It can no longer be said that Capstone Infrastructure Corp (TSX: CSE, OTC: MCQPF) is a reliable, buy-and-lock-away wealth-builder, which is why it’s no longer a member of the Canadian Edge Portfolio. This change in status is relatively recent, which combined with the way management abruptly revealed an unsightly destiny for the company’s dividend in early December 2011 makes for strange circumstances indeed.

It can, however, provide a short-term pop for investors with risk capital to put to work–and who’d like to get paid a double-digit yield in the bargain. And that makes it a great target for Big Yield Hunting.

CE readers among the Hunting Party will be familiar with former Conservative Holding Capstone, which we first knew as Macquarie Power & Infrastructure Corp. A reasonable forecast suggests Capstone’s new rate would likely result in a double-digit yield based on current market pricing. Solid results for the parts of the business that will make up for a coming decline in cash flow from another key part in the fourth quarter and a positive outlook on early first-quarter results suggest a cut less than the market’s been anticipating.

Capstone Infrastructure Corp is a buy under USD4.50 for aggressive investors who understand that this is not a long-term investment, that a dividend cut is coming and that this company has a downside disappointment in its track record.

It’s safe to say the market was pleased with OneSteel Ltd’s (ASX: OST, OTC: OSTLF, ADR: OSTLY) fiscal 2012 first-half results, even though the company will pay only AUD0.03 per share for its interim dividend, down from AUD0.06 a year ago.

The exciting thing is that OneSteel is making a shift from its steelmaking past to a future focused on iron ore mining operations. Management is even thinking about changing the company name.

What really drove the share price were results from mining operations for the first half of the year laid the foundation for what management says will be “significant improvement” in the second half of fiscal 2012. Those who got in early and under our USD0.80 target have seen something on the order of a 70 percent gain for OneSteel, in about five weeks.

We recommend booking part of the gain, as we did when PetroBakken Energy Ltd (TSX: PBN, OTC: PBKEF) when it popped. We’ll find out about the second half of the fiscal year on Aug. 21, 2012, and hopefully see more progress with debt reduction, balance-sheet repair and asset focus.

As far as getting what we want out of it, of course the early pop is literally a jackpot, particularly for a service called Big Yield Hunting. I say we have our cake and eat it, too, by selling half of the original position and holding on to see what August brings.

Data Group Inc (TSX: DGI, OTC: DGPIF) has also come back from a low near CAD2.50 to near CAD6. In an update for the March Canadian Edge, Roger noted, “Conventional wisdom is that a dividend cut is all but inevitable when a stock trades at a high-teens yield. By this measure this stock has been pricing in a huge dividend cut for months. But management has continued to maintain the same rate, even after converting from an income trust structure to a corporation earlier this year.”

The market took this stock low when fear was high. And remember what can happen to high-yielders when the fear rolls back in. This was a CAD2.50 stock and a pothole in the Open Positions table as recently as October.

We can make use of Data Group without getting into the question of whether this is another Yellow or another Davis + Henderson Income Corp (TSX: DH, OTC: DHIFF), which has gone from basically printing checks for Canada’s Big Six banks to handling all sorts of data-warehousing, record-keeping and transaction-processing functions. And now it’s expanding into Internet marketing as well.

It’s traded as high as USD5.90, as recently as this week, more than double its bottom and extremely close to where we recommended it. I think selling now and booking a short-term capital loss would help offset the tax impact of the short-term gain we’re recommending readers to book on OneSteel.

And we avoid the risk of a broader market selloff wiping out the ground we’ve gained back.

Be sure to consult your tax attorney or tax specialist regarding the tax implications of these and any other transactions.

For more, see this month’s Big Yield Hunting.