I was doing some reading of the Norman invasion of my own country, Ireland, and I came across John de Courcy's invasion of Ulster, Ireland's northernmost province. Wikipedia recounts the initial events of the invasion as follows (slightly edited for clarity).
> In 1176, John de Courcy came to Ireland alongside William fitz Audelin, Henry II's deputy. Around the start of 1177 de Courcy went about carefully planning an invasion of Ulaid in eastern Ulster. Having acquired the approval of the royal governor in Dublin, de Courcy took 32 mailed horsemen and some 300-foot soldiers north into Meath, where he had obtained the right of passage through from its lord, de Lacy. He then met up with Irish allies who helped provide men and information for the invasion. De Courcy's force then advanced beyond the northern extent of Norman control and into Ulaid, reaching the petty-kingdom of Lecale having only set out from Dublin four days before. Until this, Ulaid had been untouched by "English" forces.
> De Courcy's force advanced on Downpatrick, the chief seat of the Dál Fiatach dynasty who then ruled Ulaid. Despite the small size of his force, de Courcy's attack caught the Ulaid by surprise forcing the over-king of Ulaid, Ruaidrí Mac Duinn Sléibe to flee. The papal legate, Cardinal Vivian, had been on a visit to Ulster when this attack happened and he called for the withdrawal of de Courcy's forces, however this went unheeded.
> About a week later, Mac Duinn Sléibe returned to Downpatrick with a great host drawn from across Ulaid, however despite being vastly outnumbered, de Courcy's forces won the day. Mac Duinn Sléibe followed up this attack with an even greater force made up a coalition of Ulster's powers that included the king of the Cenél nEógain, Máel Sechnaill Mac Lochlainn, and the chief prelates in the province. Again the Normans emerged victorious, even capturing the clergy involved included the Archbishop of Armagh, the Bishop of Down, and many of their relics.
To me this just seems an unbelievable level of military capability, with such a small force successfully penetrating deep into a Gaelic kingdom, seizing its capital, and repelling two invasions that heavily outnumbered it. Ireland was of course only one place conquered by the Normans, they also seemed to have remarkable success against the Anglo-Saxons, the Welsh principalities, the Arabs in Sicily, the Byzantines in Southern Italy, and "Saracen" forces during the Crusades.
Wha
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$ARRY Array Technologies stock watch, back to 22.83 with bullish stats , see https://stockconsultant.com/?ARRY
ARRY Array Technologies stock chart
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Summary - Earnings after market close today
Array has had a rough time so far as a public company, with shares opening at over $36 upon IPO, only to recently settle in the $15 range.
Steel costs rocketed higher this winter and spring leading to an unexpected guidance pull from the company. In my opinion, this is a temporary issue.
Commodity mismanagement is certainly a ding to management's credibility, however the recently announced Nucor supply deal does provide a backstop.
Array boasts a high quality and in demand product that is essential to the solar industry, making this potentially an opportune time to build a position.
Array Technologies (ARRY) burst onto my radar screen upon the company's IPO in October 2020. I was quite curious about the company and its products due to the alternative energy boom currently engulfing the energy industry worldwide.
What I found in my initial research during the company's IPO process was a wonderful, innovative company, with one of the best solar tracking products in the marketplace, along with a stock that upon IPO, was significantly overvalued.
In this article, I would like to explore the recent crash in the price of Array Technologies and present my thesis for why this may be a great time to build a position in the company.
Overview
The first quarter of 2021 for Array was certainly one to forget, while demand continued to rip along at a record pace, costs for steel and shipping the company's products more than doubled.
BC-Steel-Going-Into-Biden’s-Infrastructure-Plan-Reaches-New-RecordSource: COMEX
With rolled steel accounting for greater than half of the cost of goods sold at the company, along with no hedging program of note in place, the company pulled guidance pending a review of the impact, sending the stock tanking to the range that we find currently.
Chart
Data by YCharts
To those unfamiliar with Array Technologies, the main product that they produce are solar trackers. The basic concept behind a solar tracker is to keep the solar panels at a solar power generation plant pointed at the sun at the proper angle needed for maximum energy capture at all times.
Solar trackers are certainly not a new thing in the industry, however perfecting the system is surprisingly complex. The tracking system acts like a mobile weather station, adjusting panels minutely based on cloud cover, humidity, temperature and acting as a damage control system for the panels in case of high winds or hailstorms.
In a
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Title pretty much says it all XD
