Chemical and explosives business ORI has endured a really tough year falling -16.7% in a rising market and the decline since late 2019 has actually been far worse. The company has struggled this year due to COVID disruptions, adverse currency moves and geopolitical issues i.e. the trifecta of bad news. We like this business as a recovery story for the year ahead but we wouldn’t be throwing the kitchen sink just yet leaving room to average if we see further declines down towards $12.50.
MM likes into current weakness
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