The jury still out with chop until I finish my DD with this last unexpected move by Mr. Lu. As they say time will tell.
Hbeetrout, I hear what you are saying and you are doing what you feel is right. When I do sell or hold I never criticize someone else who is doing differenetly at that point in time. It just makes no sense to do that and shows you are not your own man unless everyone does the same as you so you feel that you are doing the right thing, in this case selling out.
imkwin you are still around I see adding nothing to the boards as usual. Tell me Rock is still around!!
The trading pattern of the stock is telling us what. First off it tells me that not many shareholders have sold and to hold here would be the smart thing to do in my opinion. Not seeing a freefall and shorting galore speaks volumes here. .
I am surprised the volume is this low. I would have thought a lot of folks would have sold out and on top of that short sellers would have been all over this. Therefore, I am holding since no panic selling with shorts on top of that occurred. If this was 100% BS the shares sold today would have been at least 5 million if not 10 million.
Purchased 15k shares in the .73 to .75 range today. I am expecting them to at least re-start their buyback a few days after the ER CC. MY hopes are riding on regaining better pricing and exiting the year with new products and being profitable for Q4.
Note, the LIWA FIASCO DOES NOT HELP BUT IT MAY IS AWAY AFFIRM THAT CHOP IS A LEGIT COMPANY STUCK IN A DOWN CYCLE IN THE STEEL INDUSTRY. CHOP HAS TO BE ABLE TO WAIT IT AND WATCH THEIR DOLLARS........
I would be surprised if they don't re-start their buyback shortly after the CC. Today looking to buy 13k shares at 72 cents.
In regards to their guidance of 180 milllion; I would say they would not commit the faux pas again of later cutting the guidance materially when in fact they knew they were not going to hit that number the day they reiterated that gudiance.
The steel industry is cyclical and will come back with better pricing eventually, the big question is when. I feel that the last quarter of huge losses for the China domestic steel industry is at a point where it only has to go up. Overcpacity and debt laden industry that the steel industry is in China dictates that closing and cutting capacity along with air and land pollution advocates will all play a part in having an effect on better pricing.
There also should be consolidation of this industry which will effect better pricing of iron ore which will help the gross margin for the steel companies.......
I spoke to Harry today and he said that it is someone who had a very large position who decided to vacate his position. I have not really looked at the trading blocks but Harry mentioned a few 50k block sells. It seems that there was over 300k sold in the last 40 minutes which would support his claim. Everyone knows I am in this long term but this #$%$ is tiring.
Yes, it is a good time to buy. Will buy another 13k today, in fact bought 8k today at 1.14 so far
Hbeetroot, I agree with you totally and I just bought 5k shares. Very hard year and when you add back non cash outlay expenses of Depreciation/Amortization, stock compensation, and reserve to bad debts provision the company made money which s the most important indicator for the year ended 2013 in my opinon.
I am still here too. I have been busy as of the last few months and have not been able to post much. Chop is a long term hold and that is about it. I was waiting on news of an acquisition and that seems very distant now.
The year end CC and the next CC for Q1 should be very telling if in fact they are making any progress in this very tight priced climate.
The ER was about what I expected. Nice to hear that the company will be more assertive to retaining market share in the PRC and no doubt they will be making an acquisition in the near future to utilize their capacity and start making a nice international footprint.
The big thing is that the stock is reacting better today which is a big reversal of the past two years after the Earnings reports..........
Sentiment: Strong Buy
Imkin no, I am still around and I am going to buy 10k down here.........Question why are you here when you really don't have any stake in this stock... And please don'' be infantile and always mention my name,, desist from doing that and act like a grown up..
Sentiment: Strong Buy