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.
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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.
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