* ACT I: The Wakeup Call BCE Inc.

(TSX:BCE) $32.75 Up 25.9 per cent (since Aug. 1).

BCE's move to convert its Bell Canada phone business into an income trust was an unwelcome wakeup call to jittery trust investors. The move by Canada's largest telephone company came exactly one month after Telus (TSX:T) announced plans to convert to a trust and may set off an alarm in the government over conversions by some of the country's largest companies. Although the government has been tight-lipped over the issue, trusts investors are concerned about a selloff similar to what occurred two years ago when the Liberal government scrutinized the trust structure. Said UBC Securities Canada analyst Jeffrey Fan: "Investors are beginning to worry about the implication of BCE's trust announcement on both BCE's and Telus's ability to successfully complete their conversions without government scrutiny.”

BCE would become the 250th income trust.

* ACT II: The Bomb Bennett Environmental (TSX:BEV) $0.64 Down 33.3 per cent (one-day swoon on news).

The market doesn't take kindly to being left in the dark. If you don't believe it, consider the brisk one-day selloff when Bennett warned investors not to rely on previously announced guidance, including a forecast issued in early August that the soil contamination processing company expected to process 28,000 to 33,000 tonnes of soil this year. The Oakville, Ont.-based company also told investors that, effectively immediately, it would no longer provide guidance in advance of reporting periods due to the unpredictability of the market. Shares in Bennett have cratered by almost 90 per cent since the stock peaked at $6 in March.

* ACT III: The Reality Check Falcon Oil & Gas (TSXV:FO) $2.66 Down 62 per cent (five-month plunge).

Falcon was the junior oilpatch's high flier early in the year when it gushed to a 10-fold increase based on its prospects in Hungary, but the stock has given speculators a rude reality check in recent months. In a note to investors, Canaccord Capital questioned Falcon's $1.1-billion market cap. The firm wrote in a note: "As much potential as the Hungarian property may have, it's a preposterous market cap for a company without production, don't you think?" Falcon also has a whopping 450 million shares outstanding.

* ACT IV: The Trust Convert Dundee Wealth Management (TSX:DW) $13.89 Up 38.9 per cent (year to date).

Dundee stock continued to flourish with a one-day spike of 13 per cent when the company said it plans to convert its investment management division, Goodman & Co., Investment Counsel Ltd., into an income trust. Dundee intends to offer approximately 15 per cent of Goodman & Co. in an initial public offering in the income trust structure. Goodman & Co., which included Dynamic Funds, manages more than $20 billion in retail and institutional assets. In September, Dundee Wealth Management launched Dundee Bank of Canada, a revamped Schedule I chartered bank.

* ACT V: The Takeover Jacuzzi Brands (NYSE:JJZ) $12.35 US Up 19.3 per cent (one-day spike on Oct. 11 takeover news).

Jacuzzi, the name synonymous with whirlpool baths, may have finally hit its pinnacle as a public company after a phenomenal multi-year rally. The West Palm Beach maker of hot tubs appears headed for a new life as a private company after New York-based private equity firm Apollo Management made an acquisition pitch of $12.50 US in a deal valued at $1.25 billion US, including the assumption of debt. Long-time holders of Jacuzzi stock have been rewarded with a five-year return of more than 500 per cent.

* ACT VI: The Exclamation Point Yum! Brands (NYSE:YUM) $58.03 US Up 28.9 per cent (since Aug. 1).

Yum! is known for its exclamatory name and now it's becoming known for its exclamatory growth. A growing appetite in China for Yum!'s KFC, Pizza Hut and Taco Bell brands spurred growth at the Louisville, Ky.-based company. Yum! beat analyst expectations for its third quarter with earnings of 83 cents US per share, beating the street by eight cents, and also raised its full-year profit guidance to $2.89 US earnings per share from $2.83, largely on its Chinese growth prospects. The company boasts a worldwide chain of 32,274 restaurants.

* ACT VII: The Gaming Nightmare ESI Entertainment Systems (TSX:ESY) $0.96 Down 63.1 per cent (two-week crash).

Internet gaming stocks have been having a nightmare at the craps table since the U.S government began to crack down on the online gaming industry. Few companies have been hit as hard as ESI, the Burnaby, B.C.-based outfit that provides products and services to the gaming industry. Ironically, the company's shares haven't even been able to get to first base despite its association with baseball's all-time hits king Pete Rose. ESI's subsidiary, Citadel Commerce Corp., recently purchased Rose's 30 autographed, limited-edition baseballs with the message, "I'm sorry I bet on baseball.”

The company also announced the resignation of its chief financial officer, Dan Parmar, who will be replaced on an interim basis by CEO Anthony Greening.

* ACT VIII: The Penny Jackpot WebTech Wireless Inc. (TSXV:WEW) $1.95 Up 78.9 per cent (since Sept. 1).

No, your eyes aren't deceiving you. It truly is a wireless company with a spike reminiscent of the good ol' days of the dot-com boom. WebTech Wireless has been getting some serious attention from investors as it rolls out its Quadrant wireless solutions that focus on the mobile telematics space. The Burnaby-based company announced a distribution agreement in the freight transportation business with Trailcom Leasing. WebTech's technology will allow Trailcom customers to track the location of parked trailers as well as goods in transit.

(Quotes based on prices through Oct. 13 unless otherwise specified.)

(Gyle Konotopetz can be reached at gyle@businessedge.ca)