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Doesn’t matter if Mr Buffet has sold off Petrochina (PTR), it is scaling new highs every other day. Both PTR and SNP are hugely-up in pre-market actions today. SNP is up over +$14 and PTR is up +$10! Oils bears (especially those who thought China oils are expensive) will be caught off-guard. I wonder what do analysts at Credit Suisse think of Oil now. CAM, COP, you name it, all up!
I sold my ZINC shares last Friday (insiders can now start selling shares, starting Monday and the weakness of shares is already reflected in the shares). If stock doesn’t dip much despite “share supply” in the market, previous high $26.14 could serve as a good entry point. In my opinion, shares are good long term buy as Horsehead is really a horse when it come to Zinc and related by-products.
I like Xinhua Finance Media (XFML). The company makes money, still well below IPO price and mind it, they have already authorized share buyback. Larry Kramer, founder and former CEO of MarketWatch, a financial news Web site now owned by Dow Jones & Co., and Steve Richards, chief operating officer of Silver Pictures, which has produced such movies as “V for Vendetta” and the “Matrix” series, are the two newest Americans on the publicly held company’s board. Besides that Billionaire Ron Burkle also became part of the company via his Yucaipa fund which got a pretty nice deal when it purchased a stake in Xinhua Financial Media at the end of September. The 8.57 million share stake, which was purchased from company insiders, cost the fund $25.72 million or $3 per share.
FAST missed, it will find support around $45, and will re-bounce. Those looking for intraday, it may offer some quickies. Infosys (INFY) has beaten estimates but shares are down. I may pick-up some intraday play as there is nothing wrong. INFY did a pretty good job despite weakening U.S. dollar, on average, 40.19 rupees during the July-through-September quarter compared with 46.29 rupees in the same quarter a year ago. Infosys generates >60% revenue from North America.
I am bullish on ATW and am looking for a quick break-out play.
Profitable trading, OP