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TRADE #17 - Buy CI 100s @ $35.50 in Datek (Backlog for October 25, 2002)

Contributed by mm | January 5, 2003 06:51 AM PST

[This is a backlog for a previous trading transaction. It may not fully represent my thinking at the time of the trading.]

I purchased 100 shares of CI today at $35.50.

CI tanked more than 40% today after it recognized its massive mistake of misprice the insurance policies and thus will significantly miss its earning targets. It said it will earn $6.50 to $6.75 per share in 2002 vs Wall Street estimate of $7.97 per share. CI also announced CFO change the day earlier.

Yes, it's a huge mistake, but it appears to me that the market overreacted in this case. Yes, it's true that CI will not earn as much as before, and it's true that the pricing error will not be fixed until maybe 2004, but the current price only stands for less than 6 times earnings even if CI only rakes in $6 per share per year. Also, I appreciate the 3.6% dividend yield.

It seems that I'm in a buying spree since my April purchase of PPD. I have made seven purchases in a row. Still, I have around $22,000 waiting to be allocated to right places. I'm so happy to see those monies are working for my retirement nest egg.

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Read More ... 44 Posts In The Same Category

01/28/05 | TRADE #44 - Sell TALK 290s @ $6.29 in Roth IRA

05/25/04 | TRADE #43 - Buy WDMH (QQQ Jan 06 $34 Put) 1000s @ $3.50 in Roth IRA

05/24/04 | TRADE #42 - Buy MO 50s @ $45.04 in Roth IRA

04/15/04 | TRADE #41 - Buy WDMG (QQQ Jan 06 $33 Put) 200s @ $3.00 in Roth IRA

04/06/04 | TRADE #40 - Sell OCA 500s @ $8.65 in Roth IRA

03/23/04 | TRADE #39 - Sell RJR 100s @ $58.02 in AmeriTrade

03/09/04 | TRADE #38 - Buy YWZMD (QQQ Jan 06 $37 Put) 600s @ $5.20 in Datek

02/03/04 | TRADE #37 - Buy TALK 290s @ $10.36 in Roth IRA

01/21/04 | TRADE #36 - Buy ZMFME (MSFT Jan 05 $25 Put) 1,000s @ $1.35 in Datek

10/31/03 | TRADE #35 - Sell CI 100s @ $56.291 in Datek

10/09/03 | TRADE #34 - Short Cover AMZN 200s @ $58.089 in Datek

09/22/03 | TRADE #33 - Buy FDP 148s @ $25.94 in Roth IRA

06/13/03 | TRADE #32 - Sell FTHRX 241s @ $11.03 in Roth IRA

05/22/03 | TRADE #31 - Sell S 300s @ $27.91 in Datek

05/19/03 | TRADE #30 - Short AMZN 200s @ $32.87 in Datek

05/08/03 | TRADE #29 - Buy OCA 500s @ $6.68 in Roth IRA | (2)

05/08/03 | TRADE #28 - Sell NTBK 200s @ $11.68 in Datek | (1)

05/06/03 | TRADE #27 - Sell FBR 365s @ $12.20 in Roth IRA

04/22/03 | TRADE #26 - Sell RJR 120s @ $34.06 in Datek

04/16/03 | TRADE #25 - Buy OCA 1,000s @ $4.76 in Datek

03/18/03 | TRADE #24 - Buy RJR 100s @ $33.64 in AmeriTrade

01/14/03 | TRADE #23 - Buy FTHRX 235s @ $10.69 in Roth IRA

01/13/03 | TRADE #22 - Buy FB 100s @ $34.74 in Roth IRA

01/05/03 | TRADE #21 - Sell MTG 100s @ 43.10 in Datek (Backlog for December 4, 2002)

01/05/03 | TRADE #20 - Buy S 200s @ $20.01 in Datek (Backlog for November 13, 2002)

01/05/03 | TRADE #19 - Buy MTG 100s @ $39.50 in Datek (Backlog for November 13, 2002)

01/05/03 | TRADE #18 - Sell MSFT 30s @ $28.50 in Datek (Backlog for November 4, 2002)

01/05/03 | TRADE #16 - Buy S 100s @ $25.85 in Datek (Backlog for October 23, 2002)

01/05/03 | TRADE #15 - Buy RJR 60s @ $41.80 in Datek (Backlog for September 27, 2002)

01/05/03 | TRADE #14 - Buy RJR 60s @ $47.80 in Datek (Backlog for September 23, 2002)

01/05/03 | TRADE #13 - Buy PPD 140s @ $18.25 in Datek (Backlog for August 2, 2002)

01/05/03 | TRADE #12 - Buy NTBK 200s @ $10.20 in Datek (Backlog for June 26, 2002)

01/04/03 | TRADE #11 - Buy PPD 140s @ $27.75 in Datek (Backlog for April 1, 2002)

01/04/03 | TRADE #10 - Cover Short QQQ 80s @ $37.82 in Datek (Backlog for November 6, 2001)

01/04/03 | TRADE #9 - Short QQQ 80s @ $34.84 in Datek (Backlog for October 23, 2001)

01/04/03 | TRADE #8 - Sell MSFT 35s @ $70.22 (Backlog for June 14, 2001)

01/04/03 | TRADE #7 - Sell EBAY 20s @ $61.75 in Datek (Backlog for June 12, 2001)

01/04/03 | TRADE #6 - Sell EBAY 50s @ $51.25 in Datek (Backlog for April 30, 2001)

01/04/03 | TRADE #5 - Buy EBAY 70s @ $34.50 in Datek (Backlog for March 13, 2001)

01/03/03 | TRADE #4 - Sell BYND 20s @ $8.44 in Datek (Backlog for February 15, 2001)

01/03/03 | TRADE #3 - Buy BYND 300s @ $2.22 in Datek (Backlog for May 10, 2001)

01/03/03 | TRADE #2 - Buy MSFT 20s @ $65.00 in Datek (Backlog for April 24,2000)

01/03/03 | TRADE #1 - Buy MSFT 25s @ $90.50 in Datek (Backlog for April 3,2000)

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