Monday, June 9, 2008

Ag Plays Continue to Run (AGU; IPI; MON; MOS; POT)

From MarketBeat:
For a time it appeared as if the agricultural plays, which ran wild in 2007, were going to languish as investors snapped up other investments in 2008. Those stocks pulled back in mid-May, along with the rest of the market, but have put together another sharp rally in the last two weeks.

Potash Corp. of Saskatchewan was up by 4.2% Monday after gaining 51% in 2008, while rival Agrium Inc. tacked on 3.9% after a 28% gain in the first five-plus months of the year. Jeffrey Cooper, writing on, says that Potash “and its entourage surely are reminiscient of hammer-time in the Internets” dating back to 1999. And yet, these stocks continue their surge....MORE

Last Thursday 1440 Wall Street called it a:

Potash Party on Wall Street

The potash boom has not been lost on investors who have bid up the shares of Potash Corporation of Saskatchewan (POT-NYSE). The bull case is well known, making the recent public debut of Intrepid Potash Inc. (IPI-NYSE) a layup for the company, their bankers and the funds who were allocated a piece of the IPO's pie.

The speculative juices are certainly flowing, and investors are willing to take a flyer on anything potash related. It is a party and traders are hitting the dance floor:

What's a potash permit worth? About $38-million, judging by the stunning share price increase posted by Potash North Resource Corp. Wednesday....MORE