Monday, December 06, 2010

Some Trades: MEE, PRPX and APSG

I took my profits in Massey Energy (Ticker: MEE) @ $51.42 generating a 1.8% gain over a two day period. I sold at the open and should have waited just a bit as the stock gained some momentum through the day. I need to learn not to mess with trades in the first 30 minutes of the opening bell.

I sold my position in Portec Rail Products (Ticker: PRPX) today @ $11.60 generating a 0.43% gain over a two day period. L.B. Foster needs at least 65% Portec Rail Products shares tendered for the deal to go through. The latest figure was ~ 63% tendered so it looks like some have withdrawn their tendered shares. A few months back, over 65% of the shares were tendered. I think there’s a possibility that L.B. Foster Co. (Ticker: FSTR) may extend the tender until the end of the year to get their hands on more shares. In any case, I believe there’s lots of value in Portec Rail Products. I just needed to free up some cash to play Applied Signal Technology (Ticker: APSG).

Sooo on to another trade today… I got in and out of Applied Signal Technology generating a 2.62% gain. Not a bad day… Lots of small gains and that’s basically my strategy these days.


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