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Stock Picks Bob's Advice

Friday, 1 February 2008

Abaxis (ABAX) "Trading Transparency"

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.

Earlier today I sold my 180 shares of Abaxis (ABAX) at $31.2754/share. I did this on the weakness of the stock and some fundamental news that disappointed. These shares were purchased 10/25/07 at a cost basis of $28.29, so I had a gain of $2.99 or 9.5% since purchase. This was actually my second sale of Abaxis--30 shares were sold 12/11/07 at $36.37 for a gain of $8.08 or 28.6% since purchase.

Abaxis (ABAX) closed at $30.00, down $(2.55) or (7.83)% on the day.

With a single partial sale at the 30% appreciation level, I generally would allow a stock to decline to 'break-even' before bailing. But the stock appeared to be acting rather sick the last few days and with the stock trading sharply lower on a earnings report that disappointed, and with me a nervous nellie with still some margin balance on the books, I thought it was time to part company.

As noted, ABAX reported 4th quarter results after the close of trading yesterday. They came in with revenue of $25.7 million (under the $26.5 million expected by analysts according to Thomson Financial) and earnings of $3.2 million or $.14/share (under the $.16/share expected). The disappointment took its toll on the stock and weakness ensued.

The 'point & figure' chart from StockCharts.com doesn't really look that bad. The long-term rise in the price appears intact.

Thanks so much for visiting. I have my portfolio management rules but I also reserve the right to sell stocks when something 'fundamental' is announced, like a 'miss' in the earnings. With the market and me both quite skittish and volatile, I chose cash over equities and didn't want to see my gains continue to disappear. I hope it was the right decision!

With the Morningstar.com report intact, the chart looking essentially intact, but the company missing expectations, I sold the stock and

ABAXIS (ABAX) IS RATED A HOLD

If you have any comments or questions, please feel free to leave them on the blog or email me at bobsadviceforstocks@lycos.com.

Have a great week-end everyone!

Bob

Posted by bobsadviceforstocks at 3:23 PM CST | Post Comment | Permalink

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