Looking at the volume and price action, it makes a fair bit of sense to me that the late sell off was likely due to short term traders taking profits. If I was trying to make a quick buck on KXL, anticipating a news release, I would probably follow the rising price (right after the announcement) with a trailing stop, either an actual order or having my finger on the sell button, locking in my profit at a higher level until it broke downwards. When it started down, volume increased as more short term traders bailed, perhaps taking a 30% profit if they bought below $2 a short time ago. I don't think any long term investor could look at the deluge of info and make a decision as to whether they thought KXL's long term outlook had changed by the time the markets closed.

Question for those who may know. Insiders must report their transactions, but what about insiders of possible buyers? Could a board member of Goldcorp for example buy a million shares of KXL knowing that it might be a future acquisition?

Enjoying the discussion. I echo Sinbad in that I don't really understand a lot of the geo/tech stuff and like to read up on it from other posts. My own Kindergarten take on it is that the numbers are solid, but not startling. I also feel that there is no real "dud" area, but all targets of interest are still interesting.

GLTA!