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The Timken Company Message Board

  • mentges mentges Oct 5, 1998 4:40 PM Flag

    Looks like there was last minute support

    Speculation: Maybe someone at corporate doesn't want TKR to close below 15 . . . any thoughts. Insider buying?

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    • I believe the only "funny business" going on at
      the close with Timken was the fact that a 38,600
      share block was being shopped around in the last 15
      minutes of the trading day, causing the stock to get weak
      right at the end. Once this block traded, it is only
      normal for the stock to lift slighty. A block of this
      size with TKR's liquidity will affect the stock price,
      at least temporarily. Secondly, a company is not
      allowed to buy back their shares in the first half-hour
      or the last half-hour of each days trading, to
      prevent them from being able to "mark" the stock price. I
      suppose it is possible an insider could have bought 1,000
      shares right at the end to ensure a $15 close.

      The momentum is so negative on TKR right now it
      doesn't matter how "cheap" the stock is on
      fundamental/statistical measures. The stock is most likely headed lower,
      in spite of its "cheapness."

      • 1 Reply to FS_Cole
      • I waited patiently for this "blue chip" all
        Summer, then went all the way 500 share at 15.375. I
        thought I finally did a stock correctly, but now it is
        into the 13's on no news. No other blue chip that i
        see has been beaten this bad. It is like Merck going
        from its 139 high to 45. What gives? Do I sell now
        before a 10% loss becomes 40% (been there, done that and
        do not ever wish to repeat the ride). What about
        flight to quality. Isnt TKR quality? It is held by many
        conservative funds incl. Blue Chip Value. Thanks

    • Looks like whoever wanted TKR to close at $15 yesterday couldn't fight the tape today. Where will this stock find its next support?

34.15-0.05(-0.15%)Aug 26 4:02 PMEDT