down at story number 15 in the business section of Thursday’s Crikey
Daily was a story about alternative energy company Pacific Hydro and a
World Bank report which provided some interesting information on its
earnings powerhouse, the Luzon Hydro power station in the Phillipines.
not often that Crikey can claim to have moved a stock, but Pacific
Hydro shares fell out of bed in an after-lunch special on Thursday that
we reckon could have been because of selling prompted by our report.
The stock closed down 20c at $4.40 but at one stage was 7% off
at $4.24 as speculation mounts that advisory firm Carnegie, Wylie and
Company will struggle to sell the company for a decent price. Pacific
Hydro shares were suspended from trading this morning on speculation a
Spanish company is expected to lob a formal offer.
Our little market moving effort pales in comparison with a stellar performance by the Fin Review on Thursday, which managed to send shares in Andrew “Twiggy” Forrest’s Fortescue Metals down 25%. The AFR
then didn’t come out for another five days, so it was up to the rest of
the papers to report the carnage as Fortescue lost $1.28 to $3.77 on
Thursday. Amazingingly, one of the world’s most expensive financial
dailies then didn’t report a word of the carnage they created in
Stephen Wyatt, who along with wife Colleen Ryan constitutes the Fin Review’s
high-powered Shanghai bureau, produced the page 11 lead headlined
“Doubts hit Fortescue’s iron-ore project”, in which he quoted China
Mettalurgical Construction Group insisting that it was not legally
bound to build a port, railway line and processing facility and
Fortescue’s much talked about iron ore resource had not been proved up
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Crikey loves a good list so let’s try to
put one together tracking journalists whose stories have moved share
prices. We reckon one of the best efforts was BRW’s destruction
of former Solution 6 CEO Chris Tyler. Texan Tyler was trying to bed
down a Telstra-backed $3.5 billion merger with Sausage Software just
days after the dotcom crash of April 2004 when reporter Nick Tabakoff
put him on the cover of BRW in a Walkley-winning exclusive revealing his drug convictions in Texas and corporate collapses in Canada.
peaking at more than $17, Solution 6 shares were already on the way
down but Tabakoff was largely responsible for a rapid-fire fall from $6
to $4 over ten days as the Sausage merger was aborted and Telstra’s
internet “genius” Ted Pretty quit the Solution 6 board out of
embarrassment for his close mate.
Another example was the fall in Coles Myer’s share price the day after Rupert Murdoch went on Business Sunday ten years ago and launched an almighty spray against Solomon Lew and his backers during the Yannon bunfight.
you know of a journalist whose story has moved a share price, email it
through to Crikey’s very own market mover Stephen Mayne on [email protected].