Even in a tough market there are always ways to profit. The strategy of buying beaten down stocks just a few weeks before the end of the year often results in solid gains because stocks that many investors have losses on, are often sold down even more for tax loss purposes. Sometimes after holding a stock that has dropped in value, investors want to sell even if it’s not a great time to do so. This occurs out of pure frustration, a desire to cut losses, and a desire to harvest tax losses in order to offset gains on other stocks. The tax loss selling can exacerbate the declines in an already oversold,
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MGM Resorts (NYSE:MGM) shares are now trading at $9.02. MGM is a leading casino and resort company, based in Las Vegas. The 50 day moving average is $10.20 and the 200 day moving average is $12.12. Earnings estimates for MGM are for a loss of about 53 cents per share in 2011 and a loss of about 40 cents for 2012. MGM shares have a 52 week range between $7.40 and $16.94. A positive development for MGM is that gas prices have dropped sharply in the past couple of weeks thanks to a correction in oil. This means consumers will have more money for vacations and shopping,
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Dendreon Corporation (NASDAQ:DNDN) is trading around $7.29. Dendreon is a biotechnology company,
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Golden Star Resources (NYSEMKT:GSS) shares are trading at $1.54. Golden Star is a gold mining and exploration company based in Colorado. These shares have traded in a range between $1.54 to $4.86 in the last 52 weeks. The 50 day moving average is about $2.02 and the 200 day moving average is $2.54. Earnings estimates for GSS are for a loss of 5 cents per share in 2011 and profit of 34 cents for 2012. This stock is trading way below fair value and even below book value,
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KB Home (NYSE:KBH) shares are trading at $7.03. KB Home is a leading home builder. The 50 day moving average is $7.20 and the 200 day moving average is $8.94. Book value is $5.60 per share. Earnings estimates indicate a loss of nearly $2.50 for 2011, and a small loss of about 20 cents for 2012. KBH pays a dividend of 25 cents per share, which is equivalent to a 3.5% yield. KB Home has been losing money recently and continued weakness in the economy will further delay a recovery in profits for this company. This stock appears to have bottomed out already and could see more gains as shorts cover into 2012.
Brown Shoe Co.,
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Disclosure: I am long GSS,
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Disclaimer: Rougemont is not a registered investment advisor and does not provide specific investment advice,
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