Monday, 16 February 2015
CW8888: This is amazingly craziness in the stock market!
Wah! 63.6M shares changed hand due to a Report from a Wordpress blog and two tweets!
Who is Iceberg?
The report and the company's website offer few clues to the identity of Iceberg. The website is a Wordpress blog, it has no archived reports and its "about" section claims only that Iceberg identifies earnings misrepresentations.
While it has a Twitter account, it has only tweeted twice: once to announce it was initiating coverage of Noble and a second time to claim it has no short interest in the company's stock.
Iceberg told CNBC it was experienced in financial analysis, but chose to remain anonymous as "we would like people to focus on the strength of the arguments."
"We do it because (a) it is the right thing to do, (b) many have remarked that there were a few odd things in Noble's financials and it is time to put it on the table (after all it is a public company)," it said in emailed comments, adding that it hasn't sold this report or its next two reports. "We do not make any money from this (at any level)."
Iceberg declined to provide further details, such as how many people wrote the report.
Read? Are short sellers gunning for Singapore again?