longs - reason for spike on feb. 14th earnings day
remember we were trading and in the low 32's. then we spiked to 33.36 and held the 33's. I just saw in my inbox that several companies are interested in ABX's assets. I can cut and paste some of the article is you wish. It's a SA article. maybe we rise soon on streamlining.
ABX longs, listen...
We are sitting at a 43% "correction" from $55.95 a year and a half ago. It's time to buy, hold with confidence. The GLD fund has corrected 11%, and is a buy. As you can see, the miners are way too low. Gold and the miners aren't going lower. Relax. ABX will not be acquired. Canadians are protective about their resources.
Also, the adjusted EPS was $1.11 right near the high analyst estimate! $.83 was low end, $1.02 was average, and $1.13 was the high estimate, so ABX reported a "beat" in EPS. Cash flow is 5.4 billion $. The 43% correction is behind them, and so is the write-down of over 3.8 billion $. BUY ABX. That was the reason for the spike. If investing in ABX was so grimm, that $31 support would have been broken last week I'm sure of it, but it held a "higher" low. A sign of a bottom is volatility, and we got that last week. Up nicely, and back down with the index. GDM, and GDX sold off more on Friday than ABX! I bought in at $31.78 and I am not worried in the lease. Holding my decision. ABX goes up from here.
Barrick Gold (ABX +4.4%) shares spike on rumors the company has been approached by many different buyers about its assets. Shares already were higher after Q4 adjusted earnings came in at a better-than-expected $1.11/share.