Just a quick update on HRBN, AFAM and TXICF.OB
Harbin Electric (HRBN) - nice chart developing. Last week we had MACD crossover with confirmation. Ever since, the stock has been inching higher. We still have ways to go, but it's nice to see that the lows in $12.90-13.00 area were held again.
Now, we are looking at at the next big resistance in $16.00 - 17.00 area.... Will be interesting to see if the inverse head & shoulders pattern develops in that area.
We heard the details of the acquisition. The acquisition price was at the high end of the estimates, but it's still a very good deal with accreative earnings. Earnings are coming within 2-3 weeks and I believe they should be good.
Tongxin International (TXICF.OB) - well, this day finally arrived, even though it's half a year later, than I expected :)
http://www.otcbb.com/asp/dailylist_detail.asp?d=07/22/2008&mkt_ctg=OTCBB
The stock will be listed on Nasdaq Global Market on Wednesday, July 23rd.
Earnings will be here in 2-3 weeks, as well. I don't anticipate a significant move yet, but I do hope that we'll start seeing PRs and more info coming out from the company, which should generate investors' interest.
Almost Family (AFAM) - Has been going up no matter what market was doing. Nice 50% gain from the recommended $20 buys. The volume significantly increased, and it might be good time to drop it from "undiscovered" list, at least for the time being. Great gain in a short time.
Finally, some thoughts on the market:
In the last update I mentioned that I think DOW may drop to 10,800 and that I thought 10,800-11,100 was the bottom. Well, so far it turned out exactly that way. Time will tell if this 10,800 will hold, but I still believe we'll see DOW around 13k as early as late Sep / October.
The situation reminds me of when everybody was in euphoria, when DOW was hitting 14,300 and we had our first drop. Everybody was still buying, screaming "buy that dip, we are going much higher". Well, this looks very similar to me, except the situation is reversed. We had our first good bounce, but many are still screaming "short that bounce, we are going much lower". Again, time will tell, but it seems to me that the mkt is starting to look past the credit problems and trying to look at the economy in 6-9 month frame.
Tuesday, July 22, 2008
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2 comments:
Any thoughts or additonal information on the equity transfer and equity joint venture with Changsha Meihua Vehicle Manufacture Co? I can't find any details about this. Is this a good thing for TXIC?
It's just a confirmation of the original agreement back in July of 2007, when they announced the acquisition.
Here are details from that old release:
Additionally, AAAC and TX have agreed, pursuant to the Equity Acquisition Agreement, subsequent to the close of the transaction that TX will cause Changsha Meihua Automobile Company Ltd. ("Meihua") to form a 50%/50% joint venture in China with TX International. Meihua is an original equipment manufacturer ("OEM") of buses for passenger mass transit and tourist applications in China. The joint venture will provide TX International entrance into the rapidly growing OEM bus segment and also provide for additional revenue opportunities for service parts.
So, yes it is a good thing - they confirmed the original deal. How it will add to the bottom line? Unfortunately, no details given. We should hear something when the financials are released in August.
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