The share price of Finnish drug manufacturer Orion (ORNBV for the B series share at the Helsinki stock exchange) did some welcome fluctuation today. First, at 0655 hrs UTC, Orion announced that their partner Abbott would discontinue development of the Orion-originated compound levosimendan in the USA. Then the interim report for Q1/2007, which was expected to be released no earlier than approximately 0900 hrs, suddenly appeared at 0805 hrs.
The Orion B share, which is more liquid than the A share, had closed at 17,25 €. During today’s morning call, the price fell to 16,69, and at the beginning of the continuous trading, slightly after 0700 hrs, even further down to 16,35.
However, in just a few minutes, the price recovered from the levosimendan scare, and rose to around 17,00. As the interim report was released, the stock climbed to 17,34, and then descended to hover about 17,25.
This price difference of six percent within a little more than an hour obviously created excellent trading opportunities (although I normally am more into swing than day trading). I did not quite make the extremes, but was able to buy at prices down to 16,59, and to sell at up to 17,23.
If you are interested in stock trading, one book I recommend is “If it’s raining in Brazil, buy Starbucks”, by Peter Navarro.
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