I sold my position in Boyd Gaming (BYD) today for $44.75 per share. I held it for 1 month and realized a profit of 2.8 percent. My hope was it would be the next takeover target in the Gaming industry but with it declining over the past week from the $46 range I felt I would get out now with a small profit and look to return if it gets down to the $40 to $42 range. I made out big with Harrahs and MGM and was trying for the trifecta with Boyd.
The other position I sold today was Rio for $29.03 per share. I realized a 10.8 percent profit over a 2 month period. Companhia Vale do Rio Doce (RIO) is a huge producer of iron ore as well as nickel, potash, gold, copper, and aluminum. I am a little scared of the minerals market right here as it has had a big runup this year and with the housing market in the tank I don't look for demand to be as strong.
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