shopping for deals
Yesterday I did some bargain shopping. First I went to Kohl's online store and picked up a hooded sweatshirt, crew neck sweatshirt, a t-shirt, and a fleece pullover and it all totaled up to $22.50 --before tax and shipping, anyway. I love bargains! Most of the stuff was 80% off.
Speaking of bargains, Wall Street had a big sell-off yesterday. The stuff I had was all small companies that weren't affected much. I dropped around $150 in value. I couldn't constrain myself from buying more tho--and now my cash balance is practically nil. But at least I didn't stretch out and use margin. I've done that in the past and got burnt bad. Charred limb type burns. I can't say that I've learned my lesson since I was out on margin just a few weeks ago but at least I'm a little more cautious now.
Anyway, the lovely stocks I picked up are PCYC and THLD. The first company, Pharmacyclics, is a pharmaceutical company that is developing drugs to treat cancer. Their drugs are synthetic small molecules designed to target key biochemical pathways in cancerous cells. Their main drug, Xcytrin (motexafin gadolinium) was shot down and as a result the company is on shaky ground. They might go under. I bought it gambling that it'll hold on long enough to go up in price. It dropped back 40% back on the 21st from $5 to $3.
The second company, Threshold Pharmaceuticals, is a biotechnology company focused on the discovery and development of drugs based on Metabolic Targeting, an approach that targets fundamental differences in metabolism between normal and diseased cells. Sounds a lot like Pharmacyclics, huh? There's a lot of biotechs that have similar descriptions. Threshold dropped back 60% today due to poor results in a drug trial for glufosfamide. It went from $3.50 to $1.50 a share. You might notice I'm targeting low priced stock with a very troubled future! LOL I don't have much money and when they're only a few dollars a share I can afford them. And the troubled future makes it like playing the lottery. You just don't know what'll happen next.
Speaking of bargains, Wall Street had a big sell-off yesterday. The stuff I had was all small companies that weren't affected much. I dropped around $150 in value. I couldn't constrain myself from buying more tho--and now my cash balance is practically nil. But at least I didn't stretch out and use margin. I've done that in the past and got burnt bad. Charred limb type burns. I can't say that I've learned my lesson since I was out on margin just a few weeks ago but at least I'm a little more cautious now.
Anyway, the lovely stocks I picked up are PCYC and THLD. The first company, Pharmacyclics, is a pharmaceutical company that is developing drugs to treat cancer. Their drugs are synthetic small molecules designed to target key biochemical pathways in cancerous cells. Their main drug, Xcytrin (motexafin gadolinium) was shot down and as a result the company is on shaky ground. They might go under. I bought it gambling that it'll hold on long enough to go up in price. It dropped back 40% back on the 21st from $5 to $3.The second company, Threshold Pharmaceuticals, is a biotechnology company focused on the discovery and development of drugs based on Metabolic Targeting, an approach that targets fundamental differences in metabolism between normal and diseased cells. Sounds a lot like Pharmacyclics, huh? There's a lot of biotechs that have similar descriptions. Threshold dropped back 60% today due to poor results in a drug trial for glufosfamide. It went from $3.50 to $1.50 a share. You might notice I'm targeting low priced stock with a very troubled future! LOL I don't have much money and when they're only a few dollars a share I can afford them. And the troubled future makes it like playing the lottery. You just don't know what'll happen next.
Comments
Oy Dave...The Stock Market...what a crap shoot, huh? I can see why you bought those two stocks though....And hey, if the trials had been GOOD....Yesterday certainly was a bad bad day for the market! UGH!
Oh, Oh, Oh... here from Michele this time.