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Hartmarx Corp. Message Board

  • fimtinnegan fimtinnegan Apr 28, 2006 6:57 PM Flag

    HMX oversold, expect 10% pop by mid-May

    Several tech indicators suggest that the oversold condition of HMX is coming to an end --- looks like 9.50 is a reasonable target by, say, May 15.

    Oversold, as in falling from a 9.97 open on 3/29 to an intrday low of 7.71 on 4/12 -- clearly an overreaction to an admittedly bad but not disastrous one-quarter's earnings surprise, followed by optimistic full-year guidance.

    There was an irrational element to that 21% two-week decline. Especially with takeover rumors and the likelihood of interest rate decreases by 4Q, a 10%-15% three-week run-up from here is in the cards. After that, it's up to the next earnings call.