Hello Friends! Thanks so much for stopping by and visiting my blog, Stock Picks Bob's Advice! As always, please remember that I am an amateur investor, so please remember to consult with your professional investment advisers prior to making any investment decisions based on information on this website.
I wanted to get this quick update out today, but one thing led to another, and you know the story! Anyhow, my Covance stock hit a sale point and I sold 1/7th of my 119 shares or 17 shares today at $83.67. These shares were originally purchased 4/9/07 at a cost basis per share of $62.61. Thus, this represented a gain of $21.06 or 33.6% since purchase.
COVANCE (CVD) IS RATED A BUY
If you are new to my strategy, I sell my gaining stocks slowly and partially--currently selling 1/7th of my remaining shares---at targeted appreciation points. I use gains at 30, 60, 90, 120, 180, 240, 300, 360, 450%...etc. as points to sell shares. I also use these sales as "signals" that the market is more or less 'healthy' and that I have 'permission' to add a new position if I am below my maximum holding. Thus, being at 14 positions, below my maximum of 20, I set out to find a new holding.
With a lot of my assets tied up in my KCI position, I figure I had made my point with the stock up about a point, and unloaded my additional 280 shares of KCI at $59.07. I had purchased these shares at $58 the prior day and if I didn't have as heavy a margin level as I do, I would maybe hang in there, but I wanted to add that 'new position' and went ahead and sold with a small gain.
KINETIC CONCEPTS (KCI) IS RATED A BUY
Looking through the list of top % gainers today, I came across an old favorite, Abaxis (ABAX), which closed at $29.38, up $5.19 or 21.46% on the day today. I purchased 210 shares today when the stock was trading at $28.24, so I also made about a point already on this purchase. ABAX stock was up strongly today on the back of 2nd quarter 2008 results that were announced after the close of trading yesterday.
ABAXIS (ABAX) IS RATED A BUY
I mention "old favorite" on Abaxis, as I recently wrote up the stock on January 27, 2007, when the stock was trading at $20.57. This was not my first review, as I also discussed Abaxis on September 26, 2003, when the stock was trading at $13.40.
Thanks so much for stopping by and visiting! If you have any comments or questions, please feel free to leave them on the blog or email me at bobsadviceforstocks@lycos.com. If you get a chance, be sure and visit my Covestor Page where my trading portfolio is analyzed and reviewed, my SocialPicks page where all of my picks from the first of the year are also evaluated. If you are into podcasts, I have a good number of podcasts on varying stocks from the past two years kept on my Stock Picks Podcast page.
If you are interested in a new investment idea that may involve some additional risk, check out Prosper.com, a website that my nephew introduced me to, that involves some considerable risk with unsecured loans that are bid on eBay style in a sort of Dutch auction by multiple investors, most of whom are putting up $50 to be part of the lending consortium. While considerable risks are present, it is possible to widely spread out your loans and the returns are impressive unless individual borrowers default. So do your homework if you decide to pursue that website.
Until the end of the year, if you sign up you can receive $25 as a bonus and I also receive credit for referring you to the website! Definitely win-win.
Thanks again for visiting! Good-luck on Friday!
Bob