Wednesday, May 30, 2007

Sold Some and Bought Some

I sold my shares in Apple Inc (Ticker: AAPL) today at $114.20 generating a net return of 20.51%. One of my rules in trading is to consider taking profits at ~ +20%. Everyone knows the story about Apple Inc and that worries me a bit. What else will make this stock go up? They will need to totally blow out the iPhone sales estimates. Who knows? That might happen, but there is risk in this stock. Absolutely no room for disappointment. Anyways, I deployed the cash into J. Crew Inc (Ticker: JCG) at $ 41.60 and Sears Holding Inc (Ticker: SHLD) at $180.21. Both of these companies will be reporting tomorrow, so we’ll see…

Ok, back to some biotech talk. The biotech companies are buying back stock hand over fist. Amgen recently did a convert and is using most of the proceeds for share repurchase. Yesterday, Genzyme Inc (Ticker: GENZ) and Biogen Inc (Ticker: BIIB) announced pretty big share buy backs as well. This is big news as biotechs rarely do share buy backs. These biotech stocks are cheap, cheap and cheap...


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