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.
Every once in awhile I just break all of my rules. (And I usually regret it as well!)
I wanted to report on my latest indiscretion. Meridian (VIVO) a holding of mine reported today. Latest sales for the third quarter increased 11%. EPS came in at $.19/share, down from $.22/share, but last year included a tax benefit of $2.4 million. Taking this out it worked out to $.19/share this year vs. $.16/share a year ago.
Anyhow, the market has absolutely taken this stock apart.
Daring to go into the jaws of this awful negative momentum, I purchased 2,000 shares of VIVO a few moments ago at an average cost of $23.99/share. As I write, VIVO has already slipped BELOW this price, currently trading at $23.81/share, down $(4.93) or (17.15)% on the day.
I think this is way overdone.
I am trying to think rationally in the face of apparent market madness.
That can be a recipe for failure for me. But I shall put my contrarian hat on, hold my nose, and keep you posted.
Wish me luck.
And probably wish me better discipline at following my own rules. I guess that is what defines me as an amateur after all.
And I did it on margin :(.