Today I will sell Joy Global (JOY) and Cognizant Technology Solutions (CTSH) from the Growth Portfolio. I wish to build a bigger cash position to invest more money into Priceline.com (PCLN).
JOY just reported earnings, and lowered annual estimates. The stock is down around 3% and is at a 52-week low. We will lose around 22% on JOY, as I purchased it for clients at $72.
CTSH is now considered to be a teens grower, down from a 20% grower last quarter. I like CTSH, but now its more of a buy-and-hold stock for conservative accounts. For more on this see Cognizan’t Long Term Growth Rate Takes a Hit. I recently bought CTSH at $64, its $58 now, so the loss will be around 10%.
I want to invest more cash in Priceline.com (PCLN) but PCLN just broke support and might be going lower. For now, I’ll leave the cash on the sidelines.
