Thursday, August 12, 2010

BOUGHT Banro Corp (BAA) - $1.72

This is my purchase of Banro Corporation (BAA) at $1.72.  I can't think of a time I have traded this silly stock and not at least made something.  Two days ago I sold it for $1.84 and here it is now at $1.72 on no news.  BAA sells for .9X Book Value.
My TSI trading record has been updated.
Click on the chart to ENLARGE

PS  It looks like the stock market is going to do the old, 'let's test the morning lows' trick this afternoon.  YAWN...

1 comment:

  1. Over 20 times normal volume in Canada yesterday!

    I am nearly positive someone is sniffing around and that it gets its first takeout bid very soon.

    Company now has ties to Rio Tinto via its ownership in BCDDiamondCore.

    Freeport needs it, IMO.

    Insiders are essentially Goldfields people.

    And the Chinese are just licking their lips over this havoc in the DRC.

    Even those who hate it know that a conservative takeout valuation for BAA is $8-9.

    I was fortunate enough to buy some 3COM at its bottom before it went up by a factor of 8 on its takeout.

    This feels exactly the same.

    I considered doubling my stake today.

    But let's see if the situation gets even more crazy next week.

    Remember, one or more silly nuisance shorts put on a mammoth short position in Canada after the offering closed successfully - oversubscribed - in late May.

    If they have even an inkling of a possible takeout, they would be acting just as they ARE acting right now. I hope they lose their shirts, pants, shoes, socks, and reputations!