LO is now the largest equity position in IRA #1.
Sold all my PEP at 75.75 to fund half the purchase. I hate selling stocks to buy others because they seem to go in opposite directions after the trade.
Bought more in IRA #1- 43.955
LO increased their share repurchase program today by another $500 million adding to their existing buy back of $450 million. They plan to complete their purchases by year end. It works out to over 5% of their outstanding shares.
Added myself at $43.99 this morning.
Seen this borrow money and repurchase program from Kessler before. He has been a shareholder friendly CEO in the past and looks like he has not changed his stripes.
I rolled out of a little PM to make the add here this morning, even though I do consider this a tiny bit more risky, I see the reward potential a lot higher. We'll see.
Looks like the market did not really care about the extra added to the repurchase program at this point, but I agree with your thinking, should put a nice floor in the PPS, again we'll see.
I will leave it at for the moment, as this is my first post here and I do not want to come off as a pumper, but a little dd on how the game played out at the old UST before MO took them out might be worthwhile for the longs. That story was the reason for my nibbling at the stock this morning.
GLTA the longs here
Sold Sep 47.5 call options today and collected .56/sh. LO was trading around 43 at the time and heading down so I'm not sure why this trade filled. It was a GTC order placed yesterday on the big move up.
That's an extra dividend in just 5 months.Note-LO goes XD in late August which works in my favor because the option buyers would have to exercise early in order to take my dividend.
In other news-used the proceeds along with some other cash to buy USB at 33.3/sh.
Did an IRA conversion today moving shares of LO from IRA to Roth thus paying taxes today and locking in all future gains and or losses in LO tax free.
Wish me luck. Remember losses can't be written off so this move is very aggressive for an IRA. I did the same thing a few years ago when LO was trading in the mid 70s pre-split. It helped this account have a 20% gain that year.
I was thinking of doing the same thing with another stock but couldn't get much information on it that I understood.. If there is a stock in my traditional IRA I would like to sell in 2-4 years would you suggest looking into this conversion? I want the Roth tax break on withdraw for a first time homeowner tax break when I sell.