By Gyle Konotopetz Business Edge

* ACT I: The Bell Ringer Telus Corp. (TSX:T) $60.95 Up 12.2 per cent (weekly return).

For years, the market has favoured western telecom powerhouse Telus to its eastern rival BCE. Now Telus has further enhanced its image in the eyes of the investment community by beating BCE at its own game and converting into an income trust. BCE has spun off units of its company into trusts, but Telus went the distance with its plans to convert the entire company. Under the trust structure, Telus said unitholders would receive monthly cash distributions totalling $3.90 to $4.10 per year. Previously, Telus paid an annual dividend of $1.10. BCE also benefited from the news as its shares were bid up 7.3 per cent in five post-news trading days on speculation that it may transform its Bell Canada business into a trust. Shares in Telus were up 35 per cent since mid July on speculation something was brewing. The stock had has a phenomenal 250-per-cent return in the past four years.

* ACT II: The Comeback Fund Associated Brands Income Fund (TSX:ABF.UN) $1.35 Up 114.3 per cent (since hitting its 52-week low of 63 cents on Aug. 23).

In August, financially strapped Associated Brands looked like it may be bound for the crowded income trust graveyard. But the trust has mustered a remarkable bounce off its 52-week low, leaving unitholders scratching their heads since there's been no news to explain the recent comeback. The stock floundered in August when Associated Brands, a Toronto-based manufacturer of private-label, dry-blend food products and other household products reported a quarterly loss of $578,000, or four cents per share. The big picture for this trust still isn't too pretty as the units have crashed 53 per cent year to date.

* ACT III: The Bomb Ceramic Protection Corp. (TSX:CEP) $17.76 Down 27.1 per cent (weekly drop on news).

Ceramic Protection appeared to be a bullet-proof stock until the Calgary-based company announced the termination of an existing supply agreement with a major customer, resulting in a brisk selloff. The maker of ballistic protection products also announced its subsidiary, CPC America, had filed a lawsuit against Armor Works Enterprises for breach of contract. Armor Works responded by saying it was proceeding with legal action against CPC America. Aside from the celebration at the law firms, there was also some good news from Ceramic Protection as the stock recovered some of its losses after it announced CPC America had secured a $5-million Cdn order for body armour inserts.

* ACT IV: The Rosy Forecast Com Dev International (TSX:CDV) $5.73 Up 172.9 per cent (year to date).

Com Dev continued to court investors with rock-solid results and bright prospects. The Cambridge, Ont.-based satellite equipment maker reported quarterly earnings of $6.4 million or 10 cents a share, a big boost from year-ago numbers of $1.6 million and three cents a share. But what really piqued the market's interest was the company's revenue guidance estimate for 2006, which was hiked from an increase of 15 per cent to an increase in excess of 20 per cent. Six years ago, Com Dev was one of the high flyers in the tech boom, with its shares briefly vaulting the $20 plateau.

* ACT V: The Oilpatch Winner Calvalley Petroleum (TSX:CVI.A) $6.28 Up 14.2 per cent (one-day jump on Sept. 13 news).

By oilpatch standards, a 14.2-per-cent rally may seem like a pittance. But considering the slide in oil prices and the market's sudden distaste for anything oily, Calvalley's move was quite a feat. Yet, a Calvalley message board was lit up with cranky shareholders, griping about the Calgary international oil and gas company's lousy timing for news of the discovery of an oil pool in its Hiswah field in Yemen. Have oilpatch punters become spoiled by the long-term energy bull market? It certainly appears so.

* ACT VI: The Oilpatch Loser Storm Cat Energy (TSX:SME) $1.58 Down 60.5 per cent (since Oct. 1/05).

Storm Cat is one of those gassy plays. That was something to brag about a year ago when Storm Cat's shares surged to $4 on the back of robust demand for natural gas. But the crash in natural gas prices has created a challenging environment for gas-weighted outfits, particularly a money-losing company such as Storm Cat. The Calgary company's operations are focused on unconventional gas reserves and it boasts a massive land position of 380,000 undeveloped gross acres in North America. Storm Cat reported a loss of $1.2 million or two cents a share in its latest quarter (through June 30).

* ACT VII: The Retail Stalwart Best Buy (NYSE:BBY) $53.83 US Up 12.7 per cent (weekly gain).

The consumer isn't dead. Not yet, according to Best Buy. The Richfield, Minn.-based consumer electronics retailer reported strong earnings for its second quarter (ended Aug. 26). Best Buy said it earned $230 million US or 47 cents per share, beating the average street estimate by three cents. Despite softness in the U.S. housing market, the big earnings driver was the sale of big flat-screen TVs. Demand for the high-definition and plasma TVs has been growing as prices become more reasonable and as Best Buy CEO Brad Anderson said, "the growth in television is really just beginning."

* ACT VIII: The Penny Jackpot New World Resources (TSXV:NW) $1.73 Up 765 per cent (year to date).

Shares in New World spiked 60 per cent in a single day when the Vancouver-based junior mining outfit reported a significant new discovery of high-grade results from two drill holes at its Lipena gold/ copper/silver project in Bolivia. New World has completed a seven-hole drill program at its Lipena property. The company also has an early-stage gold project in Nevada. New World president John Lando is also president of another junior miner, Northern Lion Gold (TSXV:NL).

(Quotes are based on results through Sept. 15 unless specified otherwise.)

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