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Agree. The larger & more intrusive the government becomes it begins to take up space that church groups, fraternal orgs, etc traditionally filled.
I've heard people say that they're already paying for the gov't welfare benefits (food stamps, Section 8, etc etc etc) so they don't feel it is as necessary to contribute to charities. I understand the argument. Despite that the US is still the most philanthropic country. I can't imagine how much more money would pour into the *right* kind of charities and organizations if not for the boondoggle programs being funded through confiscatory taxes.
Woods is an excellent & engaging author, free market advocate, and he has a podcast too. I'm a big fan of his.
Matt, thanks for the book recommendation. Yes, i think that free markets are important. I'm an Adam Smith fan! But i also like Smith's caveats that primarily govt and secondarily whatever other groups (church groups, NGOs, etc.) have to stand in solidarity with people of the middle and lower classes to make sure no one is falling through the cracks due to various factors.
But i'll hope to check out Tom Woods' book sooner than later....
OT - You may find this book interesting
Tom Woods (author) is a Harvard & Columbia educated History PhD and a leader in the modern libertarian (small 'l') community. He is also Catholic.
The Church and the Market: A Catholic Defense of the Free Economy (Studies in Ethics and Economics)
https://www.amazon.com/Church-Market-Catholic-Defense-Economics/dp/0739187996/ref=sr_tc_2_2?ie=UTF8&qid=1538160129&sr=8-2-ent
Looks like I was early to the party, finally payout date is approaching
Faruqi & Faruqi, LLP Launches An Investigation Against China Armco Metals, Inc. (CNAM) For Potential Breaches Of Fiduciary Duties By Its Board Of Directors
Jun 4, 2013 19:00:00 (ET)
NEW YORK, Jun 04, 2013 (BUSINESS WIRE) -- Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of China Armco Metals, Inc. ("China Armco" or the "Company") (nyse mkt:CNAM) for potential breaches of fiduciary duties in connection with their conduct in seeking shareholders' approval for a second amendment to the 2009 Stock Incentive Plan.
Specifically, in the Proxy Statement filed by the Company with the Securities and Exchange Commission on May 21, 2013, the Board of Directors recommends that China Armco's shareholders vote to approve an amendment to the Amended and Restated 2009 Stock Incentive Plan to increase the shares of China Armco common stock available for issuance thereunder by 3,000,000 shares. The issuance of the additional shares could have a substantial dilutive effect on the shares of China Armco common stock.
Request more information now by clicking here: www.faruqilaw.com/CNAM . There is no cost or obligation to you.
Great entry point..Big profits are coming with the economy improving globally..I remember when this was over $10.. a share not to long ago..Bammmmm.
big activity today.. things are heating up
volume on up move.. first time this has happened in almost 1/2 a year
CNAM - Interesting, they are holding their Stockholders meeting in the US on July 2nd.
Proposal 3: To approve an amendment to our Certificate of Incorporation to change our corporate name to Armco Metals Holdings, Inc.;
earnings report on the 20th.
expect 23-28 million revenue 1-2 million operating income.. .01-.03 cents a share net
Keep an eye on it, very good price to get in
http://www.armcometals.com/cn/includes/upload/files/Armco%20Commodity%20%20Financing%285%29.pdf
New commodity financing plans.
Looks like potential for new revenue stream now that the company has qualifications.
Updated the Ibox.. also two more trading days left to get in before earnings on Friday.. I recommend you don;t wait much longer!
Year 2012 China's iron and steel scrap application industry corporate credit rating results of the public
2013-02-28 07:49:36 Source: CAMU
Iron and steel scrap is an important raw material for steel making, scrap steel recycling and scrap iron and steel industry in the development of effective the consumptive society more and more metal waste, resource recycling, and support China's iron and steel industry to go green production, sustainable development roads and improve the social environment, the implementation of the circular economy and so has a very important significance. Scrap iron and steel industry in China under the strong support of the government, society and business efforts are moving in a formal, high-quality, efficient direction the healthy development.
CAMU in China to further promote the development of the industry, to create an open, fair, just scrap steel operating environment, scrap steel recycling, processing, distribution, marketing, equipment manufacturing, and resource utilization, cultivating honest and trustworthy, standardized operation, healthy competition, win-win cooperation mechanism to promote the healthy development of the industry, in the year 2012 to continue to carry out the corporate credit rating of scrap iron and steel industry.
Documentation requirements on the matters related to the work of the credit rating industry, "according to the Commerce Department, the SASAC, the spirit of enterprise, voluntary participation, truthfully declare, combined with the actual science to develop evaluation criteria, seeking truth from facts, the principles of open and fair evaluations were carried out, by a third party professional evaluation agencies in strict accordance with standard evaluation and audit by the Association of Credit Evaluation Group, has been the year of 2012 to participate in the evaluation of companies to complete the credit evaluation.
Now the results of the evaluation (see Annex) in the Ministry of Commerce the market order network (www.12312.gov.cn), business credit platform (www.bcpcn.com) and I will site (www.chinascrap.org.cn) publicity to the community. The publicity period to 10 days (2013 March 14).
Public notice period, such as the results of the evaluation have objections, on March 15, 2013 Feedback to China CAMU.
Contact: Sun Quan
Phone :010 -62153685
Address: South College Road, Haidian District, No. 76, metallurgy process Building, Room 912
Code: 100081
China CAMU
February 28, 2013
Attachment: 2012 Annual China scrap iron and steel applications industry enterprise credit rating results
The serial corporate name level
Shandong Yuxi Burden Ltd. AAA
Gaomi the Yongping renewable resources Ltd. AAA
3 Anhui Xingang Burden Corporation AAA
4 the Armco properties (Lianyungang) Renewable Resources Ltd. AAA
5 Zhangjiagang Rongli Renewable Resources Ltd. AAA
The Xinyu City Jia Rui Industry and Trade Co., Ltd. AAA
The 7 into metal resources (Ma On Shan) Co., Ltd. AAA
8 Xiwang Renewable Resources Ltd. AA
9 Inner Mongolia day Deli renewable resources development and utilization of the limited liability company AA
10 Baotou City Pingyuan Materials Recycling Co., Ltd. AA
The 11 the Jiangsu Yangtze Metal Processing Co., Ltd. A
12 Guangdong Province, metal recycling company A
/60 well.. you can imagine that if they are going to instill confidence in the marketplace again, they will have to show serial production of NET profits.. which i believe are around the corner.
A big part of this comes with separating scams from legit companies.
.60 would be my minimum fair value for the company NOW.. not later.. or not after year end or 1Q 2013 reports. If those are favorable as i expect fair current value may be much higher over a dollar.
i will repost why i am favorable on the comapny..
BTW the law firm Levi just retracted their "investigation" they removed it for CNAM... check the website.
""
I believe that there are a number of Chinese reverse mergers that have prices highly disconnected from potential fundamental performance. The entire arena was hit hard by a few companies that turned out to be fraudulent or scams as you may know. There awaits great value and opportunity for an investor that can identify the good companies from the bad.
Check out the Chinese reverse merger index.
www.bloomberg.com/quote/CHINARTO:IND
It is rallying very nicely even being weighed down by some bad companies. I believe however the majority of the bad companies have at this point been weeded out, or have enough data to be able to investigate and separate wheat from the chaff. I have been investigating several small cap Chinese reverse mergers and identified a few that are gems waiting to appreciate highly. One such company is CNAM.
CNAM has had it's price depressed by a series of unfortunate events for the company, from govt. power restrictions, teething difficulty in learning the scrap business. Sourcing scrap supplies, and finding reliable contracts for their product that do not cancel orders after fluctuations in the market place.
CNAM has addressed all these previous problems recently, becoming a demonstration scrap processing base courtesy of the PRC government. So their power problems are history. They have put in place more effective management especially at their scrap processing center. And increased margins from their scrap recycling by improving efficiency standards and through the new workforce gaining experience. They also qualify for a 70-50% VAT tax rebate on their scrap imports which could boost their margins substantially.
http://finance.yahoo.com/news/china-armco-updates-recycling-business-124900342.html
Also CNAM has obtained an import license from the PRC government for procuring scrap allowing them to skip some middlemen and even obtain resources and scrap for third parties. The confidence and support of the PRC government behind CNAM signals the government wants CNAM to be a successful enterprise.
Following this announcement it is revealed they are in talks with Mitsui,
http://www.armcometals.com/News/Armcos%20cooperation%20with%20Mitsui
and I have reason to believe that the talks with Mutsui involve taking advantage of the Japanese yen devaluation to import scrap metal and utilize lower labor rates for processing in China. CNAM will I believe source 250,000 tons annually from Mutsui.
http://www.armcometals.com/News/INTERVIEW%20China%20Armco%20Metals%20seeks%20expansion%20funds%20to%20meet%20Chinas%20growing%20scrap%20appetite
This ahs potential to secure China Armco with plenty of scrap feed to add to their domestic networks which should net them at least another 150,000 tons annually.
CNAM has also changed the way they take orders for scrap requiring partial payment up front now on deposit in order to solve the problems they had with cancelled orders. The orders they announce now are much more valuable than the orders they announced in the past which had the tendency to either not be deliverable due to internal operational problems or cancellation of contracting.
CNAM just recently announcement they have already gained orders for 360,000 tons of scrap for the year 2013 which is 60% of their annual sales goal for 2013 of 500,000 tons and close to triple what they produced in 2012.
http://finance.yahoo.com/news/china-armco-updates-recycling-business-124900342.html
If CNAM can execute 500,000 tons of scrap metal processing on 2013 with their VAT tax break
500,000 tons x ~420 dollars per tonne will produce 210M in revenue from just their renewable division. And with 8-10% margins give them up to 21 million in gross profit. Which happens to be double the companies current market capitalization.
But in addition to this they have another stream of revenue from ore trading, and the recent spike in ore and scrap demand coming from the 2012 Sept lows in demand, has boosted iron ore spot prices from ~$90 to $140-160 per tonne. CNAM has ample financing and credit facilities (70-100 M) which many have recently been renewed reflecting the companies good relationship it has developed with creditors over the years and it's history of payment and shows the faith of the banking industry in CNAM.
Believe based on some statements from ore traders at armet & metawise in June 2012, that they were waiting to buy ore at low prices and have profited substantially off the recent iron ore price swing. This should bring in another 20-40 M in revenue for the 4Q of 2012 with high margins of ~15%. In addition to another ~30M revenue from their scrap processing facility with margins of 10-14% for the 4Q.
http://www.indexmundi.com/commodities/?commodity=iron-ore
The companies history of bleeding value on their balance sheet from a bad investment in apollo minerals is also at an end. The company purchased a ~19% stake in apollo minerals and the price fell quickly along with some dilution by apollo to new investors. But the share price of apollo minerals has been appreciating rapidly since their last quarterly report. from a price of .03 to .072 today (up 20% on enormous volume as i write this
www.google.com/finance?cid=718373
This will change what had been a source of bleeding value for the company back into a positive source of positive value. This stake in apollo minerals adds at least a few more million to their value over the next two quarters I believe as the stock is rallying very strong, and when apollo starts mining in late 2013 early 2014, CNAM has offtake rights to 15% of their ore production.
The company does have one smudge against it, and that is the recent announcement of an investigation by the law firm levi into CNAM breach of fiduciary duty by the board of directors. I have found out this breach is compensation related, and connected with management raising their allotment of share compensation. This announcement has scared lots of small retail investors out of the stock, but they should not be so quick to exit! Because the announcement is imo, a positive development for shareholders in increasing confidence that our company will not be overly diluted into the hands of management.
http://finance.yahoo.com/news/shareholder-alert-law-firm-levi-163200629.html
A historical analysis of companies that have received this same announcement, show gains in most cases I was able to detail within a few months. Not counting the buyout announcements. You can check the historical performance of other companies with the seam announcement.
http://tinyurl.com/cwrnknu
I might also add that management has been buying shares of the company from the company on the non open market at up to .50 cents per share recently. imo management wants to maintain close to 50% ownership of the company.
My best conservative estimate of the true value of the company, and although there is some dilution threat it is greatly eclipsed by the undervaluation of China Armco metals, which i believe in current market conditions deserves a market cap of at least 25 million dollars at the most conservative estimate, or more than double the current share price to at the very least .60-.70 cents
If CNAM continues to execute through 2013, the valuation could be much higher around 1.50-2.00 imo.
I would recommend you buy some shares under .40, before the year end report on March 28th which I believe will be a catalyst for investors to recognize the hidden value in CNAM. The next quarterly 1Q 2013 following in 1.5 months from the yearly will also be a very good numbers quarter, greatly surpassing YoY results.
Full disclosure I have just bought a large stake in CNAM multiple % of the company and am holding long.
""
Chart looking good.. if it pulls back buy some
keep it on the radar.. company is legit, share price is held under due to serial losses due to a series of delays imposed largely by the govt. and unfavorable trading conditions.
All those hurdles are now history and March 28th earnings and year end result will will us the future of this company, and i think it will be very good.
Knight Capital is buying CNAM!!!!
!!!
http://s23.postimage.org/gehzcxwxl/history_repeats.png
check it out, cnam is bouncing off the .30's like clockwork.. time to get in before march 28th
excellent time to buy here, it always holds at this level, reversal point
Watch this one, it has '5 bagger' potential in very short order.
Hit huge resistance at .32 700k+ shares! And bounced hard, Think we can call that the bottom.
Chart looks very good nice strong hammer, and no sell off the day after, looks like buyers are waiting for sell off to buy on bid at lower prices, but if it doesn't come down they will start stepping up.
All major sellers are gone from the level 2 after the hammer, so upper resistance looks very weak, any volume will likely break resistance around .39 - .40 and gap up to ~.43-.45
Earnings report on March 28th, company already put out enough info to know the next quarter will be significantly better than the last and profitable.
If you do not want to buy it yet, You definitely want to buy in before March 28th. Could jump ~.20-.30 cents after earnings.
This stock's fundamentals and earnings acceleration makes it an easy +1.50 price target within the next few months, probably in early summer, if everything goes as expected.
60% of last years sales have already come in and new tax benefit may be in future
http://finance.yahoo.com/news/china-armco-updates-recycling-business-124900342.html
China Armco Metals stock will begin soaring now. They have received the certification that took 3 years, they are making sells by providing financing through a bank and are clearing their stock piles at the dock, and are also now considering hedging before the markets ramps up, all signs ahead are up, 1.50 in 12 months. Go CNAM
looks like it could go either way, not enough volume here.
the CCI is at 47 right now, looks very steady and it could test that 500 once again its done it 4 times in 6 months.
its at about breakout zone the CCI always tests that 500 mark when this runs each time.
key break .76 sends it. major resistance in the .90's after that its blue skies.
CNAM CHART 0.7400
http://www.armcometals.com/Homepage
http://finviz.com/quote.ashx?t=CNAM&ty=c&ta=1&p=d
http://finance.yahoo.com/q/ks?s=CNAM+Key+Statistics
http://www.otcmarkets.com/stock/CNAM/company-info
http://www.knobias.com/individual/public/quote.htm?ticker=CNAM
http://www.insidestocks.com/quote.asp?sym=CNAM
http://www.americanbulls.com/StockPage.asp?CompanyTicker=CNAM&MarketTicker=AMEX&TYP=S
Im in on the technicals.....
Any ideas what's moving this stock?
Looking for a break of .86 tomorrow.
CNAM pulled back the last couple of days. Hopefully temporarily. Stock is near 61.8% retracement level. Waiting for a bounce.
522 on the CCI...............thats high!
Company way undervalued! A bargain at .71
Will surpass yearly high easily.
I was watching this in the morning @ .47, should've jumped in lol...what a day!
These guys are the best Metal Recycling company in china.. their income is up 150% yoy.
http://www.chinametalrecycle.com/en/investor_reports.html
so why is cnam doing so bad?
Thanks for the quick reply. I think everyone is red here. It seems like these are good buying opps, but where is the bottom? Oh well, I have my fingers crossed...Let's see some green!
This is a china stock and they are all out of favor due to no trust in what china companies report.This stock has a small float and it can have big swings in either direction.I am so under water on this that selling is not an option.If it goes to a penny I will buy more.If the company can ever show the market the growth they once thought they would have then it might become a life changing investment.
Castboy- Any idea what's going on here? Everday this is down 10%?? I don't get it....Market up 200+ and we're red. Float is tiny, if we got any buying pressure here, it could send it. Seems like a reputable, legitimate company. Thoughts?
When is this stock going to bounce? It has been a couple weeks of red...we need some green and alot of it. Like the moving avg's here. Could bounce over $1+ very easily. Micro floater, moves quick.
BIg steel selloff via CNBC on tv. 12:55pm est today
Prob seems to be the avail shares to short. Way more then daily demand. I would guess until a good PR there going to rule this stock. IMO
Dude I need it to be.I bought 2000 more shares today to get my average down to $5.00 in one account where I now hold 5000 shares.I have 2500 shares in another account with a average of $9.I dont have any money to average down in that account.I have been holding since April 2010.
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