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.
A few moments ago I sold my remaining 108 shares of Kyphon at $67.9863. These shares were originally purchased 5/20/05 at a cost basis of $29.21. Thus, I had a gain of $38.77/share or 132.7% since purchase.
I sold all of my remaining shares, instead of my usual 1/7th of my holding as the stock moved sharply higher today (currently it is trading at $67.86, up $14.1818 or 26.42% on the day as I write) due to the announcement of an impending acquisition of the company by Medtronic (MDT) at $71/share. I could probably have hung on to get the last few points, but the risk factor is that the acquisition doesn't go through. My goal in investing is to be involved in stocks with capital appreciation due to their internal growth and price momentum not by making money by arbitrage.
On top of this, the company announced 2nd quarter 2007 results today which were strong with sales up 43% and net up 16%.
In any case, I am back to 19 positions and with this sale of a position on 'good news' I am 'entitled' to add a position #20. So I shall keep you posted as I am on the 'look-out' again, and that nickel is burning a hole in my pocket :).
Thanks again for visiting. If you have any comments or questions, please feel free to leave them on the blog or email me at bobsadviceforstocks@lycos.com.
Bob