Wednesday, July 1, 2009

Some Strength in American Railcar

I wrote a piece about American Railcar a week or two ago (click here to read that). Since then, the stock has responded well. It has busted right through its 20 and 50 day moving averages on strong volume (good sign). I didn't pick up any shares. I was looking to buy in the low 7's, and could have, but wanted to see it settle a bit. It didn't do that, but rather reversed course quite quickly. The previous post has all the details, but a company with lots of cash. Carl Icahn likely has some plans with his large stake as well.

Here's the chart.

Disclosure: No Position.

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