Sold Cleco and More WuXi Pharmatech
I liquidated my position in Cleco (Ticker: CNL) today at $49.77 generating a net loss of 4.78%, which takes into account of the upcoming dividend payout. I try to limit any losses to ~ 5% and this one just about gets there. In this game, you have to minimize your losses to protect yourself. The price action has been horrible. I was wrong and I learn from my mistakes…
I added to my position in WuXi Pharmatech (Ticker: WX). The shareholder vote is scheduled for November 25th. This deal is anticipated to close 12 working days after the vote, which works out to December 12th according to my calculations. I’m modeling the cash hitting my account by December 18th, which is still a healthy ~ 20% annualized return at today’s prices.