Another day, another all-time low. As of 1 p.m., 350,000 shares traded, all of them at a loss to the owners. Now testing $2.75.
Our timid financial media still shies away from talking about this collapse. The Globe noted in passing yesterday that Moody's recently downgraded the ratings of $1.7 billion of Canwest's commercial paper, but the reporter neglected to say what the new rating is. However, the downgrading is mentioned in a story about potential defaults.
At 3 p.m., it had fallen through $2.75, with nearly 500,000 shares sold.
This stock seriously looks like it could be heading off the main exchange and into the Venture Exchange. It's already been delisted in New York.
Meanwhile, Moody's expects a large number of Canadian corporate bond defaults this year.