September 07, 2010

Converted Organics

September 6, 2010

Shares of Converted Organics (NASDAQ:COIN) traded at a new 52-week low Friday of $0.37. Approximately 842,000 shares have traded hands Friday vs. average 30-day volume of 481,000 shares.
Converted Organics closed at $0.4, approximately 30.5% below its 50-day moving average of $0.57. SmarTrend will be monitoring shares of COIN to see if this bearish momentum will continue.
SmarTrend is bearish on shares of Converted Organics and our subscribers were alerted to Sell on May 20, 2010 at $0.83. The stock has fallen 52% since the alert was issued.

1 comment:

Jahn said...

Sorry Bill, but I think we need to get converted back the City Sq topic.

Last week I read the proposed parking garage will be reduced in size. Now rumor always had it that Tim Murray gave (i.e. a freebie) to Berkley in exchange for labor peace (a.k.a. as union only project). If memory serves me well, the price tag was a free $25 Million garage.

So if the garage is now to be downsized I can only assume it will cost less than the original $25M figure and I would speculate that City Sq II will now want that freed up parking garage funding to be used for something else and probably be available to City Sq II early(ier) on in the overall project.

Konnie is now on board with City Sq II b/c the dev'er is local vs Berkley being non local. What sense does that make? I am surprised an attorney could ever come to that illogical conclusion?

Lastly, the city is signed on to this project and no one even knows exactly what the definitive plans are for major part(s) of the project including punching Front St through to Washington Sq. which is one of the primary objectives of this downtown re-make.

So Bill, if you had mega bucks wrapped up in this deal, would you be gung ho to start ripping into this project if the details concerning major parts of it were still not finalized?

Sorry, but I am still a bit concerned and I feel there is too much celebration being anticipated.
I get a deja vu sense of the Salem Square Redevelopment Project, circa 1967 and the ghosts of Franny McGarth, Izzy Katz, and Joe Casdin celebrating prematurely.

oN second thought maybe Councilor Joe Casdin didnt celebrate, as his business (Jobbers Outlet) got eminent domained by Worcester Centre.