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
- Too Much Money, Not Enough Gold | ZeroHedge
- Why Today's 2 Year Auction Is Important | ZeroHedge
- Obamacare Is Rapidly Becoming The Poster-Child For American Inequality | ZeroHedge
- From Soccer Stars To Bahrain Princes: New Emails Reveal Hillary Clinton Gave Special Access To Foundation Donors | ZeroHedge
- Hungarian Politician Slammed For Suggesting Pig's Heads Along Border To Stop Immigrants | ZeroHedge
- Bianco: Brexit Probably Most Bullish Thing That Happened This Summer | Financial Sense
- Market Recap Aug 23, 2016 | FundMyMutualFund
The most relevant financial news and articles from the Internets
- The race for a driverless taxi service is on | Business Insider
- Stephen Colbert digs up 'shocking' video of Donald... | Business Insider
- NBC's Olympics had a 'nightmare' drop in ratings — here's how it could... | Business Insider
- A Jaguar cofounder's former home has barely been touched for 30 years,... | Business Insider
- I tried to figure out how wine can be produced and sold for $3.50 a bottle, and it makes no sense... | Business Insider
- US Soldier killed by IED in Afghanistan | Business Insider
- Here's what the F-35's final aircraft carrier... | Business Insider