So far Nortel (NT) is the biggest loser in my stock portfolio, losing about 45% of the value on paper. The last time I bought NT shares was August 7, 2006, when I added 320 shares at $2.00 a piece (now that’s equivalent to 32 shares at $20.00/share after the reverse split). I have been thinking of unload some NT shares as I didn’t see much hope of this stock getting close to the price three years when I bought 1000 shares at $6.67 any time soon. I will be lucky to be just break even.
The stock had some nice run after its split in November and is currently traded above $27.00, so I finally pulled the trigger and sold 72 shares of NT this morning at $27.07/share (I could have got a little more back if I waited a little longer). The proceeds were then used to buy $100 shares of PGJ, PowerShares Golden Dragon China ETF at $21.28. In contrast to NT, PGJ is my second best performers, only behind LFC.
After today’s transactions, I still have 200 shares of NT and the shares of PGJ I own increased to 500. I am betting on China. NT is just a pain that I want to put behind me.
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