iManage (IMAN)

Company. "iManage, Inc. is a leader in collaborative content management software that enables businesses to efficiently manage and collaborate on critical business content across the extended enterprise. iManage WorkSite delivers document management, collaboration, workflow and knowledge management accessible through an integrated portal in a single integrated Internet solution." (company website)

iManage has agreed to be acquired by Interwoven in a stock and cash deal for IMAN shares.

Buy. It would have been nice if I had bought IMAN back in early August when it broke through the $5 barrier, but I didn't. Instead, I bought it in October after it had suffered the end-of-September slide. Given the strength of the earlier trend, I thought it would probably recover, and I snapped up shares when the trend-strength indicator got about the 20 threshhold (ADX line).

Sell. When I checked in on the market this morning, I found IMAN trading almost $1 higher than yesterday's close. That also put it nearly a $1 higher than its 52-week high of $8.87.

I looked for news for both iManage and Interwoven (which is acquiring IMAN in a merger). None. I watched incredulously as trades got as high as $9.91 and then started to drift back down. Both companies are a week away from announcing earnings. I decided to not look this gift horse in the mouth. I sold.

A profit of over $3000 for holding the stock two weeks. Not a bad take before breakfast!

Note: Nearly half-way through the trading session, IMAN is now at $9.50.