The Five Dumbest Things on Wall Street This Week
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Nortel's bonuses in reverse
That's sweet, we must say. Once the execs deposit the money back with Nortel, we say give each of them an iPod.
5. Caught With Their Pence DownOver in London, they're concerned about sudden movements in share prices. But over here, we're worried about the slow ones.
Specifically, we're referring to video game developer Eidos (EIDSY), which last Friday issued a press release announcing it knew of no particular reason that would justify the recent jump in the company's share price.
We understand why the company's board made the announcement. Eidos -- the company behind Lara Croft and Tomb Raider -- previously announced it is seeking a potential buyer. And U.K. rules dictate that Eidos make such an explanatory statement each time its stock makes a noticeable jump.
But let's put the recent movement in perspective. On the day that Eidos issued its press release, shares closed in London at 84.92 pence. Shares had risen 12.92 pence, or 18%, in merely six days.
On the other hand, the stock wasn't exactly in crazy territory, having traded in the 85-pence range in late November.And before the company's shares tanked in May, Eidos traded as high as 186 pence. (U.S. shares have tracked the U.K. shares by falling from $3.40 to $1.30.) So investors may be curious about why Eidos' shares jumped 18% in the last fortnight. We, however, would be a lot more interested in the company's excuses as to why the stock dropped 60% over the past year.
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