OT
Yes, I have some stock from higher levels but I've loaded my boat. ABB, a german company holds a few million shares and I believe they are in financial distress, which is probably who is selling off the stock. It could very well trade at this level for a few days while more blocks are unloaded. If you look back at the trading in this stock, they did the same thing from $10.50 to $9, about a month ago (EDIT make that 2 months ago) when someone else dumped a couple of large blocks. This is not the most liquid stock but I like the company fundies (I've followed it for a couple of years-mostly from the merged company CPCL - claire). At $7/share the price to sales is about 1.5 - this for a company growing revenue at about 30% year over year, a pretty good bet in my book. They need to do a bit better job on the bottom line but they have been expanding into new markets, which had cut into their gross margins during the initial product push.
I guess this is more of a position trade then a day trade but I'm not sure we'll get another opportunity to buy at this level. However, I could be wrong. ABB might need to dump a few more million shares and the sharks may know this and try to force it down further. That's the risk, IMO. Of course, more market weakness could also keep the stock down. No promises and buyer beware, etc...
I've put my money where my mouth is, so if it goes down, you know at least one person who's losing out. LOL |
