Observations and Sample of Recent Trades: AKBA, CPB, HOPE, KGFHY, RIGL

Economy: 

A .25% increase in the FF rate is almost certain to happen at the FED's meeting next month. 

Fed minutes show outlook gets ‘dicier’ after all-but-certain September rate hike - MarketWatch  

One of the dicey considerations relates to the ongoing tariff wars. 

"In addition, all participants pointed to ongoing trade disagreements and proposed trade measures as an important source of uncertainty and risks. Participants observed that if a large-scale and prolonged dispute over trade policies developed, there would likely be adverse effects on business sentiment, investment spending, and employment. Moreover, wide-ranging tariff increases would also reduce the purchasing power of U.S. households. Further negative effects in such a scenario could include reductions in productivity and disruptions of supply chains. Other downside risks cited included the possibility of a significant weakening in the housing sector, a sharp increase in oil prices, or a severe slowdown in EMEs." Minutes of 7/31-8/1 Meeting (released on 8/22/18)

If the tariff wars are accelerating into December, with no resolution in sight, I would expect the FED to pass on another .25% hike then and wait for more data.  

Powell signals no need for speed when it comes to Fed rate hiking

The odds of a second .25% increase in the FF before yearend went down last Friday with the odds of a .25% increase in September remaining constant at 96%: 

September Meeting Odds

December Meeting Odds On or Before

Countdown to FOMC: CME FedWatch Tool 

Existing-home sales tumble to a 2½-year low as buyers give up - MarketWatch

Existing-Home Sales Slip 0.7 Percent in July | www.nar.realtor

New-home sales sink to a 9-month low as housing market wobbles - MarketWatch; New Home Sales.pdf (while new single family home sales in July were down a seasonally adjusted 1.7% from June, they were still up 12.8% Y-O-Y. The median sales price was estimated by the government at $328,700 with the average price at $394,300.)

A continuation of the Y-O-Y increase in the average and median sale prices does indicate to me that an increasing number of median income households are being priced out of median priced homes:

The median price home increased 4.97% Y-O-Y while real wage growth was flat.

New One Family Houses Sold: United States-St. Louis Fed

Median Sales Price for New Houses Sold in the United States-St. Louis Fed

Fed’s George backs two more interest-rate hikes this year, ‘several more’ in 2019 - MarketWatch (she is now a voting member)

Much detail, little progress in U.S.-China talks, sources say | Reuters

U.S. softens its demand for NAFTA 'sunset clause': Mexican official | Reuters

Last Saturday, Donald said a trade deal with Mexico "could" be "happening soon". 

Canada to rejoin NAFTA talks once US, Mexico resolve issues: Freeland

+++

Markets and Market Commentary: 

PBOC Joins Forces With Powell to Hit the Brakes on Dollar Rally - Bloomberg

The stock market’s latest sell signal has happened only 5 other times since 1895 - MarketWatch (this indicator is based on the ratio of stock prices to the median home price)

Fed's Mester raises GDP outlook, says gradual rate hikes are appropriate

France’s stock market is poised for a ‘golden decade,’ Berenberg economist says - MarketWatch

++++

Trump: 

It appears likely that Trump will dump Jeff Sessions after the mid-term elections and nominate someone more amenable to following the Duck's orders which means a person who has no qualms about following the rule of law. Trump taunts Attorney General Jeff Sessions; Republicans increasingly think Sessions’s time is up  

I suspect that Sessions will be removed early next year. For Trump to be successful in installing an AG willing to do his bidding, a slightly larger majority in the Senate will be necessary IMO to approve such a person.  

Giuliani says Trump Tower meeting was to get Clinton dirt (this has been an indisputable point since the NYT released emails to and from Don Junior, but Trump and his team have offered other reasons for the meeting notwithstanding those admittedly authentic emails from Junior) Giuliani persists in arguing that maybe Trump's team did not realize that they were meeting with Russians which is contradicted by information in the emails. 

EPA approves plan to scrap emissions restrictions on coal power plants - MarketWatch

Look's like our next Supreme Court Justice Bret Kavanaugh shared republican obsessions about Clinton's tryst with Monica in the Oval Office. Brett Kavanaugh memo detailed explicit questions for President Clinton; Read the memo from Brett Kavanaugh to Judge Starr - The Washington Post 

The same obsession is not shared among republicans for an inquiry into numerous sexual assaults allegedly committed by Donald against unwilling women, nor was their any interest in holding George Bush and his Administration responsible for the false justifications advanced for the U.S. invasion of Iraq that resulted in 4,425 dead and 31,952 wounded American soldiers, over 100,000 deaths among Iraqis (Casualties of the Iraq War - Wikipedia) and over a $2 trillion dollar hit to the federal government's budget deficit that will have to be financed and refinanced with additional debt to pay the interest for as long as the U.S. remains a viable creditor.   

Trump and Cohen: 

Donald claims that Cohen did not plead guilty to a campaign law crime. That is a demonstrably false statement which of course will not prevent the Teflon Don from repeating it over and over: 

Yes Donald, the facts clearly show that the two campaign violations were treated as crimes. 

Excerpt From Plea Agreement

Cohen's plea deal was under oath with penalties of perjury. The prosecutors made it clear in open court statements that the plea deal on the campaign law crimes were supported by documentary evidence independent of Cohen's sworn testimony. 

Trump lied about Stormy Daniels, from the Fact Checker-The Washington Post Remember that Trump initially said that he did not even know about the hush money payment to Stormy. The decision to make the hush money payment to Daniels was made one day after the Access Hollywood tape was released to the public. That is evidence that it was made to influence the election.  

Trump's reference to Obama's campaign being fined is part of his usual whataboutism efforts to deflect attention away from his own conduct by making an unjustified comparison. 

Obama's campaign was fined for clerical mistakes which do not rise to the level of criminal conduct. Those included a failure to report 1300 contributions in 48 hours, incorrect dates on some contributions and a failure to return excess contributions as prompt as required by the election law. None of those clerical violations are similar to a knowing effort to conceal two large campaign contributions. The hush money payments were not disclosed since that would have defeated their purpose, which was to keep the disclosures out of public view.   

Another interesting tidbit from the Cohen plea was that he was reimbursed by the Trump campaign for $50,000 paid to a technology company. Michael Cohen paid a mysterious tech company $50,000 'in connection with' Trump's campaign 

This can not be a good thing for Don the Con: Trump Org CFO Allen Weisselberg given immunity by prosecutors to testify This is potentially the most troublesome development for the Teflon Don so far. Weisselberg, who is 71 years old now, was the Duck's accountant for four decades. I seriously doubt that he would want to spend the last few years of his life in prison or using his life savings to defend agains possible prosecutions just to protect Donald by his silence.     

Trump and Manafort: 

Since Manafort has kept his mouth shut, he continues to receive praise from the Teflon Don for not breaking and talking to prosecutors: 

The first tweet above is not something a lawyer would want a client, who is under investigation for obstruction of justice, to say.  

Donald can apparently add his "good friend" David Pecker to the list of people who have flipped on him and provided testimony to prosecutors. National Enquirer publisher CEO Pecker granted immunity in Cohen case - MarketWatch; David Pecker, American Media Chief, Is Said to Have Immunity in Trump Inquiry - The New York Times  

If the prosecutors want to retry Manafort on the 10 counts where the jury could not reach a verdict, they have that right. 

Making the announcement that Manafort will be retried on those counts would keep the pressure on him to flip, which Donald says "almost ought to be illegal". Trump says longstanding legal practice of flipping 'almost ought to be illegal' - CNN What Teflon Don means is that flipping on him needs to be illegal for the remainder of his life and for a few centuries after he passes. 

Donald asserts falsely-as usual-that the Manafort case was a "Witch Hunt" because the jury did not convict on all counts. 

The jury verdict was a fairly typical compromise verdict. 

There was only one juror who would not convict on every count. Lone holdout on Manafort jury blocked conviction on all counts, juror says - The Washington Post 

The juror who made that claim voted for convictions on all counts and is a self-described  avid Trump supporter. Manafort juror: Mueller team's star witness 'deserves a special place in Hell' 

The jury completely discounted the testimony of Rick Gates and focused on the documents. Sometimes a jury will rely heavily on a jailhouse snitch or someone who is testifying after pleading guilty under a plea deal arrangement.  

It looks to me like Gates was disbelieved due in part to his nervous demeanor and admissions that he stole from Manafort. 

Teflon Don only hired the very best people or so I have been told by the Trumpsters.    

+++++

The Duncan Hunter (R) Indictment: 

Rep. Duncan Hunter indicted: Read (another very detailed indictment)

Hunter claims the indictment is purely political, initiated by the "Democrats' arm of law enforcement", referring to the Department of Justice led by the arch republican former Senator Jeff Sessions appointed by the Teflon Don. 

That is an excellent line of defense designed to convince the Trumpsters that Hunter is just another victim of a witch hunt. So much for the party of personal responsibility and conservative values which is just Madison Avenue PR B.S. anyway. Indicted GOP Congressman Claims Justice Department Plot

Hunter also appears to blame his wife rather than to accept personal responsibility himself. Duncan Hunter appears to blame wife for $250K campaign cash scandal A better idea than blaming his wife is to blame Hillary which works really well among the True Believers. Lock her up. Duncan needs to start that chant.   

Hunter was the second congressman to endorse the Teflon Don. The first, Chris Collins, was indicted a few weeks ago on insider trading charges. 

California Republican Rep. Duncan Hunter’s campaign fraud indictment, explained - Vox

Rep. Duncan Hunter's GOP colleagues reportedly worry about his re-election prospects — and his conduct - The San Diego Union-Tribune

The prosecutors allege that the Hunters spent campaign funds on family vacations, their children's tuition, routine purchases of personal items, and to fly a pet rabbit to Washington for a family vacation. Campaign money was being used as the Hunter's overdrew their checking account over 1,000 times. 

Hunter represents California's 50th congressional district that would normally be a safe republican seat.  

While Hunter was the second congressional representative to endorse Donald, he was under no illusion about the Duck's personality, calling him an "asshole". Rep. Duncan Hunter gives President Trump a profane compliment - The San Diego Union-Tribune Well, of course Donald is a total asshole. It is hard to even imagine anyone being a bigger jerk. I am certainly unaware of anyone in U.S. political history that comes close to the Duck in assholeness. 

I expect Hunter to win re-election in that district. While his margin would normally be about 15%, some republicans may abandon him by refusing to vote, causing his margin of victory to be in the 5% to 8% range. 

+++ 

The Hypocrite Senator Lindsey Graham from S.C.: 

In connection with his vote to impeach Bill Clinton, the Hypocrite Lindsey Graham argued that Clinton could be impeached solely to cleanse the Office of the Presidency and thereby restore honor and integrity to the office. 

Graham was one of the House managers in Clinton's senate trial. 

Would Graham apply that same standard to Donald? Of course not. 

In response to Cohen's plea implicating Trump in a federal crime to influence the election that the Teflon Don barely won, the Hypocrite Lindsey Graham claimed that there was no charge that Donald had colluded with Russia to win the election: 

++++

Cohen’s clumsy payments gave paper trail to prosecutors - MarketWatch

Larry Kudlow hosted white nationalist publisher at birthday party

Chinese State TV Mocks Trump in Sarcastic Video

For first time, Saudi Arabia seeks death penalty for female rights activist: Report - CBS News (in a civilized nation, the woman would not have even arrested)   

NY investigators subpoena Cohen in Trump Foundation probe - CNN  

+++

1. Small Ball-Small Cap Biotech Lottery Ticket Basket Strategy: 

A. Bought 30 AKBA at $7.82 -Used Commission Free Trade: 

Quote: Akebia Therapeutics Inc. (AKBA)

Closing Price Last Friday: AKBA $8.26 +$0.06 +0.73% 

This is an addition to my small cap lottery ticket basket strategy which has seen better days than recent weeks.

I do not expect a positive catalyst soon. This one will likely require patience measured in years.  

Prior Round-Trip: Item # 4.A. Sold 30 AKBA at $15.27 (8/22/17 Post)-Item # 3.A. Bought at $9.17 on 3/30/17 (profit snapshot = $181.03)

On the day of my purchase, Raymond James initiated coverage with an outperform and an $18 price target. That recommendation caused the stock to pop to $8.43 quickly after the open and then spending the day giving up the entire gain to close up $.01 at $7.83. The 52 week high was $20.25, with the 52 week low at $7.69 which was hit intra-day on the prior day (8/13). 

AKBA Two Year Chart: Major Bear Trend Since 9/25/17  

I would make a few observations. 

Investors did not like the announcement that AKBA would acquire Keryx Biopharmaceuticals Inc. (KERX), whereby Keryx shareholders would receive 0.37433 common shares of Akebia for each share of Keryx they own. KERX closed at $3.11 on my day of purchase and had a market cap of about $377M at that price. 

Akebia Therapeutics and Keryx Biopharmaceuticals to Merge, Creating a Fully Integrated Company Focused on the Development and Commercialization of Therapeutics for Patients with Kidney Disease 

This announcement was released before the market opened on 6/28/18. The AKBA shares closed at  shares at $10.38 on the prior day and declined 9.83% to close at $9.26 on 6/28. 

AKBA was recovering some in price until Keryx reported second quarter results below expectations on 8/8 which started another skid in AKBA's price: Keryx Biopharmaceuticals Announces Second Quarter 2018 Financial Results The net loss for the quarter was "$21.5 million, or $0.18 per share, as compared to a net loss of $86.5 million, or $0.77 per share, for the same period in 2017." The "U.S. Auryxia product sales were $24.1 million in the second quarter of 2018, as compared to $14.1 million in the same quarter in 2017, representing growth of 71 percent." The company ended the quarter with $49.458M in cash down from $93.4526M as of 12/31/17. Keryx's (KERX) Loss Wider Than Expected in Q2, Sales Lag - August 9, 2018 - Zacks.com AKBA closed at $10.04 on 8/7 and at  

Keryx has one approved product, a drug called Auryxia, "a phosphate binder indicated for the control of serum phosphorus levels in adult patients with  CKD (chronic kidney disease) on dialysis, and an iron replacement product indicated for the treatment of iron deficiency anemia in adult patients with CKD who are not on dialysis. The approval and commercialization of Auryxia provides a new prescription oral treatment option for the millions of CKD patients with either hyperphosphatemia or iron deficiency anemia.

The downdraft in AKBA's stock price started long before the Keryx acquisition announcement however. The price has been in a dominant downtrend after closing at $19.33 on 10/3/2017. 

AKBA does not have an approved product. Success or failure rests on one drug, vadadustat, that is currently in multiple clinical trials for treating kidney disease.  About Vadadustat

Part of the price decline may be due to the slow pace of vadadustat's clinical trials which is reflected in the following excerpt from the second quarter earnings report and a snapshot taken from AKBA's website: 

Another downside stock price pressure probably originates from stock offerings. Akebia Therapeutics Announces Pricing of Public Offering of Common Stock (3/23/18)(underwritten public offering of 8,500,000 shares of common stock at a price to the public of $10.50 per share, plus the standard greenshoe);  Akebia Announces Closing of Public Offering of Common Stock and Exercise of Option by Underwriters (7/6/17)(4.6 million shares at $14.5) 

A price pop that started near $9 and topped out near $20 was due to this press release.  

Akebia and Otsuka Expand Relationship with Collaboration to Develop and Commercialize Vadadustat in Europe, China and Other Territories (4/25/17)("Under the terms of this collaboration agreement, Akebia will receive $208 million or more in committed capital from Otsuka, including $73 million upon signing and $135 million or more of development funding. In addition, Akebia is eligible to receive up to $657 million in milestone payments, representing a total transaction value of approximately $865 million. Otsuka will also make tiered, double-digit royalty payments of up to 30% on net sales of vadadustat in Otsuka’s territory, which includes Europe, Russia, China, Canada, Australia and the Middle East, but excludes Latin America and other previously licensed countries. In the five major markets in Europe, sales of erythropoiesis stimulating agents (ESAs), the current standard of care for the treatment of renal anemia, were approximately $1.5 billion.")

An earlier collaboration announcement with the same Japanese company covering different territories was met with a big yawn. This would indicate that investors wanted better terms for the U.S. rights: 

Akebia and Otsuka Pharmaceutical Announce Collaboration to Develop and Commercialize Vadadustat in the U.S. (12/20/16) ("Under the terms of the agreement, Akebia will receive $265 million in committed funds plus development and commercial milestones, representing a total transaction value that could exceed $1 billion. The companies intend to contribute equally to commercialization efforts and share equally all costs and revenue in the U.S.") 

Another reason for the price decline since 9/25/17 may be reactions to trial results, but this is impossible for me to say one way or the other given my total lack of knowledge. 

I base that assessment solely on the timing of the downturn with this announcement released before the market opened on 9/26/17: Akebia Announces Positive Top-Line Results from Phase 2 Study of Vadadustat in Japanese Patients with Non-Dialysis-Dependent Chronic Kidney Disease 

Cash is not currently a problem. AKBA ended the second quarter with $402.1M in cash and cash equivalents. Akebia Therapeutics Announces Second Quarter 2018 Financial Results

B. Added 20 RIGL at $2.65-Used Commission Free Trade: 

Quote: Rigel Pharmaceuticals, Inc.

Closing Price Last Friday: RIGL $2.81 +$0.01 +0.36% 

Current Position: 50 Shares 

Average Total Cost Per Share = $2.88

Maximum Position: 100 Shares

Last Substantive Discussion: Item # 1.D. Bought 30 RIGL at $3.04 (6/28/18 Post)

My overall impression is that this company has too many irons in the fire and is generally viewed with disfavor my institutional investors in the biotech sector. The later opinion is based solely on institutional holder list.    

Last Earnings Report: Q/E 6/30/18 

Rigel Announces Second Quarter 2018 Financial Results and Provides Company Update (released after the close on 8/8/18)

There was a temporary bounce in the stock price on the first trading day (8/9) after this report's release which occurred after this 20 share purchase. RIGL Historical Prices The stock quickly gave back the price appreciation. 

It is pure guesswork to divine what some investors saw in the report that caused the temporary enthusiasm. 

My best guess is that sales of Tavalisse that was launched on 5/29/18 were better than expected at $1.8M. Here's Why Rigel Pharmaceuticals, Inc. Is Jumping Higher Today

"As of June 30, 2018, Rigel had cash, cash equivalents and short-term investments of $135.0 million, compared to $115.8 million as of December 31, 2017. Rigel expects that its cash, cash equivalents and short-term investments will be sufficient to support its current and projected funding requirements, including the on-going commercial launch of TAVALISSE for chronic ITP in the U.S., into the fourth quarter of 2019"

One Prior Round-Trip: South Gent's Comment Blog # 4: Sold 150 RIGL at $2.93 ($109.24 profit)- Update For Healthcare Basket Strategy As Of 7/29/16: Bought 150 RIGL at $2.15

2.  Short Term Bond/CD Ladder Basket Strategy: 

A. Bought 1 Treasury 1.75% Coupon Maturing on 9/30/19: 

YTM = 2.493%

I now own 2.

B. Bought 2 Bank of America 2.25% SU Bonds Maturing on 4/21/20: 

FINRA PAGE: Bond Detail (prospectus linked)

ISSUER: Bank of America Corp. (BAC)
BAC Analyst Estimates
Bank of America Reports Second-Quarter 2018 Financial Results
10-Q for the Q/E 6/30/18
BAC SEC Filings

Credit Ratings:

Bought at a Total Cost of 98.866
YTM at TC Then at 2.942%
Current Yield at TC = 2.2758%

C. Bought 2 Three Month Treasury Bills Maturing on 11/15/18 at Auction:
Yield: 2.03%

3 Month Treasury Bill Auction Results for 8/13/18.pdf

D. Bought 2 One Year Treasury Bills Maturing on 8/15/19 at Auction:

For this 1 year bill, interest of $47.83 is in effect paid when the bill matures and becomes taxable in that year.

Yield at 2.365% ("investment rate" at 2.442% defined as the equivalent coupon issue yield; the interest earned is not on a $2K cost but on a $1,952.17 total cost number)

If I had bought this 1 year treasury bill through my treasury direct account, and scheduled one reinvestment, I would receive the interest for the entire year on the settlement date and then the principal amount when the first reinvestment option expires with no payment upfront for that last reinvestment. Interest on the $47.83 interest payment for one year at 2.365% would generate slightly more than $1.04 which would bring the total return associated with this two bond purchase (with a reinvestment hypothetical) to $48.87 or 2.5% based on the $1952.17 total cost. 

Auction Results 52 week treasury bill 8/15/18.pdf

3. More Small Ball: 

A. Bought 30 KGFHY at $7-Used Commission Free Trade: 

Closing Price Last Friday:KGFHY $7.35 +$0.03 0.41%

What I am doing now with this kind of trade is similar to what I was doing in my Lottery Ticket Basket Strategy which ended in October 2015 with some house cleaning of the losers.  Stocks, Bonds & Politics: Lottery Ticket Basket Strategy: New Gateway Post (net realized gain = $14,012.42) 

That strategy was developed as an outgrowth to many failures buying powerball tickets. LOTTERY TICKETS All of those trades were prior to the commission free stock trade era. 

This kind of strategy was restarted with small cap biotech stocks in 2016 and expanded into other sectors when I received an abundance of commission free trades. 

I am not now tracking gains and losses as a separate basket strategy, though a number of round trip trading snapshots in the biotech lottery ticket basket can be found in a 2017 post. Item # 6 Update on Small Cap Biotech Lottery Ticket Basket Strategy (1/11/17 Post) 

This starts a "small ball buying program" in KGFHY 

Maximum Position: 100 Shares

USD Priced ADR: Kingfisher (KGFHY)
British Pence Priced Ordinary Shares: Kingfisher PLC (U.K.: London) 

100 Pence = 1 Pound (£) (just like a USD equalling 100 cents)

1 ADR = 2 Ordinary Shares

Traded on the Pink Sheet Exchange (now called the OTC Markets)

London Quote In PENCE:  Kingfisher PLC (U.K.: London)

Website: Kingfisher plc
Kingfisher plc - About us - Company overview - Our history

Think of Kingfisher as the Lowes or Home Depot of the U.K., Ireland, and parts of Europe.

KGFHY Chart: Major Short Term BEAR Trend since April 28, 2014 with a close then at $14.37. The long term context is a dominant long term secular bear market starting in April 1999 when the price went over $38. The most recent assertion of that dominant bear trend started in February 2018 after the stock traded over $10. In short, KGFHY has been a widow maker.)

Last Revenue Report (company reports earnings semi-annually): 

Kingfisher Q2 sales grew after harsh weather - MarketWatch

Prior Round-Trips: 

Item # 2.A. Sold 100 Kingfisher at $8.41-Used Commission Free Trade (11/9/17 Post)(profit snapshot= $40.38 + semi-annual dividend payment)- Item # 5 Bought 100 KFGHY at $8 (7/8/17 Post)

Item #1 Sold 100 KFGHY at $10.44 (10/6/14 Post)(profit snapshot= $65.57)

On the positive side, I have not lost any money---yet. The mere fact that I bought 30 rather than 100 shares indicates an opinion about the risk/reward balance when the strong emphasis is on capital preservation.  

The main investment thesis is that the parts are worth more than the whole, as assessed by Morgan Stanley and discussed in the following linked Bloomberg article. There is some dividend support and turnaround potential two decades in the making.  The company is currently in a 5 year transformation plan that reminds me of the old Soviet Union's five year plans where everything will be fixed in five years which did not happen so there would then be another 5 year plan where everything is fixed and so on.     

Kingfisher Needs to Shine Even Without the Sun - Bloomberg (This article discusses the most recent revenue report and Morgan Stanley's breakup value of 430 pence per share)

Last Earnings Report: 

Final results for year ended 31 January 2018

Kingfisher plc --Historical Dividends in Pence

B. Sold 5 CPB at $41.07-Used Commission Free Trade:

Quote: Campbell Soup Co (CPB)

Closing Price Last Friday: CPB $40.68 +$0.07 +0.17% 

This eliminates my position. I doubt that I will repurchase shares north of $35.  

Profit Snapshot: + $38.97

Item # 1.E. Bought 5 CPB at $33.28-Used Commission Free Trade (6/4/18 Post)

This news item rubbed me the wrong way: Campbell taps Goldman to examine sales of businesses to pay down debt The gist is that CPB is seriously considering selling assets to pay down debt rather than to sell itself. The company acquired those assets with debt and has already written their value down. This approach is basically a do over of the last CEO's reign.  

Last Sell Discussions:   

Item # 3 Sold 50+ CPB at $41 (8/5/18 Post)
(profit snapshot = $117.18); 

Item # 3 Sold 50+ CPB at $49.73+(11/20/17 Post)
(profit snapshot=$43.21); 

I sold 30 shares at $62.86 on 1/30/17:

+$237.15

The largest single gain was $714.84 in 2010. That lot was sold at $35.79. Item # 3 Sold CPB at $35.79 (9/8/2010 Post) 

Lastly, there was a 30 share trade in 2009 that netted $60.19: 

Trading Profits (difficult to come by) = $1,211.54 

C. Sold 20 HOPE at $17.91-Used Commission Free Trade: 

Stocks, Bonds & Politics: REGIONAL BANK BASKET STRATEGY GATEWAY POST (profit snapshots = +$50,041.10)

Closing Price Last Friday: HOPE $17.61 -$0.16 -0.90%

Profit: $5.25

This was part of a 50 share lot that I mistakenly bought in my account thinking that I was in a family member's account.  Item # 2 Bought 50 HOPE at $17.65 (7/22/18 Post) I discussed the second quarter earnings report in that post.

Position in this Fidelity Account: 50+ shares

Purchase Restriction: Small Ball Rule 

Maximum Position in Fidelity Account: 100 Shares

Average Cost Per Share Fidelity Account:  = $17.41

Lowest Cost Share Purchase in this Chain: $16.8

HOPE recently increased its quarterly dividend by 1 cent to $.14 per share. Hope Bancorp Increases Quarterly Cash Dividend to $0.14 per Share

Dividend Yield at $17.41: 3.22%

Total Position in All Accounts: 130+ shares

Dividend Reinvestment: Yes at below $19

Consider to Sell: At greater than $19

Last Sell Discussion: Item 1.A. Sold  50 HOPE at $19 (11/4/17 Post)

Last Earnings Report: Hope Bancorp Reports 2018 Second Quarter Financial Results

Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sell of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals and situational risks. I can only make that kind of assessment for myself and family members.