“Mind the Gap” is a popular expression used round the world, but has the best definition when you put it into the context Chiver’s do. Today’s gap open on the illiquid penny stock of International Textile Group, Inc. (OTC: ITXN) is a great example on how to pad your stats like a cross dresser does their bra. While the list building alerts on ITXN do prove a point that shares of a Company which haven’t traded in a month can produce massive gains, the number of traders caught “in the gap” are likely to need more than just some tough denim fabrics to keep their rears from being scalped on trying to average out today.
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ITXN Stock Quote at 10:45:07 AM
Market Cap: 2.22M
Last: 0.127 ▲ +0.1237 (+3,748.48%)
Volume: 884,590
Dollar Volume: $134,390
Open: 0.07
High: 0.35
Low: 0.045
Trades: 233
Authorized: 150,000,000
Issued and Outstanding: 17,468,327
20 Day Percent Change: 3.13%
20 Day Moving Average: 0.0033
20 Day Average Volume: 20
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International Textile Group is pretty consistent at what they do having just released their 10-K for he year ended December 31, 2012 on April Fool’s Day. With sales consistent to the prior year, $619.08 million versus $644.17 million, it’s safe to say that they got their sh!t together and no what how to do what they do – produce good quality denim products. What is inconsistent is how ITXN stock has traded until Mister, Joe, and Fox appear to have grabbed a handful to drop on today’s alert players.
International Textile Group produced net cash from their 2012 operating activities of $45.9 million compared to net cash used in operating activities of $20.0 million in 2011. Reduced inventories and reductions in accounts payable due to declining cotton costs helped the Company put some money in its pocket over the course of last year. Of the $45.9 million, $6.0 million related to the sale of Burlington IP.
As for the shares of the Company, like how the Company’s subsidiary in Nicaragua, Cone Denim de Nicaragua, has been idled since 2009, ITXN stock saw not even a sneeze of action this year until today. Being that it’s a “non-compensated” push t attract new traders to grab some bags in future alerts, the good news is that attention has been given to this incredibly small float of a penny stock (14,765,360 of the 17,468,327 being held by Directors or current Executive Officers).
With facilities all over the globe and the passing of the 2011 cotton price crisis, when costs reached historical highs,the Company looks to be on board to both produce even better numbers operating income percentages, as well as higher net revenues due to the return of “people having some spending power” as we surpassed the “fiscal cliff” and “EU Austerity” issues.
Will ITXN stock hold above the open price of .07? For sure! Will it trend back there before the weekend. For sure! Nevertheless, ITXN is has a great stock structure and, given the opportunity to calm down, this penny stock could chive on fr some really nice gains towards the end of 2013 after all of today’s dust settles.
About ITXN Stock
International Textile Group Inc. is a global, diversified textile manufacturer which believes is one of the world’s largest and most diversified producers of denim fabrics and the largest producer of better denim fabrics for products distributed through department stores and specialty retailers.
Click here to view the SEC filings for ITXN.
Click here to view the website for International Textile Group.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 03/13/13 | 0.0033 | +0.0001 | +3.13% | 400 |
| 02/22/13 | 0.0032 | +0.0001 | +3.23% | 100 |
| 01/23/13 | 0.0031 | +0.0001 | +3.33% | 50,200 |
| 01/15/13 | 0.0030 | unch | unch | 200 |
| 12/19/12 | 0.0030 | +0.0017 | +130.77% | 7,600 |
Bottom Line: ITXN is a solid penny stock to look closer at after the dust settles from the “stat-padding” event today. In the “under .01” area for the majority of the last of 12 months plus and a 50 day average volume of just 1,014 prior to today, ITXN stock is an undervalued, under-appreciated gem of Company.
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