Monday, January 26, 2009

Poof! More smurf than stone

Smurfit-Stone Container (NASDAQ:SSCC) filed for Chapter 11 today. A sad ending that completes a precipitous decline, but a good reminder of how far corporations can fall. SCCC stock and bonds traded feverishly in the past couple of weeks - the writing clearly on the wall. Bond holders will be ready hat-in-hand. Last week the Smurfit-Stone Conatiner junk bonds yielded 61% and advanced on active trading. The stock, meanwhile, evaporated. Whatever. Stock Trends said goodbye to this dog back in September of 2007 when it turned Stock Trends Bearish.

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