By Nicole Strandlund Business Edge

Act I: Baby Value

* The Player: Dorel Industries (TSX:DII.B)

* Action: Down 20 percent year-to-date (from $28 Jan. 1, 2009).

* Recent Price: $22.29

* 52-Week High/Low: $36.50/$19.61 Babies are in - just ask actress and multiple-mom Angelina Jolie. So it's not hard to see the value in Montreal-based Dorel Industries Inc.'s purchase of a European baby product company.

Dorel, a juvenile products and bicycle company (with brands such as Safety 1st, Cosco, and Bébé Confort), paid US$5.3 million for Baby Art bvba, based in Belgium.

The Belgian company's products include a double shell bath (keeping baby's bathwater warmer longer), and a kit allowing parents to instantly create a print of their baby's hand or foot. The innovations had customers drooling at Europe's 2008 juvenile trade fair in Germany. (Admittedly, the real customers may have been drooling anyway - they are babies, after all.)

Dorel stock has fallen 23 percent from recent highs of $28 at the beginning of January, but traded as high as $22.48 the day of the news.

Act II: Nortel Shmortel

* The Player: Calian Technologies (TSX:CTY)

* Action: Up 15 percent year-to-date (from $11.10 Jan. 1, 2009)

* Recent Price: $12.71

* 52-Week High/Low: $13.09/$8.07 Some investors may feel relief that in filing for bankruptcy, perhaps Nortel will finally disappear from their portfolio. Some companies, on the other hand, will take a hit on their books and get the chance to move on.

Calian Technologies, a company based in Ottawa that sells its technology services to industry and government, will take a $800,000 pre-tax charge in Q1 relating to accounts receivable from Nortel Networks.

But that isn't stopping Calian's performance. Thanks in part to new contracts with the Department of National Defence, the company announced it was upping its fiscal 2009 guidance.

The company now expects annual revenue to be between $200 and $220 million (compared to earlier projections of $195 to $215 million).

First-quarter revenue and earnings per share are projected to be $55 million and $0.42 per share respectively. Actual results will be released Feb. 4, 2009.

Act III: Gold War

* The Player: Central Sun Mining (TSX:CSM)

* Action: Up 117 percent year-to-date (from $0.29 Jan. 1, 2009)

* Recent Price: $0.63

* 52-Week High/Low: $2.50/$0.075 Investors have to love a bidding war.

Toronto-based Central Sun Mining Inc., a gold producer with mining and exploration activities focused in Nicaragua, had entered into an agreement with Halifax-based Linear Gold (TSX:LRR) at the end of December. In that agreement, Linear would acquire all Central Sun common shares in exchange for 0.4 of a Linear common share.

But that agreement also stated that if Central Sun found a more attractive deal before Linear's deal was expected to close, then Linear would be given the chance to match the new price.

Central Sun has now advised Linear that Vancouver-based B2Gold Corp. (TSX:BTO) has made a superior offer: 49.7 percent higher than Linear's offer. Central Sun shares jumped 40 percent or $0.18 to close at $0.63 on the news.

If the Linear agreement is terminated, Central Sun will have to repay the $2.5-million convertible debenture that Linear gave to Central Sun. Linear had until Jan. 30 to respond.

Act IV: Getting To Gold

* The Player: Osisko Mining (TSX:OSK)

* Action: Up 28 percent year-to-date (from $3.64 Jan. 1, 2009)

* Recent Price: $4.65

* 52-Week High/Low: $6.29/$1.40 What was once old is new again.

Between 1935 and 1965, an underground mine in the Malartic region of Quebec produced more than one million ounces of gold. Combined with two other mines in the region, more than five million ounces were produced between 1935 and 1983.

Osisko Mining Corp. is the current 100-percent owner of the Canadian Malartic gold property and the former Canadian Malartic Mine, and has just taken a major step in the regulatory process to reopening the project.

Near the end of 2008, Osisko tabled an environmental impact study (EIA) and announced a positive feasibility study. The company received news this month that its EIA was accepted, which means the public may review the study and request hearings regarding the project.

Osisko stock has risen 28 percent year-to-date, and was up two percent, or $0.09, on the news.

NOTE: The above is not intended as investment advice to buy or sell any mentioned securities.

Investors should do due diligence before investing. Quotes are based on results through Jan. 27, 2009.

(Nicole Strandlund can be reached at nicole@businessedge.ca)