Precious Metals and Mining Trust
  • Precious Metals Bullion Trust
  • Precision Drilling Corporation
  • Preferred Share Investment Trust
  • Premier Canadian Income Fund
  • Premier Gold Mines Limited
  • Premium Brands Holdings Corporation
  • Premium Income Corporation
  • Pretium Resources Inc.
  • Primaris Retail Real Estate Investment Trust
  • Primary Corp.
  • Primary Energy Recycling Corporation
  • Prime Dividend Corp.
  • Prime Restaurants Inc.
  • Primero Mining Corp.
  • Progress Energy Resources Corp.
  • Progressive Waste Solutions Ltd.
  • ProMetic Life Sciences Inc.
  • Propel Multi-Strategy Fund
  • ProSep Inc.
  • Protox Therapeutics Inc.
  • Provident Energy Ltd.
  • PRT Forest Regeneration Income Fund
  • Pulse Seismic Inc.
  • Pure Energy Services Ltd.
  • Pure Nickel Inc.
  • Pure Technologies Ltd.
  • QLT Inc.
  • Quadra FNX Mining Ltd.
  • Quebecor Inc.
  • Queenston Mining Inc.
  • Questerre Energy Corporation
  • R Split III Corp.
  • Rainmaker Entertainment Inc.
  • Ram Power, Corp.
  • Rare Element Resources Ltd.
  • Ratel Group Limited
  • Ravensource Fund
  • RDM Corporation
  • Red Crescent Resources Limited
  • Redknee Solutions Inc.
  • Redline Communications Group Inc.
  • Redzone Resources Ltd.
  • REIT INDEXPLUS Income Fund
  • Reitmans (Canada) Limited
  • Research In Motion Limited
  • Resinco Capital Partners Inc.
  • Response Biomedical Corp.
  • Resverlogix Corp.
  • Retrocom Mid-Market Real Estate Investment Trust
  • Revett Minerals Inc.
  • Revolution Resources corp.
  • Richards Packaging Income Fund
  • Richelieu Hardware Ltd.
  • Richmont Mines Inc.
  • Ridgewood Canadian Investment Grade Bond Fund
  • Ridley Inc.
  • Rio Novo Gold Inc.
  • RioCan Real Estate Investment Trust
  • Ritchie Bros. Auctioneers Incorporated
  • RMP Energy Inc.
  • Rock Energy Inc.
  • Rockex Mining Corporation
  • Rockgate Capital Corp.
  • Rockwell Diamonds Inc.
  • Rocky Mountain Dealerships Inc.
  • Rogers Communications Inc.
  • Rogers Sugar Inc.
  • Romarco Minerals Inc.
  • RONA inc.
  • Royal Bank of Canada
  • Royal Gold, Inc.
  • Royal Host Inc.
  • Royal Nickel Corporation
  • Rubicon Minerals Corporation
  • RuggedCom Inc.
  • Russel Metals Inc.
  • Rutter Inc.
  • S Split Corp.
  • Sabina Gold & Silver Corp.
  • Salida Wealth Preservation (Listed) Fund
  • San Gold Corporation
  • Sandvine Corporation
  • Saputo Inc.
  • Savanna Energy Services Corp.
  • Savaria Corporation
  • SCITI ROCS Trust
  • SCITI Trust
  • Score Media Inc.
  • Scorpio Mining Corporation
  • Scott’s Real Estate Investment Trust
  • Seabridge Gold Inc.
  • Sears Canada Inc.
  • Second Cup Ltd. (The)
  • Second Wave Petroleum Inc.
  • Secure Energy Services Inc.
  • Semafo Inc.
  • SemBioSys Genetics Inc.
  • Senior Gold Producers Income Corp.
  • Sentry Select Global Index Income Trust
  • Sentry Select Primary Metals Corp.
  • Senvest Capital Inc.
  • Serabi Mining plc
  • Serica Energy PLC
  • Shaw Communications Inc.
  • ShawCor Ltd.
  • Sherritt International Corporation
  • Shoppers Drug Mart Corporation
  • Shore Gold Inc.
  • Shoreline Energy Corp.
  • Sierra Wireless, Inc.
  • Signature Diversified Value Trust
  • Silver Bear Resources Inc.
  • Silver Bull Resources, Inc.
  • Silver Bullion Trust
  • Silver Predator Corp.
  • Silver Standard Resources Inc.
  • Silver Wheaton Corp.
  • Silvercorp Metals Inc.
  • Silvermex Resources Inc.
  • Sino-Forest Corporation
  • SIR Royalty Income Fund
  • Skope Energy Inc.
  • Skylon All Asset Trust
  • Skylon Global Capital Yield Trust
  • Skylon Global Capital Yield Trust II
  • Skylon Growth & Income Trust
  • Skylon International Advantage Yield Trust
  • SL Split Corp.
  • SMART Technologies Inc.
  • SMTC Manufacturing Corporation of Canada
  • SNC-Lavalin Group Inc.
  • Softchoice Corporation
  • Solitario Exploration & Royalty Corp.
  • Solium Capital Inc.
  • Sonde Resources Corp.
  • South American Silver Corp.
  • Southern Pacific Resource Corp.
  • SouthGobi Resources Ltd.
  • Spartan Oil Corp.
  • Spectral Diagnostics Inc.
  • Split REIT Opportunity Trust
  • Split Yield Corporation
  • Sprott Inc.
  • Sprott Physical Gold Trust
  • Sprott Physical Silver Trust
  • Sprott Power Corp.
  • Sprott Resource Corp.
  • Sprott Resource Lending Corp.
  • Spur Ventures Inc.
  • St Andrew Goldfields Ltd.
  • St. Augustine Gold and Copper Limited
  • Stantec Inc.
  • Star Hedge Managers Corp.
  • Star Hedge Managers Corp. II
  • Star Portfolio Corp.
  • Starcore International Mines Ltd.
  • Starfield Resources Inc.
  • Stella-Jones Inc.
  • Sterling Shoes Inc.
  • Stone Agribusiness Fund
  • Stonegate Agricom Ltd.
  • Stornoway Diamond Corporation
  • Strad Energy Services Ltd.
  • Strateco Resources Inc.
  • Strathmore Minerals Corp.
  • Strongco Corporation
  • Student Transportation Inc.
  • Sulliden Gold Corporation Ltd.
  • Sun Life Capital Trust
  • Sun Life Financial Inc.
  • Sun-Rype Products Ltd.
  • Suncor Energy Inc.
  • SunOpta, Inc.
  • Sunwah International Limited
  • Superior Plus Corp.
  • Supremex Inc.
  • Sure Energy Inc.
  • Swisher Hygiene Inc.
  • SXC Health Solutions Corp.
  • Synex International Inc.
  • T. Boone Pickens Energy Fund
  • TAG Oil Ltd.
  • Tahoe Resources Inc.
  • Taiga Building Products Ltd.
  • Talisman Energy Inc.
  • Talison Lithium Limited
  • Talon Metals Corp.
  • Tanzanian Royalty Exploration Corporation
  • Taseko Mines Limited
  • TD Split Inc.
  • TDb Split Corp.
  • TearLab Corporation
  • Tech Leaders Income Fund
  • Teck Resources Limited
  • TECSYS Inc.
  • Tekmira Pharmaceuticals Corporation
  • TELUS Corporation
  • Tembec Inc.
  • Ten Peaks Coffee Company Inc.
  • TeraGo Inc.
  • Teranga Gold Corporation
  • Terra Energy Corp.
  • TerraVest Income Fund
  • Tesla Exploration Ltd.
  • Tethys Petroleum Limited
  • Thallion Pharmaceuticals Inc.
  • The Brick Ltd.
  • The Cash Store Financial Services Inc.
  • The North West Company Inc.
  • Theratechnologies Inc.
  • Third Canadian General Investment Trust Limited
  • Thompson Creek Metals Company Inc.
  • Thomson Reuters Corporation
  • Thundermin Resources Inc.
  • Tiger Resources Limited
  • Tim Hortons Inc.
  • Timbercreek Global Real Estate Fund
  • Timbercreek Mortgage Investment Corporation
  • TimberWest Forest Corp.
  • Timminco Limited
  • Timmins Gold Corp.
  • TMX Group Inc.
  • Top 10 Canadian Financial Trust
  • Top 10 Split Trust
  • Torex Gold Resources Inc.
  • Toromont Industries Ltd.
  • Toronto-Dominion Bank (The)
  • Torstar Corporation
  • Total Energy Services Inc.
  • Tourmaline Oil Corp.
  • TransAlta Corporation
  • Transat A.T. Inc.
  • TransAtlantic Petroleum Ltd.
  • TransCanada Corporation
  • TransCanada PipeLines Limited
  • Transcontinental Inc.
  • TransForce Inc.
  • TransGlobe Apartment Real Estate Investment Trust
  • TransGlobe Energy Corporation
  • Transition Therapeutics Inc.
  • Tranzeo Wireless Technologies Inc.
  • Treasury Metals Inc.
  • Tree Island Wire Income Fund
  • Trevali Mining Corporation
  • TriAusMin Limited
  • Triax Diversified High-Yield Trust
  • Trican Well Service Ltd.
  • Tricon Capital Group Inc.
  • Trident Performance Corp.
  • Trident Performance Corp. II
  • Trilogy Energy Corp.
  • Trimac Transportation Ltd.
  • Trinidad Drilling Ltd.
  • Troy Resources NL
  • TSO3 Inc.
  • Tuckamore Capital Management Inc.
  • Tucows Inc.
  • Turbo Power Systems Inc.
  • Tuscany International Drilling Inc.
  • TVA Group Inc.
  • TVI Pacific Inc.
  • Twin Butte Energy Ltd.
  • U.S. Geothermal Inc.
  • UBS Global Allocation Trust
  • UEX Corporation
  • Uni-Select Inc.
  • Union Gas Limited
  • United Corporations Limited
  • United Silver Corp.
  • Ur-Energy Inc.
  • Uranerz Energy Corporation
  • Uranium Focused Energy Fund
  • Uranium One Inc.
  • Uranium Participation Corporation
  • Urbana Corporation
  • Ursa Major Minerals Incorporated
  • US Financial 15 Split Corp.
  • US Gold Canadian Acquisition Corporartion
  • US Gold Corporation
  • Utility Corp.
  • Utility Split Trust
  • Vaaldiam Mining Inc.
  • Valeant Pharmaceuticals International, Inc.
  • Valener Inc.
  • Vecima Networks Inc.
  • Velan Inc.
  • Velocity Minerals Ltd.
  • Vena Resources Inc.
  • Veresen Inc.
  • Vermilion Energy Inc.
  • Vero Energy Inc.
  • Victory Nickel Inc.
  • Vicwest Inc.
  • Village Farms International, Inc.
  • Virginia Mines Inc.
  • Vista Gold Corp.
  • Viterra Inc.
  • Vitran Corporation Inc.
  • Volta Resources Inc.
  • Wajax Corporation
  • Waldron Energy Corporation
  • Wall Financial Corporation
  • Wallbridge Mining Company Limited
  • Walter Energy, Inc.
  • Warnex Inc.
  • WaterFurnace Renewable Energy, Inc.
  • WebTech Wireless Inc
  • Wenzel Downhole Tools Ltd.
  • Wescast Industries Inc.
  • Wesdome Gold Mines Ltd.
  • West Fraser Timber Co. Ltd.
  • Westaim Corporation (The)
  • Westcoast Energy Inc.
  • Western Areas NL
  • Western Copper Corporation
  • Western Financial Group Inc.
  • Western Forest Products Inc.
  • Western Lithium USA Corporation
  • Western Potash Corp.
  • WesternOne Equity Income Fund
  • WestFire Energy Ltd.
  • WestJet Airlines Ltd.
  • Westport Innovations Inc.
  • Westshore Terminals Investment Corporation
  • WGI Heavy Minerals, Incorporated
  • Whistler Blackcomb Holdings Inc.
  • White Tiger Gold Ltd.
  • Whitecap Resources Inc.
  • Whiterock Real Estate Investment Trust
  • Wi-LAN Inc.
  • Wilmington Capital Management Inc.
  • Winpak Ltd.
  • Winstar Resources Ltd.
  • Wireless Matrix Corporation
  • Witwatersrand Consolidated Gold Resources Limited
  • World Financial Split Corp.
  • Xceed Mortgage Corporation
  • Xebec Adsorption Inc.
  • Xinergy Ltd.
  • Xtra-Gold Resources Corp.
  • Xtreme Coil Drilling Corp.
  • Yamana Gold Inc.
  • Yellow Media Inc.
  • Yield Advantage Income Trust
  • Yield Advantaged Convertible Debentures Fund
  • YIELDPLUS Income Fund
  • YM BioSciences Inc.
  • Yorbeau Resources Inc.
  • Yukon-Nevada Gold Corp.
  • Zargon Oil & Gas Ltd.
  • Zarlink Semiconductor Inc.
  • Zazu Metals Corporation
  • ZCL Composites Inc.
  • Zincore Metals Inc.
  • Zongshen PEM Power Systems Inc.

There are 1,549 listed companies in the TSX stock exchange. Note that some of these companies are not really companies, but ETFs, such as the ones that have to do with iPath or Horizons.

This list is up to date as of July 13th, 2011.

While reading a Bloomberg article on how the default in Greece caused a loss of $1 trillion dollar in the global equity market, a question came into my mind, what is the total value of the stock market? In other words, what is the sum of the market capitalization of all listed stocks?

I researched this question on the Internet and nobody seems to have answered it before, so I decided to do it myself.

Here’s how I did it: I created a script that will go through all the currently listed stocks in both the NYSE and the NASDAQ and get the market cap of each and every stock. I then summed all the market caps, and here’s the number I got: $23,346,980,800,000. So, the total value of the US stock market (NYSE and NASDAQ) is $23.34 trillion.

Now, a few weeks ago, I have generated a list with the top 100 companies by market cap, so, what I want to know right now is how much do these companies constitute of the total worth of the stock market. If you look at the aforementioned list, the combined market cap of these companies is $11.71 trillion, which means that the top 100 listed company by market cap represent 50.17% of the total stock market value.

July 13, 2011 | In: General

When Is a Stock Overvalued?

Long term investors usually do some due diligence on a stock before buying it. This due diligence consists of knowing the long term technical information about the stock, informing themselves about the company’s business and potential future, and, of course, asking this question: Is this stock overvalued?

Knowing whether a stock is overvalued or not is critical to any long term (daytraders and short term investors don’t usually care about this) investor’s decision making for buying that stock.

So, when is a stock overvalued?

There are many signs that can tell us that a certain stock is overvalued, including, but not limited to:

  • Very high P/E Ratio: While a slightly higher than normal P/E ratio indicates that investors love the stock, a P/E that is extremely high is a sure indication that there are lots of investors who are just following the herd (e.g. buying the stock because everyone else is buying it or praising it). An example of a stock that has an extremely high P/E is LNKD: With a current P/E of 2,741, it will take LinkedIn almost 3,000 years to pay back investors! I’m not sure this whole world will still exist after 3,000 years, let alone the Internet (or LinkedIn, for that matter).

  • Stock price is moving up despite a general downtrend in the industry: While this may be perceived as “the stock is outpeforming the industry”, it may be very well the sign of a highly manipulated stock. One has to ask this question: What makes this stock so special and so good to move up while all the other stocks in the same industry are moving down?

  • The company is consistently issuing reports that are below analysts’ expectations, yet the stock is unaffected: Generally, when this happens, the stock goes considerably down, and is stuck in what I usually call “a bearish hell” until the company starts beating the analysts’ expectations. If you’re buying a stock issued by such a company, then rest assured you are buying an overvalued stock.

  • The whole company relies on a single person to move things forward: An example of such a company is Apple (Apple without Steve Jobs will be like a deliciously looking dish without salt – tasteless). What will happen to the stock if the person the whole company depends on is no longer there?

  • The stock is reaching an all time high nearly every month: Although it is nice to see that the stock you are about to purchase is consistently breaking new highs, you have to always remember the saying “what goes up must come down”.

  • The stock price is not factoring in unfavorable market conditions: Let’s assume, for example, that people no longer think that Apple products are cool, or that people start hating Netflix because they just increased their subscription by 60%. If negative market conditions surround the company, then the stock price should definitely drop.

  • The company is getting greedier by the day: Again, let’s take a look at the link to Netflix’s blog, they increased their prices by 60%. Now, while that may have a positive effect on the short term, people will become more disgruntled and Netlfix’s churn rate will skyrocket. Another good example (in the Canadian market) is TD Canada Trust. Me, as well as many other Canadians, are currently very unhappy with the bank sending us a letter every other day or so telling us that they’re increasing their interest rates or the fees (or even creating additional fees)1. Again, TD might go up on the short term, but eventually the churn rate that they will experience will catch up with their greed.

  • The company’s main product is not a serious product: There are many listed companies whose main products or services are not that important, or can be easily cloned. An example of such companies is Youku Inc. Its main product is a YouTube clone that is targeted at the Chinese audience, and that is plagued with copyright violations. There are just too many red flags about this service that makes YOKU way overvalued.

1You should read one of TD’s letters, they are making it look like they’re hiking their fees for our own good!

Note: This article (as well as all other articles on this website) is an intellectual property and copyright of Fadi El-Eter and can only appear on fadi.el-eter.com.

In this current market, we are seeing more and more reverse splits taking place. The latest prominent reverse split was Citigroup’s, which outcome wasn’t (to say the least) impressive. When there’s a reverse split, new investors wonder, is that good for the stock? Is it a good sign?

I’m not going this time to wait until the end of the article to answer this question, so I will answer now: “Generally, reverse splits are a bad sign”.

Now that you know that reverse splits aren’t the best thing that can happen to a stock, you probably need to know why. Well, to explain why, let me discuss first why companies resort to reverse splits.

Reasons for reverse splits

Executives in a company do not wake up one day and decide “hey, we are going to do a reverse split on the stock, we will have less shares and the stock price will be higher”. Usually, there is a valid reason behind a reverse split:

  • The stock has dropped below the $1 level: As per the NYSE and the NASDAQ rules, a stock cannot drop below the $1 level for more than a month. Failing to comply with this rule can cause the stock to be delisted. Companies do a reverse split in order to avoid getting kicked out of the market.
  • The stock is being abused because it’s very cheap: If a stock is very cheap, and the volume on the stock is low, then the stock can be abused by even the smallest investors. If the company does a reverse split on its stock, then the stock will no longer be abused (at least by small investors).
  • Fear from being labeled as a penny stock: Prominent companies, such as Citigroup, refuse to have their stocks labeled as a penny stock, which, in the opinion of many investors, including myself, is any stock trading below $5.
  • Pessimism about the future of the company: If an already cheap stock is in a downward spiral for an extended period (with little hope of going up), then the company may decide to do a reverse split in order to maintain the prestige of the stock (otherwise, the stock may become a penny stock).

As you can see from the above, a reverse split is never the sign of a healthy stock, in fact, it is the sign of a very bad stock, that is stuck in some bearish hell, a stock whose company believes that its chances of going up are very dim.

Still don’t agree with me that a reverse split is bad news? Let’s check a couple of charts:

Figure 1: Citigroup reverse split – The stock is down 13.5% since the reverse split

Figure 1: AIB reverse split – The stock is down 57.7% since the reverse split

So, do you still think that reverse splits are good?

PS: A good question to ponder is the following “Which one of the above reasons did Citigroup and AIB take into consideration for doing the reverse split?”

One of the stocks that I watch most (but I’ve stopped trading since last year) is BAC. Although I have categorized this stock as risky before, I think it is one of the most interesting stocks out there. The pattern is now very clear, the long term downtrend is bearish, and the stock is testing new lows nearly every month.

BAC dropped to a two year low yesterday to $10.35, and is currently trading in the pre-market at $10.18.

Figure 1: BAC down to $10.18 (a new low) or 1.64% in the pre-market (courtesy of Google Finance).

If today proves to be as bad as yesterday for this stock, then expect the stock to reach (yet another) new low and drop below the $10 level. I think there’s an enormous support at that level though, but once tested for the first time, it means that in the very near future, the stock will drop below the $10 level and will stay there for a long, long time. If I haven’t made the decision to no longer be tempted by BAC, I would buy shares at the $10 level, and sell at the $10.50 (because I’m sure the stock will jump at least 5% when it reaches $10 because of all the automatic buy orders).

If BAC remains stuck in this bearish hell, then I wouldn’t be surprised if Bank of America will do a reverse split, similar to the one that C did back in May (by the way, C is down 13% after the reverse split).

One of the common terms in stock trading is the market capitalization or the “market cap”. The market capitalization of a company is, in short, the company’s value as determined by the market.

For example, at this moment, the market capitalization of Apple is $331.39 billion, that of Bank of America is $108.42 billion, that of Citigroup is $122.75 billion, and that of Google is $171.43 billion. Here is a list of the top 100 companies with the highest market capitalization.

The higher the market cap of a company, the more important the company is. However, it is worthy to note that a high market capitalization does not imply a healthy status of the company. Some companies (especially banks) have very high market caps yet they are plagued with different issues that will may haunt them for years to come.

The market capitalization calculation is a very straightforward process, you just multiply the number of shares by the current price of the stock. So the formula would be:

MarketCap = NumShares x StockPrice (where MarketCap is the market capitalization of the company, NumShares is the number of common shares issued by that company, and StockPrice is the price of the stock).

Example on how to calculate the market cap

Let’s look, for example, at Apple’s stock parameters (courtesy of Google finance, as of July 10th, 2011):

Apple’s Stock Information

You can see from the above that AAPL’s price is $359.71, number of shares is 921.28 million. Let’s apply the above formula:

MarketCap = 921,280,000 x $359.71 = $331,393,628,800. In other words, Apple’s market capitalization is billion $331.39, which matches the number in the image above. Note that Apple is the second listed company by market cap.

By looking at the above formula, we can also know the number of shares if we know the market cap and the stock price of a company (which is helpful if the company wants to do a split or reverse split, and wants to set the price of a stock to a specific number), or the stock price if we know the market cap and the number of shares.

July 7, 2011 | In: General

What Are Married Puts?

We all know that the majority of people don’t trade stocks, because they think that:

- Stock trading is a form of gambling
- Stock trading can be very risky

We, stock traders, laugh at the first point, because real stock trading doesn’t just consist of buying a stock and hoping that it’ll go up, it is about making your due diligence before buying the stock, and knowing that it will (most likely) go up, and if it goes down in the short term, then it’ll go up sometime in the future, and if it doesn’t, well, one should accept the loss gracefully and learn from it (incurring a loss is a possibility in any trade in any industry).

As for the second option, yes, stock trading can be risky, but the risk can be limited in many ways. One of these ways is called “married puts”. So what are they?

Let’s say you buy 1,000 shares of C at $42.70 (the current price). Your total cost will be $42,700. You know that Citigroup is bullish on the long term, but you can’t afford to lose a lot on the short term, if the stock goes considerably down. So you buy, at the same time of buying the C shares, “C Aug 2011 43.000 put” at $1.93/share for each share. Your total cost for the puts will be $1,930 (+broker commission). This means that each stock will now cost you around $44.63. But, on the flip side, you have protected your investment until August 19th. So, if the stock goes below $43, you will make money on the puts, if the stock goes above $44.63 you will make money on your stocks. Your loss per share (as long as you have the puts) is only the difference between $44.63 and $43, which is $1.63/share or around 4%. In other words, your total risk is no more than 4% for the next month, and we all know that it’s easy for any stock to move more than that 4% in any one day.

Now let me list both the advantages and disadvantages of married puts.

Advantages of married puts

- Minimal risk in stock trading
- Ability to make money both ways (in our case above, if the stock goes below $43 you will be making money on your puts, and if the stock goes above $44.63 you will be making money on your stocks)
- Peace of mind

Disadvantages of married puts

- Puts expire, and often you can’t get rid of them for a profit before they expire.
- Puts eat from your profits, as they typically increase the cost of a stock by 4% or 5% (depending, of course on the strike price and the expiry date of the put).
- Married puts add to the complexity of stock trading, now you have to take actions when the stock goes up and when the stock goes down.
- Married puts take all the thrill and excitement from stock trading.

Married puts are very convenient, but should be used wisely, and only when you don’t want to take any risk.

Note: This article (as well as all other articles on this website) is an intellectual property and copyright of Fadi El-Eter and can only appear on fadi.el-eter.com.