Daily Brief United States: Hollysys Automation Technologies, iShares Russell 2000 ETF, Cambium Networks and more

In today’s briefing:

Hollysys (HOLI US): Ascendent Capital Joins the Fray
Just Another Counter-Trend Rally, or Something More? DXY and Treasury Yields Breaking Key Supports
Cambium Networks Corporation – New CEO Working to Streamline the Company

Hollysys (HOLI US): Ascendent Capital Joins the Fray

Ascendent Capital has made a non-binding proposal for Hollysys Automation Technologies (HOLI US) at US$26.00 per share, a 4.0% premium to the MBO and Recco proposal of US$25.00 per share.
Ascendent has also become the largest shareholder by securing 13.69% of outstanding shares at an average price of A$20.84 per share. Ascendant is supportive of the special meeting request.
The Board has tried several delaying tactics, but the emergence of Ascendant ramps up the pressure on the Board to conduct a transparent sale process and address shareholder concerns.

We believe there is significant evidence that the broad equity market has bottomed, and a year-end rally has begun. This report elaborates on this main point
Last week (10/31/23) we discussed how the $SPX and $QQQ did not display decisive breakdowns, and that a break above 4165-4200 and $350-$355, respectively, would be bullish, that’s what happened
Additionally, we discussed how risk/reward favored buyers with the $IWM testing 1.5-year support at $162-$163, a logical spot for small-caps to bounce, especially when we considering persistent bullish breadth divergences.

Cambium Networks (CMBM) is a leading mid-market wireless solutions provider.
Growth is being driven by 5G and new 6 GHz products. The company believes its strengths are its RF algorithms and software.
The cnMaestro X network management solution makes significant use of AI and lies at the center of the company’s product suite.

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