Good day and hello. I've been a member of SI since mid-July and I happened upon your thread when a colleague stopped by my office today and asked if I knew anything on IVX as the stock has rebounded nicely. I did not know anything new, but I suggested we try SI (don't know why I haven't checked before) and I found your thread.
He's a fundamentalist and I trade stocks on technicals. We have been in the stock since the breakout over 7 3/8 in January of this year. A couple of days ago it got back to our entry points and has now nicely rebounded and saw 9 1/16 today.
The stock gave a preliminary buy signal yesterday based upon my technical analysis. Fundamentally you are all aware of the good things that are happening.
My brokerage firm does not follow the stock.
7 other houses do. The analysts are pretty evenly divided in their opinions: 3 say hold, 1 is medium-term buy, 2 are buy and the last guy says "reduce".
3 analysts have published earnings estimates for the quarter ending Sep '98...High is .15, low is .04 with a mean of .09.
As of Aug 10 the company has bought back just under 3 million shares this year. As you are aware they have the authority to purchase a total of 5 million and as you are also aware they finally reported a profitable quarter ending Jun 30. Finally, they just picked another $48 million in late August from the sale of the note they received
when they sold Johnson Products.
Technically, the price of 9 1/16 is at the confluence of the 20 and 50 day moving averages, usually a bit of resistance. So, IMHO, if we can get through 9 and a teenie on volume that would open up the potential to revisit the high for the year. And, if we get through that level, the next upleg ought to be an enjoyable ride.
Please...this is not a recommendation. We have been long since January. We think the company is turning around fundamentally; that it happens to have good technicals is icing on the cake.
Please...do your own DD.
We would appreciate any input you can add to the above.
Thank you.
Best, |
