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Headquartered in Zurich, Switzerland, ABB provides power and automation technologies to utility and industrial customers. It's also flying today, with a pickup of 5%+, and I can't find a damned bit of news that would justify such a (welcome) gain.
The fundamental case is, I think, solid. They're based in Switzerland and so partially insulated from declines in the dollar, although this also means that they face additional competitive pressure from U.S. rivals such as GE as dollar declines make U.S. exports more competitive. At the same time, you're looking at relatively cheap assets at a PE less than 15 and a price-to-sales of 0.64. The price has been depressed at least partly due to asbestos fears, but these now appear to be overblown and a final solution is on the horizon. Finally, they're a cheap play on the ever-tightening environmental and regulatory atmosphere in Europe, which will put increasing emphasis on the sort of capital-intensive, clean, high-tech manufacturing tech that ABB specializes in.
None of which explains the ridiculous one day gain, of course. Any thoughts?
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