Tuesday, September 11, 2007

Closing the Last of my Akamai Technologies (AKAM) Position

I am closing the last, small portion of my Akamai Technologies (AKAM) holdings this AM.

For previous comments on Akamai please see this link.

In late August I had sold off 80% of my position around $32; thinking I'd keep the other 20% just to keep an eye on things; but the stock has just continued to degrade in that time. At this point, I can't really call any stock in this sector one of my top 50 ideas so I am going to exit for now and re-assess the landscape in the sector in a quarter or two. With a 0.2% position in the fund, it's just a 'holding' position for me, to sort of keep an eye on, but I can do that out of the fund as well.

There are too many cross currents blowing right now, most of which don't bode very well for pricing in the CDN market.

I am taking a roughly $600 realized loss in this position, but considering the name dropped from $34 to sub $30 in the time since I opened a position (>13% drop) its a pretty limited loss since I culled the name quite heavily on the last uptick in price. This does not mean Akamai can't rally in the near term but fundamentally and technically (stock wise) the stock has a lot of issues, so it's best to exit stage left and concentrate on other names for now.

No positions

Disclaimer: The opinions listed on this blog are for educational purpose only. You should do your own research before making any decisions.
This blog, its affiliates, partners or authors are not responsible or liable for any misstatements and/or losses you might sustain from the content provided.

Copyright @2012 FundMyMutualFund.com