A blog about trading, finances, success and life itself
If you haven’t already noticed, BIDU ended after hours trading near $134. I posted the buying opportunity two days ago above $103 and then posted detailed analysis when it was trading above $104 later the same day:
The bulls are on the run:
LoopNet was up 18.39% today on volume 700% greater than the daily average (huge exploding to the upside). This volume explosion was accompanied by a breakout on the daily chart, the weekly chart and the point and figure chart. The pattern on the P&F chart qualified for a quadruple top breakout which is a powerful signal. It doesn’t guarantee success anymore than any other signal but it must be noted.
The company beat earnings expectations yesterday and reported higher earnings which led to today’s nice move. As an article noted earlier in the day, the company operates the largest commercial real estate marketplace online and has surpassed the two-million registered members milestone. As of March 31, 2007, LoopNet reported 2,003,498 registered members and became the first and only commercial real estate service to surpass two million members.
Although the residential marketplace may be soft (not a bust in my opinion), the commercial marketplace is still booming.
LoopNet was screened on MSW back in late 2006 as an IPO to watch in the future and may be starting the run that I anticipated it could take late last year. As we look for red flags on the downside, this green flag on the up-side is one to be noted.
The next major milestone will be a new all-time high above $19.92 (closed at $18.93 today).
Here are some interesting Institutional Numbers:
Held by Institutions: 24%
Money Market: 60
Mutual Fund: 60
Other: 4
Shares Bought: 7.5mm
Shares Sold: 2.1mm
Shares Held (currently): 16.0mm
Shares Held (previous period): 10.6mm
Value of Shares Bought: $129.0mm
Value of Shares Sold: $37.2mm
Stock of the Day
Baidu.com Inc.
Wednesday’s Intra-day Price: BIDU – $103.50
As many of you already know; I have bought, researched and screened multiple Chinese related companies over the past 4-6 months and this company is the leading provider of Chinese language online search services. Its search engine is the most frequently used search service in China. According to web site traffic ranking company Alexa.com, the company’s flagship web site was the most visited in China and the fifth most trafficked in the world during early 2007.
Aside from BIDU, I have also done extensive analysis on this blog for EDU, MR, and PTR in 2007. EDU is now up about 30% since my original analysis in February: Learning about New Oriental Education (EDU)
Looking at the charts, I see a golden opportunity for a buy right here near the 200-d moving average with a confirmation above the 50-d moving average (which we got yesterday). The stock was posted to the blog in March as it started the current four week basing pattern near the long term moving average.
I mentioned a short term target of $118 earlier today based on Fibonacci retracement levels and the triple top breakout on the point and figure chart. A full 100% retracement and complete cup formation would take the stock back into the $130’s.
Next Earnings Date: 4/27/07
Sector: Information Technology
Industry: Internet Software & Services
52-week Range: $134.10 – $57.00
Institutional Statistics:
Held by Institutions: 62%
Money Market: 116
Mutual Fund: 135
Other: 4
I wanted to get these charts up before the market opened and will follow up later this morning with a full text analysis. Still getting back into the swing of things. By the way, I grabbed NMX options yesterday for Jan 08.
Short term target for BIDU is $118 area based on point and figure chart and fibonacci retracements.
Quick Update:
Calpine (CPNLQ – my little pet project) was up another 15.03% yesterday to close at $3.75, setting another new 52-week high. My position is now up over 186% while the blog coverage is up over 286% since December 6, 2006 at $0.97.
Can you believe that my top performer of 2007 is a stock that I would have never researched or bought if it wasn’t for a simple conversation? Tips are for suckers but I didn’t buy off of a tip; I bought after studying the charts and then the institutional numbers (listed below).
Institutional Holdings and Activity:
Money Market: 25
Mutual Funds: 10
Other: 1
Shares Bought last Period: 18,524,253
Shares Sold last Period: 520,641
Shares held Previous Period: 4,958,647
Value of Shares Bought last Period: $29,083,077
Value of Shares Sold last Period: $817,407
Current Value of Shares held last Period: $36,050,747
As you can see, someone is accumulating some major shares in Calpine.
Here are the top five holders:
Steelhead Partners LLC.
Eaton Vance Floating Rate Portfolio
Calpers (California Public Employees)
Emanuel E. Geduld
Lehman Brothers Holdings Inc.
Born and raised in New York but now living in New Jersey with a beautiful & loving wife, and two fantastic kids (boy and a girl). This site is about the stock market, success and life … [Read More...]
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