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Updating Canaccord's shark-jump call on HudBay

Back on January 20th we had a good old guffaw at the Can of Corn's pathetic attempt to pump on one of its major bagholder positions, HudBay (HBM). Anyone who can run a spreadsheet knows that Garofalo is bailing on HBM at the right time and the spectre of Chapter 11 is looming on the company and its everso everso clever idea of growth thru debt (i.e. it spent U$1.9Bn to build Constancia alone, it's now a U$4.12m market cap...where's all da munneh gone David?), but that's not going to stop a shameless band of whores such as the sellside anal yst community from trying to hoodwink its own clientele. 

Which is why we were told to buy HBM by Can of Corn last month, because when a dam that isn't going to collapse collapses it'll be really cool. Or something. Because science.

Anyway, here's how HBM has got on since then, compared to the copper producer ETF CPX as a benchmark:

We see that with the copper metal market price finally finding a (temporary?) floor, the stocks managed to level out too and they even managed a small rally when copper popped to U$2.15/lb or so (it's now back at U$2.03/lb). But in a shocking development HBM has underperformed its peers. 

Hey Canaccord, isn't it strange how people think financial debt bankruptcy risk is bigger than dam collapse risk?