Right now I am closely watching the strong stocks I like to label ‘Salmon Stocks’, due to their ability to move up even though the general market is struggling. This is typical behavior for future leaders. The important thing to keep in mind here is to especially watch for leadership during adverse market conditions. Consolidating while other stocks are plunging is extremely bullish action.
One of the stocks fitting that description, the most recent addition to my public list, is BTN – Ballantyne Strong a leading stock in the movie industry. The news flow gives us some clues as to why the stock is emerging as a power house in the entertainment industry. They are starting to get significant orders from Chinese mainland cinemas and are expanding their digital footprint all over the world:
China Film Group Selects Ballantyne Strong:
Press Release Source: Ballantyne Strong, Inc. On Thursday May 13, 2010, 9:11 am EDT
OMAHA, Neb.–(BUSINESS WIRE)–Ballantyne Strong, Inc. (NYSE Amex: BTN), a provider of digital cinema projection equipment and services, cinema screens and other cinema products, announced today that it has been selected to provide 200 NEC digital cinema projectors for China Film Group Corp. in theatres throughout The People’s Republic of China (PRC). Ballantyne expects to make initial shipments of 50 projectors in the second quarter of 2010, with the balance of the order to be shipped later this year. The new agreement follows a 100-projector order completed in Q2 ‘09 and a 160-projector order completed in Q1 ‘10.John P. Wilmers, President and CEO of Ballantyne, commented, “We are gratified that China Film Group has expanded its commitment to Ballantyne and our NEC projector line with this, their largest order to date. As we have previously stated, China is a very attractive market opportunity for Ballantyne and our partner, NEC. With approximately 6,000 cinema screens currently, the PRC is focused on rapidly growing its theatre and screen footprint to as many as 12,000 or more screens in the next three-five years. We look forward to supporting China Film Group in bringing digital cinema to a growing number of Chinese consumers. We are also working on plans to bring our cinema screen products, including specialty ‘silver screens’ required for most 3D cinema methods, to serve the needs of this growing market and hope to initiate that effort in early 2011.” Ballantyne has a sales and full-service office in Beijing, China and plans to open an additional office in Shanghai later this year.
About Ballantyne Strong, Inc. (www.ballantyne-strong.com)Ballantyne is a provider of motion picture projection, digital cinema projection, cinema screen technology and specialty lighting equipment and services. The Company supplies major theater chains, top arenas, television and motion picture production studios, theme parks and architectural sites around the world.
BTN – Ballantyne Strong has been part of the ‘Movie Industry Sector Overview Chart’ so regular readers should already be quite familiar with the stock. I introduced BTN along with IMAX, CDIM and others a while back. After watching the sector for a while, BTN is now emerging as the strongest stock within the movie industry realm. The stock is not ready to break out yet but is building a bullish ascending triangle and is trading very close to its all time highs. If the markets can stage some kind of summer rally odds are BTN is going to be one of the leaders due to the fact it has almost no overhead resistance.
Up-to-date BTN- Ballantyne Strong chart on my public list.
Happiness is beneficial for the body, but it is grief that develops the powers of the mind. – Marcel Proust
My public list with all my charts can be viewed here:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2791469
Buenas noches!
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