The stock went from just over $4 to about $5.30.
If the Jaded Consumer has the power to move stocks with posts, then blame must be accepted for the collapse of ACAS from nearly $50 to well under $2. So, no claim of credit here. However, as AMEX listing brings CNAM into view of more analysts, the things that are going right at CNAM will become more broadly evident. Now that CNAM isn't a pink-sheet stock, folks who would have feared to invest for fear of being able to sell (low-volume pink-sheet shares can become impossible to exit because of wide spreads and lack of volume ... trust me, it's lousy) will be able to see both regular volume and a respectable listing. CNAM's story will have an audience, and that audience is apparently beginning to grow already.
Assuming CNAM doesn't issue an earnings warning soon, the company will have traded at about 10x trailing earnings in the face of both globally improving business conditions and margins improvements having to do with the transition from a basic materials broker into a source of recycled steel. I wouldn't want to make bets based on particular numbers, but the future looks bright for CNAM.
Update (March3, 2010): the action on CNAM wasn't a one-day thing, though it's been volatile. CNAM will present at a Beijing investment conference, and optimism continues in heavy trading:
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