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
- Lies And Deception In Ukraine’s Energy Sector | ZeroHedge
- Utilities Leading the Market Higher | Financial Sense
- Frontrunning: January 29 | ZeroHedge
- Teachers' Retirement Funds Are Piling Into Manhattan Real Estate At Record High Prices | ZeroHedge
- Markets Tumble As FOMC 'Upgrades' Economy & Jobs In Hawkish Statement | ZeroHedge
- Syriza's Original 40 Point Manifesto | ZeroHedge
- Alexis Tsipras' Open Letter To Germany: What You Were Never Told About Greece | ZeroHedge
The most relevant financial news and articles from the Internets
- Greek government to hold first talks with EU leaders | Business Insider
- What Yahoo! CEO Marissa Mayer Must Do Now After Alibaba SpinCo | TheStreet.com
- Announcing A Major Upgrade To Business Insider's iPhone App | Business Insider
- This Is Bill Gates’ Biggest Regret In Life | Business Insider
- US civil rights activists cleared -- 50 years on | Business Insider
- This Map Shows How Many More Military Aircraft The US Has Than Every Other... | Business Insider
- AirAsia co-pilot at controls when plane crashed | Business Insider