Our one laggard, Nomura Holdings, is showing signs of life amid a tumultuous week for the stock markets (see above)...
Over the past two days, NMR has rallied some 5.31% from $17.50 to $18.43. But I think we're in the beginning stages of a longer-term surge in this quality Japanese bank.
Profits for the most recent quarter tripled, from 20 billion yen to 76 billion yen, year over year. In addition, the bank's considering leaving the U.S. mortgage market altogether, after suffering heavy losses in that part of its business.
Instead, NMR plans to refocus on its core business of assets management, alternative assets and the Japanese mortgage market, which is poised to surge after a 20-year down cycle.
Let's keep a close eye on this one...
Friday, July 27, 2007
- ▼ July (7)