Nintendo Catches a Break
Shares of Nintendo Co. Ltd. (PINK:NTODY) may have finally hit bottom after reaching the $17 level last week. Today Nintendo shares are on the move, up 8.5% and back above $19.
Nintendo has been wrecked in the past 3 months, losing 1/3 in value and YTD its fallen 47%.
Finally today Mario has something to jump about.
Mastery Sponsors - Become one Today
We called Nintendo a Falling Knife Stock last month and have been on the lookout for a decent entry point. Fellow Masters, we may finally be at that point.
Today's bounce for Nintendo is most likely bottom feeders finally buying up shares. The company has no news out today that support the rally.
As SeekingAlpha.com points out -- The Japanese business press is at a loss for the most part. The Nikkei says it was a rebound after recent heavy selling, i.e. it was oversold, and in fact Nintendo had just hit a 52-week (and multiple year) low on Friday. That’s a reasonable explanation.
However, note that FISCO is reporting the Tokyo Exchange will make a friendly takeover offer for the Osaka Exchange (this development is not new news except that the two reportedly have finally come to an agreement for a merger allowing for the friendly TOB), which fueled expectations of Nintendo being included in the Nikkei 225 Stock Average; it is currently traded on the Osaka Exchange, among the very few with such a large market cap that is.
Best of the Blogs
Scanning and identifying the best blog entries every hour
- Eric Sprott Was Right — Oil Slump Says ‘No’ to Recovery Story (Sprott’s Thoughts) | ZeroHedge
- "NEIN" - Germany's Bild Has A Message For Greece: "No More Billions For Greedy Greeks" | ZeroHedge
- No Crying Wolf: Exodus is Coming | iBankCoin.com
- The Herbalife Ice Cube Has Almost Melted: Presenting "Cash From Operations" | ZeroHedge
- Greenspan: "The Stock Market Is Great", But The Economy Feels Like In "The Late Stages Of The Great Depression" | ZeroHedge
- German Bank Predicts Apple Stock Tumbles Over 50% As Shares Roundtrip To $60 | ZeroHedge
- What Happens If The Department Of Homeland Security Shuts Down | ZeroHedge
The most relevant financial news and articles from the Internets
- 6 paradoxes women face at work | Business Insider
- Goal-oriented people usually fail, and other things I've learned about succeeding... | Business Insider
- Warby Parker sent a customer a... | Business Insider
- Drew Brees Tops the Power 100 in 2012 | BusinessWeek
- The internet is losing its composure over this dress that might be white and gold or... | Business Insider
- The 5 greatest letters Warren Buffett has ever written | Business Insider
- Germany's biggest newspaper is furious that Angela... | Business Insider