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
- It's 2am In Japan, Time For Nikkei To Drop Another Tape Bomb | ZeroHedge
- Market Recap Jul 27, 2016 | FundMyMutualFund
- New Home Sales Rebound To Highest Since 2008 As Median Home Price Rises Back Over $300,000 | ZeroHedge
- China Is Building Its Future on Credit | Financial Sense
- Facebook Soars After Smashing Expectations: The Quarter In Charts | ZeroHedge
- Kremlin Slams Accusations Of Democratic Party Hack As "Made-Up Horror Stories" | ZeroHedge
- Market Recap Jul 26, 2016 | FundMyMutualFund
The most relevant financial news and articles from the Internets
- This is the most surprising thing Monsanto is working on, and it's... | Business Insider
- Sponsored content is turning publishers into full-... | Business Insider
- Jeff Bridges told us some big hints about who he'll play in the... | Business Insider
- A US citizen who published political magazines in Hong Kong has... | Business Insider
- The key to Apple's future is contained in this one chart (AAPL) | Business Insider
- This great smartphone will only cost you $50 — but there’s a big catch | Business Insider
- What 25 major world leaders and dictators looked like when they were... | Business Insider