Monday, April 7, 2008

Bookkeeping: Closing Schering-Plough (SGP)

Since I bought Schering-Plough (SGP) the story has changed in a material way [Mar 31: Taking a Hit on Schering-Plough]. As I scanned the portfolio this weekend looking to cull the weak in the herd, this was an obvious candidate.

The stock plummeted last week to $14, which it hit as a low on 3 different days, but in the past 2 sessions (including this morning) we've retraced to near $17 (about 20% off the lows), so I am taking this opportunity to exit and take my $3500 loss. I sold my 600 shares or 0.8% remaining stake in the $16.80s. Certainly there could be more upside from here in the stock price (potential to get to $20), but with the near term outlook a lot more uncertain, I have better candidates at this time where I'd like to apply money.

No position

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