Chat HAIN: 23 1/8, down 3/4. Hain Food Group, HAIN sells, markets, and distributes a full line of natural foods, cooking oils, medically directed snacks, low sodium food products, kosher foods and snack and dry milk products. For the nine months ended 3/31/98, net sales rose 59% to $73.2 million. Net income totalled $2.9 million, up from $797 thousand. Revenues reflect higher sales of Westbrae and other product lines. Net income also reflects higher gross margins due to
a reduction in warehousing and delivery costs.
Hain is a an attractive company to me. I've short term traded it a few times for nice profit. Bot some this week at 24 in long term account, selling TBC (Tasty Baking Co - guess i'm getting more nutricous with HAIN). Was tempted to buy when it dipped to 22 1/2 Friday but was full up on other stuff.
TA: Hain is trading at the bottom BB, which is declining. Stock broke 50 DMA on Friday, the 50 DMA has been a strong support line for the 6 months that i have charted. The stochastics indicate an oversold or approaching very oversold position. last time the stochastics were this low it ran from 17 to 23, quickly. I see downside risk on HAIN to 21, and upside short term back to 25 or better. I've considered sponsoring HAIN for the Z, and would encourage Tom or Barbara to sponsor it if so moved. I think 22 - 23 is a great entry point on this stock. The stock has been weak this week, so would watch if for signs of stabilization. Would appreciate if Paul or Dan or anyone else so inclined would chip in with a TA.
(PS) - if we need funds to purchase HAIN, I will sell my UTI at any time if needed. Larry |
