The new OTC Grey Market ticker for containership owner Costamare (NYSE:CMRE) has been announced as CTMMF.
Trading likely started today (Friday) but we do not find it on our eTrade screen or Fidelity at this moment, but they can be a day slow in getting the database updated.
It is our personal intent to purchase some of this issue on Monday if we can get it around $25/share. We believe that as long as a quick review shows their financials to be in reasonable condition we will purchase for at least a “flip”. We are thinking there is 50-75 cents worth of flip profit to be had in the issue IF it can be bought right in the grey market.
We may even hold the issue long term if the general economy remains relatively strong as issues such as this one should hold up even if rates move a bit higher in the months ahead.