Recently, I mentioned that I’d sold off a few of my holdings with the idea of picking them up on the cheap later on, when the market weakened. So, since I had some spare cash lying about, I thought I’d do some short-term trading with Silverlake Axis (5CP).
The banking software provider’s stock price closed at 0.585 on Friday (15th Jul), a far cry from its days above $1.00 before a short-seller’s report was published. The price hasn’t recovered since.
The company’s 2Q16 profits were nothing to shout about, with a 3% drop from its Q1 earnings. Silverlake is currently on the hunt for more projects in Malaysian and Japanese banks. In the short term (3 month horizon), I expect price to be bullish based on a couple of factors:
1) Global Infotech (GIT) has been lifted out of suspension
Silverlake has a 20% stake in …