On vacation right now, but thought I'd type in a quick entry while the munchkins sleep. Yesterday was a terrific day and hopefully the inflection point we've been waiting for.
I did buy two new stocks on Friday before I left.
MRX - this is a specialty pharamceutical company that is extremely cheap and seems to still be up beat about their prospects.
TPX - this is the mattress company where a director bought several million shares recently. I got a great pop (over 10%) on them yesterday, so I am hopeful that I am on a good train here.
I was on the wrong end of a hard lesson with IAR this past week. I should have probably broken the rules. When a dividend stock stops paying a dividend (and has a fair amount of institutional ownership), many of them have to sell the stock as it no longer meets their profile. Seth Klarman actually talks about using this as a way to identify oversold stocks. Anyway, post their announcement, IAR went from $5.22 to 3.64. They bounced back yesterday to 3.99. I should have sold and then bought back in, as it was pretty clear this was going to happen as the stock changed direction.
ACN was a real puzzler. Despite their fabulous earnings report (in my eyes) and a 46 point day and a 390 point day this week, the stock has barely moved the needle, going from 35.45 to 35.87. I guess their was something the brilliant minds on wall street didn't like about exceeding estimates, growing revenues by 18% and giving higher guidance for 2008. I expect they were hung up on margins.
I haven't had great luck thus far with the Magic-Diligence website. I have picked two stocks because of it, JTX and BVF... they have both struggled. But I expect they'll both recover somewhat in the next 10 months. I did set up a portfolio to track his picks in Yahoo.
Still have a lot of ground to make up. Tonight though am taking the family to see the Dallas Mavericks. My 10 year old son is extremely pumped. We have great seats, about 15 rows at center count.
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2 comments:
M, do you invest through a retirement account? If I understood your comment re IAR correctly, you wanted to sell at $5 and re-buy at $3.65, but that would qualify as a wash-sale, right, unless both the sale and re-purchase occurred in a retirement account.
I do not invest via a retirement account. It would be a wash sale, but I would have about 25% more shares at the same total cost. I know as soon as I start playing games like that though, I'll be on the wrong side of the move.
MG
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