Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Mesabi Trust
So what: There isn't any news out today. But late last week, Mesabi Trust did announce a distribution of $0.65, and yesterday Forbes had an article saying the company couldn't keep up its dividend, which was lower than last quarter. The Forbes article was a little deceiving, considering Mesabi Trust's dividend doesn't follow a straight line and this quarter's dividend is actually $0.10 higher than last year.
Now what: Mesabi Trust's stock has been on fire for more than a year, so a quick breather may have been in order today. It could also be the short interest, which has steadily grown over the past year, trying to knock down the stock. Either way, I don't think today's move is a reason to panic, and it could be seen as a buying opportunity for those looking to jump into this stock.
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