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One of my favorite screens searches newsfeeds for “record” revenues and earnings. Yesterday that screen turned up International Assets (Nasdaq:IAAC), which claims “record” non-GAAP operating revenues.

International Assets is a financial services company focused on international equities market-making, international debt capital markets, foreign exchange trading, commodities trading and asset management. Given that emphasis, it should be heading for a dirt nap, right?

Actually, International Assets did OK last quarter, considering the circumstances. Sure, earnings were down 74% from last years torrid pace, but at least it had positive earnings. That's a claim that few of its peers can make. GAAP revenues declined year-over-year but never fear, adjusted non-GAAP operating revenues reached “record” levels. And if they didn’t, I’m sure those clever accountants would devise a new non-GAAP measure to soothe investors.

All sarcasm aside, this was not a great quarter for IAAC, but not a disaster either. Investors appear pleased that, for now, it looks like a survivor.

Technically, IAAC broke both a multi-month downtrend and the 50-day moving average yesterday. That’s the good news. However, it did so on low volume and resistance looms around 10.

I’m going to wait and see how this one develops.

iaac


DISCLOSURE: No position.

Source: Is a Breakout on Deck for International Assets?