Friday, December 14, 2012
Olam: drops 3.5% to $1.365, its lowest since Mar 2009, with several large trades suggesting institutional action, with peer Noble is up 1.3% at $1.145, bringing its week-to-date gains to more than 7%. An analyst says there's nothing specific on either company. "A lot of people are getting out of Olam, cutting their losses. We're now in the vacuum stage for these things and people are just taking stock of what they've got". Notes recent analyst downgrades of Olam, reflective of the general malaise surrounding that name. Adds, traders may be covering shorts on Noble, but says uncertain if traders are switching into Noble from Olam.