During the opening Cibc was primarily responsible for bringing the price down on low volume.
Around 11:20 on agora time and sales I see a cross trade of 165,200 by Cormark Securities (formerly Sprott Asset Management)
So, someone checks in at lunch time and notices the price is lower on a bogus volume.
Around that time cormark and cibc bought and sold creating volume.
Then you read stuff like this below and wonder
Wednesday, June 17, 2009 12:40 PM
Cormark hires CIBC mining analyst
Andrew Willis
Cormark Securities recently lost its base metals analyst to one of the companies it covers, as Jason Reid accepted an executive position in Australia at uranium miner Paladin Energy.
Employee-owned Cormark filled that slot Wednesday by hiring Cliff Hale-Sanders away from CIBC World Markets.
Cormark is an active player in all aspects of mining, with particular strength in uranium and gold. Mr. Hale-Sanders covered uranium plays at CIBC, along with Teck Resources and the rest of the Canadian based metal miners. He will start at Cormark in July. This move was first reported on Dow Jones.
CIBC (CM-T73.10-0.80-1.08%) has not announced how it will deal with the loss; talk on the Street is the investment bank will likely try to poach a top-ranked mining analyst from rivals, while also giving internal candidates a shot at the job.
