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.
Fortunately, I don't often write up a stock like Visa, which I just reviewed on May 29, 2008, suggested a "Buy" rating, buy shares of the stock and then go ahead and sell share just about two weeks later. But that is exactly what has happened!
On May 29, 2008, after a partial sale of Copart on a gain, I purchased 70 shares of Visa (V) at a cost basis of $86.03. A few moments ago, with the market once again under pressure, Visa shares have been selling off and as I write are trading at $78.14/share, down $(2.17) or (2.70)% on the day. When they passed my (8)% loss level, I initiated a sale and sold all 70 shares at $78.99. This worked out to a loss of $(7.04) or (8.2)% since purchase.
Without anything fundamentally wrong with the stock, but with my own sale of shares,
VISA (V) IS RATED A HOLD
After an initial purchase of shares, no matter how much I 'like' a stock, I sell my shares should they decline to an (8)% loss. Since this is on 'bad news', I do not plan on replacing these shares, but instead am now back to my five position level, my minimum, and shall wait either for a sale on bad news (which I shall in this case find a replacement for), or a sale on good news to be buying a new position. 'Good news' for me is a partial sale of a holding at an appreciation target reached.
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Yours in investing,