FLS - $132.12 Flowserv
That was not how I wanted to enter the Flowserve play. FLS spiked nearly $6 on Thursday on news they were doing a joint venture with Linde Group to engineer a natural gas refueling system in Europe. Flowserve plans to deliver at least 70 systems for refueling cars to Germany and Austria in 2009. Friday's -$4 decline was profit taking on this spike. The high on Thursday was $138.74 and our breakout trigger was $138. The unexpected spike on news put us in at the high for the week.
Flowserve Corporation (Flowserve) is a manufacturer and aftermarket service provider of flow control systems. The Company develops and manufactures precision-engineered flow control equipment, such as pumps, valves and seals, for critical service applications. Flowserve offers a range of aftermarket equipment services, such as installation, advanced diagnostics, repair and retrofitting. The Company sells its products and services to more than 10,000 companies, including engineering and construction firms, original equipment manufacturers (OEMs), distributors and end users. The Company operates through three business segments: Flowserve Pump Division (FPD) for engineered pumps, industrial pumps and related services; Flow Control Division (FCD) for engineered and industrial valves, control valves, actuators and controls and related services, and Flow Solutions Division (FSD) for precision mechanical seals and related products and services
Breakout trigger: $138 hit 8/28
Position: Jan 2009 $150 Call FLS-AU @ $11.00