I don't have a lot write about today. But one stock that I believe could continue to be a turnaround story is ADAPTEC (NASDAQ: ADPT). My screens have produced this stock again and I believe it should see gains from its current level. The stock was up tremendously today up .22 from it price of 3.22 and closed around 3.44. My price point is 3.38 which continues to be around that consistent mark where I have repeatedly written about acquiring this stock at these levels(adding the stock by Dollar Cost Averaging Down). I believe that Steel Partners, a private equity firm is (steely) locked into this company and finally directing the ship. By their proxy battle a few months ago I think it laid the groundwork and it was very visible by the 3 boards seats that were gained by the firm. With bullishness being seen in the stock going into the annual shareholder meeting, the perfect backdrop with be positive investor rhetoric from the CEO discussing:
1. continued improvements in its restructuring plan
2. new products are well received
3. company is exploring strategic alternatives
4. maybe even a change in management
One thing I have to go back to in to being patient with my investments...let, them play out because a number of these are turnaround stories that need time a positive catalysts to push them forward. If I continue being impatient I will miss out on the additional opportunities in stocks like RAD, EMKR, and others. EMKR was recommended at 10 and its superman price of 9.59...and today is sits at roughly 14...hmmm only if I were a little more patient.
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