OWENQ.OB

[PerfectSage]

Looks like OWENQ will be breaking out of ascending triangle that started forming in November soon.  http://stockcharts.com/gallery/?owenq

[PerfectSage]

I'll be watching this tomorrow. I'd like to see the volume increasing.

[PerfectSage]

Volume has been picking up since 1:30. Took the OWENQ plunge @ $5.00/share

[422fwhp]

Volume has been picking up since 1:30. Took the OWENQ plunge @ $5.00/share

I may join you tomorrow.  Good find...purty chart too.

Good luck...Jody

[422fwhp]

Do I see three soldiers?  "If the second and third day candlesticks open at or above the midrange of the previous day, this signifies that the trend will continue." 

Not quite the midrange but it does look good.  Any other input?

[PerfectSage]

Thanks Jody

I was wondering myself if it was a 3 white soldier pattern so, I took a look here yesterday. It didn't show up.

http://stockcharts.com/def/servlet/SC.scan?s=TSA[t.t_eq_s]![t.e_eq_n]![as0,20,tv_gt_40000]![wn_eq_1]

I don't know how to calculate a price target for this, but if the final result should be symetrical, I think $10.50 in 10 months would be a good guess.

For the short term, I'll watch for a breakout above $6.00 and then a pullback to $5.70

OWENQ is getting close to a breakout on the Point & Figure chart.

[guitarman]

This one is moving!

Asbestos-related shares gain on Senate action
2:45 p.m.  11/16/2005  By Padraic Cassidy   Provided by   
NEW YORK (MarketWatch) - Shares of companies with significant exposure to asbestos liability claims gained ground Wednesday, one day before a Senate committee was scheduled to begin a hearing on legislation to establish a $140 billion compensation fund. Owens Corning (OWENQ) rose 15% to $3.

I've got a long way to go before I see a profit on this one, but things are definitely looking up!

Best
Gman

[guitarman]

This looks like potentially good news?

I'm curious to hear what you all think about this?

Owens Corning files revised bankruptcy plan-WSJ
2:09 p.m.  01/01/2006   
NEW YORK, Jan 1 (Reuters) - Owens Corning (OWENQ), a fiberglass insulation maker operating under bankruptcy protection, filed a revised reorganization plan, the Wall Street Journal reported in its online edition.
The filing, made on the last day of 2005, lays out two scenarios for holders of about $1.5 billion in bank debt, the Journal reported. If debt holders approve the reorganization, they would be entitled to 150 percent of their claim in cash. A "no" vote would entitle debt holders to cash and cash pay senior notes in an amount to be set by the bankruptcy court.
The plan also calls for a reorganization along business lines. After a vote, the plan must also pass muster before at least two courts before being implemented, the Journal reported.
Owens Corning, known for its Pink Panther mascot, filed for Chapter 11 protection nearly five years ago, weighed down by asbestos-related lawsuits.

All the Best
Gman

[guitarman]

Nice 5% gain today.

[guitarman]

What's up with this?
25% run in one day with no news and really low volume?
Anybody out there keeping tabs on the asbestos rulings?

Thanks
Gman

[stocks2watch2]

I bought OWENQ back in 4-03 @ .50 and sold in 4-05 @ 5.15.Kept telling everyone to buy, at that time I was on the cbs marketwatch board. I havn't followed it much since. I think it's probally running on this news. Good Luck.

CHICAGO, Jan 6 (Reuters) - U.S. President George Bush called on Friday for Congress to curb asbestos lawsuits this year, saying the United States needed to reform its legal system to better compete in the global economy.

"Hopefully this year, we can get a good asbestos reform out of the United States Congress," Bush said in a speech on the economy in Chicago.

U.S. Senate Majority Leader Bill Frist, a Tennessee Republican, has pledged to bring up legislation early this year that would create a $140 billion fund to compensate victims harmed by exposure to asbestos, while ending hundreds of thousands of asbestos injury lawsuits.

Asbestos was widely used for insulation and fireproofing until the 1970s. Scientists say inhaled fibers are linked to cancer and other diseases.

But the multitude of injury claims, including some filed by people who were exposed to the mineral but are not ill, have pushed dozens of U.S. companies into bankruptcy. Bush said Americans needed to understand that frivolous injury lawsuits were a drag on the U.S. economy.

"To make sure this is the most competitive country in the world, we've got to get rid of some of these junk lawsuits that are running capital out of America," he said.

The $140 billion asbestos compensation fund proposed by Pennsylvania Republican Sen. Arlen Specter and Vermont Democrat Sen. Patrick Leahy would be paid for by asbestos defendant companies and their insurers.

However, the legislation has divided the business community as well as senators in both parties, and struggled to gain support. Some representatives of asbestos victims say they should have a choice of whether to stay in court, or go to the fund for compensation.

A critic of the legislation, former Republican Sen. Don Nickles, said on Friday that the bill was "seriously flawed" because it would allow the proposed fund to seize more than $7 billion in assets from existing asbestos trusts set up in bankruptcy court proceedings.

He said the problem could be solved if the existing asbestos trusts could opt out of the proposed fund. "Hopefully, when the Senate takes up the asbestos bill it will fix this problem," Nickles said in a statement.

[guitarman]

Thanks Sage
I think you are right.
Armstrong Holdings ACKHQ is another asbestos related company and it's up nearly 20% today too.
Nice play on OWENQ!
I'm going to keep an eye on you!

Best
Gman

[stocks2watch2]

US Senate debate on asbestos begins Feb 6

WASHINGTON, Jan 24 (Reuters) - U.S. Senate floor debate on a bill to create a $140 billion fund to compensate asbestos victims will begin on Feb. 6, Senate Judiciary Committee Chairman Arlen Specter said on Tuesday.

"That's the day we will open the arguments on, opening statements on asbestos," Specter, a Pennsylvania Republican, said at a committee meeting. He is co-sponsor of the asbestos bill along with Vermont Democratic Sen. Patrick Leahy.

Asbestos, a fibrous mineral, was widely used in insulation and construction until the 1970s. Inhaled fibers are linked to cancer and other lung-scarring diseases, and hundreds of thousands of injury claims have clogged courtroom dockets and helped push over 70 U.S. companies, like W.R. Grace & Co. (GRA,Trade) and USG Corp (USG,Trade), into bankruptcy proceedings.

Under the Senate bill, victims would lose their right to sue and claims would be paid instead by the $140 billion fund to be financed by asbestos defendant companies and insurers.

While the bill is intended in part to help lift the threat of litigation from companies, it has stirred controversy in the business community as elsewhere. Small to medium-sized companies say they would have to pay too much to the fund while bigger companies would get a break from asbestos liabilities.

Asbestos stocks moved up on the news. After Specter's comments, Grace's shares were up 2.93 percent at $10.55 and USG's shares were up 4.01 percent at $78.42 in morning trading on the New York Stock Exchange.

Specter said he expected amendments to be offered by some senators. "People feel very deeply about many of the issues there." But he said he hoped for advance notice in order to organize the debate and "move ahead in an orderly way to consider that bill, because it is complicated and will take some time."

[Stocky2000]

news ! mega volume !

Owens Corning says to emerge from bankruptcy in 2006
Wed May 10, 2006 2:28 PM ET
NEW YORK, May 10 (Reuters) - Bankrupt fiberglass insulation maker Owens Corning (OWENQ.OB: Quote, Profile, Research) on Wednesday said it reached an agreement with its creditors, paving the the way for its emergence from bankruptcy in 2006.

The company reached agreements with asbestos claimants, unsecured creditors, representative of future claimants, and bondholders, among others.

FACT BOX

OWENQ.OB (Owens Corning Inc)
Last: $1.66
Change: +0.73
Up/Down: +78.49%
 

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News for OWENQ.OB
UPDATE 3-Owens Corning to pay $5.1 bln for asbestos 
Owens Corning says to emerge from bankruptcy in 2006 
UPDATE 2-Owens Corning in $5.2 bln asbestos deal-lawyer 
The agreement sets Owens Corning's total enterprise value at emergence at $5.86 billion, including $3.94 billion of new equity, $1.8 billion of new debt financing, $55 million from existing debt at non-debtor Owens Corning entities, and $61 million in new tax notes.

The agreement assumes a total recovery value of $8.58 billion, the company said.

[wrangler]

QWENQ : looks like it's rebounding from Bankruptcy