They have just acquired 56.com for $80 million, a company backed by Sequoia originally. They also have just announced a 150 million share buyback. In addition, the CEO has publicly stated that the SEC has not contacted them in the probes. This company was made via an IPO (not a reverse merger). This also gives me confidence in them. They have 1.25 billion in cash and a market cap of 2 billion flat. I am wondering if I should throw everything in on them on Monday? They may go down some, but I thing they will be up to $6 or 7.5 a share in no time. This is just my instinct, though. *I am also interested in NTES and somewhat in BIDU given their strong buy rating by so many analysts* Should I wait monday out and see where the market is going or will it be too late? I think RENN will go up for sure. I mean, comon... they have $3.14 a share in cash and just turned profitable, the question is how much. What do you all think? I really appreciate any feedback! I admit I am a newbie.
I teach English to 9th and 10th graders. I apologize for my atrocious grammar on here. I promise it's much better in the classroom. It is my first year teaching, though. I have started reading the forum you provided and it has given me a good deal of information thus far. I started trading last week with just $50 dollars in Changyou.com (CYOU) and lost nearly 30%. I was going to bet 1,500 each on BIDU and RENN on Monday, but I changed my mind after reading your genuine concern for my ability to trade profitably at my current level of experience. I wasn't thinking about day-trading but was thinking about holding onto the stocks until Christmas. (Unless it went up to $10 a share suddenly). I agree it will be much safer to wait for the market to turn around before going in. Also, I will continue to read this forum you provided me. I will need to practice some self control with buying into RENN... I really like some of these Chinese stocks at these prices, though.
I fully invested my entire portfolio in at $5.05, I could have got out and made a killing but I stuck with it and am now looking at a loss... This market is just out of control!
Hopefully it will come back up soon for you. I decided not before the market closed. I really see the potential in BIDU, RENN, NTES, CYOU/SOHU and SINA. It's the entire market that is hurting worldwide I think.
It is almost at 5.05 right now. I'd watch it spike over that today and sell at a break even price if you want to get out. I still think the company has room to grow with the 56.com acquisition, though.