On Monday, Israel-based BluePhoenix Solutions (NASDAQ:BPHX) rocketed 13% during trading following a reported surge in earnings of 34%, and exceeding earnings expectations by a penny per share, at $0.18.
This stock was initially profiled, and recommended on July 13 in the following post, and has increased 55% since this recommendation. Some of the primary drivers were a lack of coverage, momentum in sector, backorders, and pricing power. On a valuation basis, I highlighted that the stock may have been unnecessarily affected by the perception of risk given the location.
I still remain bullish on the stock, and the Israeli market in general.
Disclosure: The author is long BPHX, which is up 75% since entry.
BPHX 1-yr chart: