i suspect the weakness we have seen in the two Canadian listed seafood names HLF and CLR stems in part from the following earnings reports from international competitors Grieg and Marine Harvest both of which attributed some of the weakness in their results to Canada.  That said, the factors cited in the earnings reports below have little impact on either co.  Specifically, in the case of CLR, fish, i.e. non-shell fish accounts for less than 5% of their Revenue mix.  Pricing dynamics, harvest, and market demand remain very firm for CLR's product mix.  Even a conservative 40c in EPS for this year would be a 50% gain over last year and equates to a super cheap P/E of 11.5X.  Given CLR's focus on debt reduction, a decrease interest expense alone has the potential to add 10c in EPS pushing the P/E multiple using $4.60 to under 10x.  Compare this to HLF on $2 in EPS estimated for this year with a multiple of 16X.  This valuation discrepency is the reason for run up in the share price and considering that CLR's margins are 2X those at HLF I would expect the multiple to continue to expand expecially once the market sees the strength in Q4 earnings.  A round 15X on the low end of earnings estimates i.e. 40c gets you $6.  The stock has run very quickly so this sort of consolidation is only normal but over a reasonable timeframe CLR will no doubt see further gains IMO.

http://www.bloomberg.com/news/2013-01-17/grieg-slides-as-fish-disease-cuts-earnings-harvest-oslo-mover.html

http://www.bloomberg.com/news/2013-01-18/marine-harvest-jumps-on-rising-salmon-prices-demand-oslo-mover.html

ironically neither stocks charts show much damage from these reports:

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=NO%3AMHG&insttype=Stock

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=NO%3AGSF&insttype=Stock