Monday, December 04, 2006

Choose Red or Black on the Roulette?

I decided to trim my biotech holdings a bit by selling Vertex Pharmaceuticals (Ticker: VRTX) at $44.33 and generated a net gain of 19.52%. With short term trades, I generally will take my profits when I achieve ~ 20% gain. Vertex is really a story stock and will not be profitable for several more years since they are still conducting clinical trials for their hepatitis C drug. The results look very promising so far. Anyways, I’ve been keeping tabs on MGM Mirage (Ticker: MGM) and used the proceeds from the Vertex sale to pick up a few shares of MGM at $54.73. I have a pretty strong conviction in this company after Kirk Kerkorian announced a tender offer for some shares at $55. I think the market will give MGM Mirage a nice P/E expansion when their Macau facility opens up in the end of 2007. Ok, I choose RED! Come on RED!!!


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