Eagle Bulk Shipping
EGLE), Gulf Resources Inc (NASDAQ:
GURE) and Openwave Systems Inc (NASDAQ:
OPWV) had a good week with double digit percentage gains. Stocks were
helped by positive market sentiment as well. However, these look good for further
appreciation from here also. The market is only starting to discount the euro
zone worries and there is ample scope of further appreciation in stock prices without
stretching the comfort zone too much.
The outlook for shipping and transportation industry has not
turned positive in a material way. However, that does not change anything for
oversold stocks. Eagle Bulk Shipping Inc
EGLE) was one such stock which has seen a massive 17 per cent pull in the
previous month while weekly gains are also decent at 15 per cent. Operationally,
there is little going good for the company and that include a disappointing performance
in second quarter.
The stock has a 52 week range of $ 1.62 - $ 5.75 and
currently trades at $2.23. It is trading above its 20 and 50 day moving
averages where it takes strong support having tested and bounced from these
levels a couple of times in the month.
Specialty chemical manufacturer Gulf Resources Inc (NASDAQ:
GURE) mainly produces bromine and crude salt though its portfolio has a
wide range of applications in other industries. The stock has gone up 20 per
cent in the last 30 days and is not showing any signs of fatigue settling in.
The momentum has brought the stock up from $1.85 to $2.6 in a matter of 15 days.
It has a 52 week low of $ 1.51 and high of $ 11.95. While the stock has recovered
big time from its lows, the P/E ratio still stands at a compelling 1.74.
Openwave Systems Inc (NASDAQ:
OPWV), a software solution provider for mobile and broadband operators,
is up 2.3 per cent today and has gained 13.5 per cent since last Friday. From
its August lows of $1.25, the stock has clawed back to $1.9 marking a steady buying
interest among investors. On the higher side, it has touched $ 2.67. Investors’
interest in the stock is more to do with its litigation against Apple (NASDAQ:
AAPL) and Research in Motion (NASDAQ: RIMM) than its core operations. A favorable
ruling these cases can lead to significant revenue possibilities for this company.