Sold the SNDK bear spread (Aug 15/17.50 puts) for $2.13 today. Could have sold it for more last week, but decided to just take what I could get for them today. The spread, having been bought for 0.87, was good for a 145% return. Too bad it was just a small gamble type of position.
In other news, I am getting hurt with the Manitowoc (MTW) position. Today's announcement that they sold off their ship building business for $120MM was not good news at all. It's one thing if they got a decent price for it, but based on the recent numbers for that component, it seems as if the sale was on the cheap. I'm obviously disappointed.
I would really hate to throw in the towel, as I think it's way too early to say that this is a monumental choke by the management team there. But, this is definitely not good. I suppose I might lighten up some at a loss. I'm currently sitting on roughly a 30% loss, and trust me, it is putting on the hurt a bit. This is one of my larger holdings. Ugh.
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