putting in a buy for SCO at 1.70. Fib retrac at 38% - 2.08 & 50% - 2.25 Even 2.00 would be good on this one. Insurance industry has gotten stronger in 2003, maybe that will help sco a reinsurer get back up.
Posted by TraderTom on :
Great find, MNT! The volume is impressive - weekly is usually <50K, but was about 10M in past 2 weeks. Some big guns are buying it big time! I'll try to get some at 1.7 also.
Posted by pizzaboy on :
Count me in too then. I've been watching this for the past week...this is looking a lot more promising now.
Posted by TraderTom on :
Does anyone know why the price is so beat up? They seem to be making money, and their revenue growing.
Posted by buzz357 on :
I thought I saw a headline this morning on my ameritrade streaming news that they were in some legal battle with another company.don't know if that has anything to do with it.Sorry I didn't get a chance to read it.
Posted by coolnwo on :
anyone buy?
Posted by TraderTom on :
I'm not in yet. It has a hard time this morning, and I'm trying to see if support at 1.64 is holding. Volume is up, though, which may be a good sign.
I usually avoid trading in the 1st hour.
Posted by pizzaboy on :
Just checked and there's no news today...please post if u see any. Just bought 5k at 1.65 per...buying more if it drops more. I can even go long on this one...2 billion euro in renvenue and millions in the green...I think it'll recover.
Posted by TraderTom on :
In at 1.65 ...
Posted by coolnwo on :
in 2k 1.70
Posted by MN Trader on :
been gone all am, got in at 1.70 - 1.65 looks real good, moving up as I write. 1.73 - Hope this works for everyone.
Posted by coolnwo on :
This still look good to everyone? What would you say would be a short term target MN
Posted by TraderTom on :
I agree with MNT on the Fib levels, and think that 2.22 (50%) might be a good pick, since it roughly coincides with the high on the gap-down bar.
The price has been in a channel (1.64 to 1.77) over the past days; I would say some of the big guns are involved. Let's hope the buyer wins the battle ...
Posted by Aladdin on :
I got in today at 1.72 and was wondering if anyone thought this stock might plummet into bankruptcy. I know that they are having serious money troubles. At least that is what the pr's seem to say. But it was hard to pass up a sub 2 dollar stock with billions in revenue and sold for 60 bucks not that long ago. Hopefully, they have a decent pr soon because it seems it could make a huge jump if they could clarify their money position. good luck on all your trades.
Posted by MN Trader on :
I'm looking for 1.90 - 2.00 for an exit. If it isn't doing much and hits 1.80 I make my $100 and may get out. I'm not swing for the fence on anything for awhile - Just trying to make a little profit on each trade and move on. May leave a little or a lot on the table but so far this plan is working - have increased this account by 7.3% in Jan. - not huge but it is up.
Posted by ththf on :
KD is high. wait more days
Posted by Art on :
quote:Originally posted by MN Trader: May leave a little or a lot on the table but so far this plan is working - have increased this account by 7.3% in Jan. - not huge but it is up.
Many investors would be happy to make that in a year.
Posted by TraderTom on :
Agree with Art here - if you make >7% each month, you'll be in great shape!!
I just found this piece of news - don't know how I missed it the first time round:
"Scor: EUR751 Million Capital Increase Subscribed For 104% -2
Dow Jones, Tuesday, January 06, 2004 at 03:02
PARIS -(Dow Jones)- Troubled French reinsurer Scor SA (SCO) said Tuesday its EUR751 million make-or-break capital increase was oversubscribed by 4%.
Leading shareholders, including the mutually-owned French insurer Groupama SA (GAN.YY), had already backed the rights issue, a key plank in attempts by Chief Executive Denis Kessler to turn around Scor's battered balance sheet.
As a result of the capital increase, Groupama's stake in Scor will now rise from just over 18% to 21.4%. Scor announced plans for the capital increase late last year, offering shares at just EUR1.10. The firm's shares closed Monday at EUR1.22.
Scor has been battling for survival for the past year after a combination of tumbling share prices, rising claims and write-offs on lossmaking policies written in the 1990s plunged the company deep into the red.
Scor's banks - most notably BNP Paribas SA (13110.FR) and Goldman Sachs Inc. (GS) - had agreed to underwrite the issue, but that guarantee will not now come into play.
In a statement Tuesday, Scor said its 15 leading shareholders - who had already agreed to support the rights issue late last year - will see their collective stake in the reinsurer edge up to 38.8% from 35.4%.
Scor set Jan. 7 as the delivery and settlement date for new shares issued as part of the capital increase."
[This message has been edited by TraderTom (edited January 12, 2004).]
Posted by pizzaboy on :
[QUOTE]Originally posted by TraderTom: [B]"Scor: EUR751 Million Capital Increase Subscribed For 104% -2
Dow Jones, Tuesday, January 06, 2004 at 03:02 I'm reading this for the 20th time and I'm still trying to figure out whether this is good or bad news???? If they have more subscribed than they have in capital, I suppose that's a bad thing. But they're also raising a lot of capital so that's a good thing...so how would u guys interpret this? I'm thinking about buying 5k more tomorrow if it's low enuf. I have really good feelings on this stock.
Posted by Tom2 on :
Trades on the french exchange . Here is the link :http://fr.finance.yahoo.com/q?d=t&p=&q=q&s=scor&m=PA
The dilution was at 1.10 euro . The exchange rate from euro to us is 1.27 . So 1.1 euro times 1.27 = $1.40 us . However from yahoo has $2.39 cash per share less debt . Seems like it is stabilizing now that financial issues resolved .
Posted by Pepper on :
according to www.e-mastertrade.com analitical products. SCO is oversold. It's good time to buy this stock. You may check this info on this site. Product - StockUnderPrice. It's free
Posted by DENSKIJR on :
Got in at 1.72 probably hold for 2 to 4 weeks. any thoughts on an exit.
Posted by TraderTom on :
SCO broke through resistance at 1.75 this morning, now trading just above 1.8. Perhaps most of those shares they sold in Europe have been distributed, and we have a nice pop.
---- T2
Posted by DENSKIJR on :
Tom,
very nice, still sticking with my origanal plan of holding for 2 to 4 weeks I belive it will be trading alot higher from where we are at.
Dennis
Posted by Jeremy on :
In this morning at 1.81
I like what I see here as long as the volume doesn't drop off too low.
Posted by MN Trader on :
put in a stop at 1.78 to protect profit - just in case - will move it up in days ahead if the price continues up.
Posted by coolnwo on :
I think this will go over $2.00 just looking at volume what you guys think?
Posted by pizzaboy on :
I'm going to have patience with this stock...I remember buying Oxford Health Plan back in 1998 when it tanked to $6...held it for 2 years and sold it for $48. A company with the revenue and income SCO has is bound to bounce back in the long run IMHO. I'm going to hold this one for the long term...sell at $40 perhaps??? wishful thinking is good sometimes...
Posted by TraderTom on :
Did well today, I think. Next hurdle will be that resistance at 1.9 ..
MNT, I noticed you picked the same stop as me ... I hope that means we're right.
Posted by Jeremy on :
My Stop is also at 1.78. For this stock I am going to keep adjusting it to stay a couple ticks below the MA(21), which is at 1.80 right now (on a 30-minute chart)
[This message has been edited by Jeremy (edited January 15, 2004).]
[This message has been edited by Jeremy (edited January 15, 2004).]
Posted by coolnwo on :
30mil volume on this in Europe up 7 percent
Posted by coolnwo on :
Everyone still holding?
Posted by Tom2 on :
I am going to keep holding as long as it keeps adding a penny or two a day . Seems like a slow but steady uptrend ! imho
Posted by coolnwo on :
out at 1.91 for a $440 profit. I might add on a drop but I am sure there could be better out there.
Posted by MN Trader on :
Stil holding - moved my stop to 1.82 last night. 1.92 would be a good 13% profit but feel there is more also. Agree with Tom as long as it keeps tickin' up - may move stop up again - thinking 1.87
Posted by pizzaboy on :
Still holding in full position. Not going to let this one go anytime soon.
Posted by DENSKIJR on :
Still holding full position. I still think it has room to run may take a couple weeks but I belive we will be a lot higher way over 2.00 this is just my personal oppion but the company is not going anywhere with new money from investors its bound to pop back up.
Posted by Jeremy on :
Most of the indicators are not showing any weakness yet, thus I continue to hold. Just moving my stop up a few ticks each day to minimize risk.
Posted by Aladdin on :
I'm still holding all of mine. I still think this stock has a little steam left. plus the companies revenues are huge. I dont know many billion dollar revenue companies selling for less than 2 bucks. Good luck to eveyone!
Posted by MN Trader on :
down a little but someone sold about 20,000 shares first thing today which dropped the price and it's coming back up. imo I think we are OK.
Posted by pizzaboy on :
It's Friday...I was expecting more swing traders exiting today but apparently a lot of shareholders think like we do about this stock...good sign.
Posted by Tom2 on :
The US dollar has risen against the euro the last few days . The conversion is now 1 EUR (Euro) = 1.2415 USD (United States Dollars). I think this may effect the price as sco is a European company .
Posted by bonez on :
Tom,
How do you anticipate the strengthening of the US dollar to affect SCO as an investment?
Posted by Tom2 on :
Bonez , I am not expert at this but I think if the dollar improves against the euro the US price will drop . Seems the difference in price between the exchanges is the conversion rate from US to Euro with the US pps having a slight premium . imho
Posted by pizzaboy on :
Doubled my position this morning...yipee!!!! I'm holding this one till it gets to $20!!!! What am I smoking????
Posted by Jeremy on :
lol, well I'm not holding out for 20 dollars, but I am liking the movement today. I hope the activity the past few days hasn't shaken anyone out of this one Posted by MN Trader on :
call me stupid again - sold back at 1.80 for a small PROFIT. Shoulda - coulda
Posted by coolnwo on :
I bought at $2.18 you think it will GAP tomorrow>?
Posted by pizzaboy on :
I LOVE THIS STOCK! Breakout with heavy volumn on an extremely bearish day...that's really something!!!
Posted by pizzaboy on :
This stock creeps up very slowly but is still going up...worth investing for the long term imho.
Posted by DENSKIJR on :
Suck, should have sold yesterday.
What is everyone else planning are you waiting till the 26th for earnings or getting out now?
Posted by Tom2 on :
I agree . Wish I sold yesterday and rebought today or next week . Hopefully will start rising again next week . My intention was to hold longer term though . Might add some more if we get back to the $1.80's .
Posted by DENSKIJR on :
Tom,
a lot quicke run back to the 2.20s than I suspected glad I held I have a sell order at 2.40 hopefully we will be there shortly.
