I sold 120 shares of RJR @ $34.06 from my Datek account.
The competition landscape in the industry continues to worsen. In addition, the legal setback experienced by MO has a sizable impact on RJR too. Although yield is still attractive, RJR's lowered guidance means RJR will not be able to earn its dividend for the next year, which brings its dividend rate at danger. If dividend rate is lowered, it will bring a disaster to the stock price. Also, RJR now represents 19% of my portfolio and I cannot afford further decline in its price.
With the above considerations, I'm selling my RJR positions to take a loss for tax benefits. I plan to hold my RJR positions in Ameritrade account for a while.
The sale generates a loss of $1,320 worth tax benefit of $330 (excluding dividends which will be taxed anyway).
I still think the stock market is running dangerously high and have no appetite for the market right now.