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1. Upside in SKMBy Robert Moreno Cramer
1:46 p.m. EST
SK Telecom (SKM - Get Report) provides wireless and data service in its home market of South Korea, as well as Mongolia, Vietnam and the U.S. It has a market cap of $11 billion, a forward P/E of 10.79, revenue of $12.5 billion, gross profit of $6.3 billion and total debt of $6.2 billion. The company went into the credit-card business in December, announcing a deal to purchase 49% of Hana Card, the credit-card unit of South Korea's fourth-largest financial concern. SK Telecom plans to place a chip in its cellphones that will let subscribers make purchases through their mobile devices. The company also announced an alliance with IBM (IBM - Get Report) to provide "cloud computing services."
The technicals on the daily chart are interesting and illustrate a repeated pattern. In each case, a downtrend line was broken to the upside with a positive moving average convergence/divergence crossover and the relative strength index crossing above the 50 center line. Price action was strong in Tuesday's down market, and again on Wednesday. If the pattern repeats, there is more upside to the trade.