fwiw, I just got this email a few minutes ago:
ICOC (Nasdaq) together with its subsidiaries, manufactures specialty resins and concentrates, and provides specialized polymers processing services. It offers specialty resins in powder form, which are used in the manufacture of household items, such as toys, household furniture, and trash receptacles; automobile parts; agricultural products, such as fertilizer and water tanks; paint; and metal and fabric coatings. The company also provides toll processing services, including ambient grinding, jet milling, compounding, and ancillary services for polymer resins produced in pellet form and other materials. Its concentrate products are primarily used by third parties to produce plastic films. ICO, Inc. provides its products and services through its 18 operating facilities located in 9 countries in North America, Europe, Australasia, and South America. Its customers include chemical companies, polymer production affiliates of oil exploration and production companies, and manufacturers of plastic products. In addition, the company exports its powders to Africa, the Middle East, and Asia. ICO, Inc. was founded in 1978 and is headquartered in Houston, Texas.
Before I go on, I want to let you know what happened on September 26, when the stock closed down nearly $3 on 4x the usual volume. It turns out that someone (hedge funds ??) put out a false report that ICOC was downgraded by a “boutique shop firm” from Buy to Neutral. Well, that firm (Sidoti) did downgrade ICOC but it was on September 7. That day, the stock closed at $12 and since that day it got as high as $15.50. When you look at the chart, you see that this stock has been going almost straight up from $9 during the last couple of months, so in a way, yesterdays “breather” was necessary and gives a much better entry.
ICOC is not a tiny floater (24 million shares). It’s just a very solid company that has been having great earnings and a lot of accumulation recently. If ICOC closes above $15 on any given Friday during the next 8 weeks, it will make its first-ever debut somewhere between #5 and #10 on the IBD100 list. Over 52% of the float is owned by institutions and they are increasing their holdings:
nasdaq.com
Here is a link to the regular chart. Also notice that the P&F chart is showing “Price Objective” of 30.
stockcharts.com
While I am not predicting a specific price (I never do!), I am personally looking for ICOC to hit about $17-$18 within a short period of time. I ask you to please do your OWN due diligence before buying any stock that I mention. |
