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Bargain hunting? Five Canadian Techs that were Hammered Monday

The TSX's four per cent, 491 point loss Monday was actually better than many exchanges worldwide.

Global markets took a pounding on Monday as concerns about Standard and Poors downgrade of the United States debt outweighed optimism over the European Central Bank’s buying Spanish and Italian bonds.

In Canada, the nature of the weighting of listings meant that mining and metals took the brunt of the TSX’s 491 point dive. But those looking for bargains in tech might take note of the list below, comprised of TSX and TSX Venture techs that took it on the chin Monday.

1. China Wind Power (TSXV:CNW) August 8th Close: $.61 -24%

Late in July, Toronto’s China Wind Power announced it had sold 81 million kilowatt hours of electricity in fiscal 2011, and reported revenue of $6.5 million, which was nearly double fiscal 2010’s top line. The company, however is still losing money. Today’s beatdown is a bit misleading, as just 13,400 shares of the thinly traded cleantech changed hands, and the bid price was several points higher than the close.

2. Mad Catz (TSX:MCZ) August 8th Close: $.56 -23.3%

Bad time to announce a disappointing quarter. On Thursday, Mad Catz, which designs and markets accessories for video game systems, announced that net sales for the quarter ended June 30, 2011, were $16.5-million, which was a 17.3% decrease from net sales of $19.9-million in the same quarter last year. The longer picture, however, shows a company in a serious upswing; Mad Catz has more than doubled its revenue since 2008; from $87.7 million to a shade under $184 million.


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3. BioExx (TSX:BXI) August 8th Close: $.60 -20%

Bioexx, which has developed a patented system for extracting protein from plants, had had trouble getting flagship facility in Saskatoon, which will produce canola protein isolates, on track. Shares of the Toronto company have fallen from a high of $2.66 on January 7th to today’s low. Today, The company announced that Chris Carl has resigned as chairman and chief executive officer

4. SelectCore (TSXV:SCG) August 8th Close: $.165 -19.5%

SelectCore has made real strides in the booming prepaid financial and prepaid wireless space. The company has grown from just $47.7 million in revenue in fiscal 2007 to $103.2 million in fiscal 2010. While shares of the company were on fire in May, tripling in a week, things have cooled considerably. The company’s market cap of $18.9 million is now less than a fifth of its topline.

5. WiLAN (TSX:WIN) August 8th Close: $5.66 -19%

Ottawa’s WiLAN might have been the victim of a little profit taking today, the company has been one of the biggest Canadian tech successes in recent memory. After trading as low as $1.19 in late October, 2008, WiLAN’s stunning run to nearly $8 means the company is now the most valuable technology concern in Ottawa. WiLan now has nearly a thousand patents, and has already licensed their technologies to blue chip techs such as Cisco, Nokia, Panasonic, Samsung. In doing so, the company’s revenue has climbed from just over $2 million in fiscal 2006 to over $50 million in 2010.



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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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