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Amtek could pass $1 mark this morning, with push by Dow & Nasdaq overnight gains!. Even George Soros has doubled buying of Tech Stock: MSFT. "We're in a bull market without any question."
Stocks Stage Broad Rally As Dow Sees Triple-Digit Gains
Stocks moved broadly higher and the Dow logged triple-digit gains as investors were encouraged by large investments revealed by several billionaire investors.
"We're in a bull market without any question," said Ned Riley, CEO of Riley Asset Management. "You can't deny this market because there is so much money being invested. People are still trying to short this market and that's kind of baffling. Bottom line, the market looks very good."
The Dow Jones Industrial Average rose 103.69 points, or 0.8%, to close at yet another record high. The benchmark index of blue chip stocks has closed higher in 29 of the last 34 trading sessions. The Nasdaq Composite ended a recent slump to close up 0.9% while the S&P 500 closed at its highest level since September 2000.
The rally got started early after well-known investors Warren Buffett, George Soros and Eddie Lampert disclosed stakes in a number of large companies.
"It's amazing to me that the market is so resilient," Michael Metz, chief investment strategist at Oppenheimer told CNBC.com. "Every pause is considered a buying opportunity. They've got money and they don't want to buy real estate or bonds, so there's nothing else to do but buy stocks."
Buffett's holding company Berkshire Hathaway disclosed investments railroads Union Pacific and Norfolk Southern and said it doubled its stake in health care giant Johnson & Johnson .
Meanwhile, billionaire financier George Soros said he has more than doubled his stake in Microsoft and now has a stake of more than 415,000 shares in the tech bellwether.
Citigroup saw shares rise 4%, pushing the Dow higher, following a disclosure by hedge fund manager Eddie Lampert's purchase of 15 million shares.
Buying was across the board with gains in all 10 economic sectors tracked by S&P. Telecoms, consumer staples, financials, tech and health care all posted gains of more than 1% on Wednesday.
Choohian,
Just be patience. I am stating possibility which a buyout process that will benefit shareholders. Up to you to believe.
Hi, as per DBS article ?Seksun Corp? also on the way!, that?s why today it went up to 0.04 Cents(0.61), Pls. watch it.
| Total Buy Volume | 13,684K |
| Total Sell Volume | 9,672K |
 |
tuntan8888, let's take the average between $1.65 to $2.25, so that's $1.95
hanwudi, Amtek so good meh?
Great! Closed at record high of $0.98 on high volume.
My feeling is that the final bid may be between $1.65 to $2.25 (i.e. huge upside to closing price of $0.98, that explained today's strong buying at high end).
i) If you take NTA 65.46cts x 3.5 = $2.29 (using 3.5 times as ref. in MMI offer document, that seems on the high side though).
ii) Assuming, Amtek's bid is based on EPS (instead of NTA), at 15x Historical PE = 15 x 11.00cts (expected for FY07) = $1.65 cts. (15xPE is the norm in US). Using historical PE is conservation, as Amtek's future earnings are seen to be at top gear.
Using MMI takeover as ref which is implied P/NTA(2006)= 3.5,
Given that Amtek current NTA(2006)=65.46, that means even if buyer offered at 2x NTA, price should be around $1.30
t think this time the takeover sounds serious. you will now allow someone to go inside
your house to check unless you are serious in selling and you know the buyer is
genuine. positive news coming soon.
"The Board....has permitted the interested party to carry out certain due diligence on the company", ie confirmation of final bid. This morning saw strong accumulation at 96c & higher in >5m. Don't exit too fast when u got a winner in the bag!
| Last | Trades | Volume | BuyVol | Mid | SellVol |
| 0.940 | 18 | 234,000 | 88,000 | 0 | 146,000 |
| 0.945 | 11 | 388,000 | 111,000 | 0 | 277,000 |
| 0.950 | 5 | 689,000 | 28,000 | 0 | 661,000 |
| 0.955 | 22 | 659,000 | 275,000 | 0 | 384,000 |
| 0.960 | 18 | 1,022,000 | 238,000 | 0 | 784,000 |
| 0.965 | 22 | 1,015,000 | 296,000 | 0 | 719,000 |
| 0.970 | 15 | 992,000 | 427,000 | 0 | 565,000 |
| 0.975 | 5 | 32,000 | 0 | 0 | 32,000 |
| TOTAL | 116 | 5,031,000 | 1,463,000 | 0 | 3,568,000 |
Amtek management has now updated us on latest developments which are positive.
Price now has a chance to try the previous high and move on from there. Where shall we target?
Let's see if fibonacci extensions can give us any clue
Tomorrow may test recent high of 97.5c as this announcment was made after trading hours. One big step closer to the deal - "the Board.... has appointed a financial advisor to advise...".
The Board of Directors of Amtek Engineering Limited (the ?Company?) refers to the
announcement dated 16 April 2007 relating to the approach made to certain shareholders
of the Company, including a substantial shareholder and shareholders who are Executive
Directors, by an interested party relating to a possible transaction involving their shares.
The Board wishes to inform the shareholders that it has permitted the interested party to
carry out certain due diligence on the Company.
The Board also wishes to inform shareholders that it has appointed a financial adviser to
advise and assist the Board in this matter as well as on other expressions of interest which
have been received.
However, shareholders are to note that there is no certainty that a transaction will
materialise.
Shareholders are advised to exercise caution when dealing in the shares of the Company
and to refrain from taking any action in respect of their shares in the Company which
may be prejudicial to their interests. The Company will make the appropriate
announcement if there is any material development.
The directors of the Company (including any director who may have delegated detailed
supervision of this Announcement) have taken all reasonable care to ensure that the facts
stated and opinions expressed in this Announcement are fair and accurate and that no
material facts have been omitted from this Annoucement, and they jointly and severally
accept responsibility accordingly.
got to be patient
no use hoping. Learn to believe in yourself.