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Dollar Values of Trades Discussed in this Post:
Inflow Common Stocks/Stock Funds: $381.54
Outflow Common Stocks/Stock Funds: $2,828.43
Realized Gains U.S. Stocks/Stock Funds: $502.3
Net Outflow Stocks/Stock Funds: $2,446.89
Inflow Corporate Bonds: 20 (total cost at $19,834.16)
Outflow Corporate Bonds: 2 (proceeds at $1,980)
I do not count bond redemptions here which occur most weeks.
Treasury Bills Purchased at Auction: $10,000 in principal amount
Treasury Notes Purchased in Secondary Market: 3 (cost at $2,987.26)
CME FedWatch Tool - December 2026 Meeting:
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| As of 8:21 CST on 8/11/26 |
Keeping the range at 3.5% to 3.75% will have no impact on the jobs market whose problems do not originate from the historically low levels of short term interest rates.
If inflation starts to trend higher, it will take several rate hikes to subdue the inflation trajectory. A .25% or .5% increase in the federal funds rate will have no impact on that trajectory.
By keeping ZIRP and Q/E until CPI hit an annual rate of 8.5% in March 2022, and by creating trillions of dollars that were not needed in the economy through its Q/E program, the Fed's inaction was a major contributor to the problematic inflation numbers that started in 2021. History may be about to repeat itself.
M2 Money Supply Chart:
M2 at $15.425 trillion in January 2020
M2 at $21.7872 trillion in March 2022.
Increased by $6.447 trillion or 41.8%.
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Economy:
Employment Situation Summary - 2026 M07 Results The BLS reported that non-farm employment declined by 23,000 jobs in July. Over the past year through July, average hourly earnings rose 3.2%, down from 3.5% through June. The May number was revised down to 63,000 from 129,000. The June jobs number was revised down to 20,000 from 57,000. The labor participation rate fell to its lowest rate in 5 years.
This is the BLS ten jobs table by month with the revisions:
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| In Thousands |
The average monthly jobs added in 2025 was 9,667.
Discussed at Jobs report July 2026. The consensus was for a 83,000 gain. There is a chart in that article that shows a persistent decline in average hourly earnings starting in March 2022, when the BLS reported a 5.2% year-over-year increase. There was a 4.1% Y-O-Y increase in January 2025, which has now fallen to 3.2% with the dominant trend being a series of lower highs and lower lows.
Private companies added just 44,000 workers in July, below expectations, ADP reports The consensus estimate was at a low 75,000.
Etsy layoffs: Online marketplace cutting 12% of staff
Trump administration will pay $1.2 billion to cancel more offshore wind projects (8/7/26)
Iran has won the escalation war as the U.S. runs low on interceptor missiles endangering U.S. national security. Trump signals shift to economic pressure as Iran hardens Hormuz stance ("Iranian strikes in Hormuz and Houthi attacks in the Red Sea continued to keep shippers away from both routes"); Trump to Axios: "We are low-keying it" with Iran The Houthis have increased their attacks in the Red Sea region, and Iran continues to successfully hit ships traversing the Southern Corridor who are under the U.S. Navy's protection. It appears to me that Trump just announced that restoring safe and free traffic flow through the Strait was not a U.S. problem to fix.
Oil in U.S. Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983
The CPI report for July is scheduled for release tomorrow morning. July CPI Expected to Bounce Back After Unexpected June Inflation Decline | Morningstar The consensus estimates are a .1% increase month-over-month in both CPI and Core CPI.
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Trump and His Party of Invertebrate Minions:
Senate Republicans narrowly confirm Todd Blanche as attorney general As expected, Senator Collins (R-Maine) voted no since her vote did not matter. As a 98% pure Trump supporter and a fake moderate, she will occasionally buck Trump when her vote is irrelevant.
Capital One says it closed Trump Organization accounts over money-laundering concerns
Trump signs another executive order targeting birthright citizenship
Trump’s Irrationality Is Dangerous - The Atlantic (article written by Tom Nichols who noted that Trump's rant about the reflecting pool, where he still claimed that the damage was caused by vandals notwithstanding the evidence that the peeling was caused by improper installation, is another indication that Trump "has encased himself in the hard amber of irrationality that inevitably surrounds authoritarian leaders. He has become detached from reality—and that detachment is extremely dangerous.")
Missouri's Republican Secretary of State Denny Hoskins referendum seeking to undo the GOP’s redrawn congressional map The pro-authoritarian party will not allow the voters to decide whether to approve their latest gerrymander. The republicans decided it was unconstitutional for the voters to have a say on this subject.
A judge granted the government's motion to dismiss the David Hearn criminal charge. Judge dismisses Reflecting Pool vandalism case against former Olympian David Hearn - ABC News;
 |
| DOJ Blames Department of Interior (DOI) |
Government's Motion to Dismiss Hearn Indictment at page 19.pdf
Trump’s Reflecting Pool witch hunt takes a new turn David Hearn has filed a motion requesting that the court dismiss the case against him with prejudice, meaning the charges can not be filed against him again, correctly noting that Trump may cause him to be indicted again notwithstanding the government's admission that improper installation of the blue liner caused it to peel.
Trump continues to claim that the "evidence" proves vandals Truth Social Post Details | Truth Social His Secretary of Interior, Doug Burgum, continues to claims vandals caused the damage. If the Democrats regain control over the House, Burgum will need to be investigated based on the revelations in the DOJ's motion to dismiss. As Doug Burgum’s troubles intensify, Trump’s new move won’t help; Doug Burgum addresses alleged Reflecting Pool vandalism case against David Hearn after DOJ dismissal
Trump makes claims about the "evidence" in the previously linked post, but does not provide any for public examination other than blurry photos recently taken by someone identified as Andrew Leyden.
Trump claimed that the photos made by Leyden, one of which has the word "RIP" written on it, proves vandalism The photos showed what may a break in the liner that is consistent with being caused by the improper installation. The photo proves nothing as to the cause of the separation and would not be admitted into evidence at a trial for a variety of reasons, including (1) the lack of clear photos on what is claimed to be a tear or rip, (2) an inadmissible lay opinion when expert testimony is required as to the cause, and (3) the fact that the photos were taken long after the the peeling was first observed and after the fence had already been removed which allowed anyone to have access.
Trump also had this to say about Hearn and his lawyer: "it turned out that the “gentleman” involved is a big player in ActBlue, a disgraceful fundraising SCAM, and is represented by a TRUMP DERANGED SLEAZEBAG, Political Hack Lawyer, Norm Eisen, and CREW, a group that uses “charity” for political purposes which is, to the best of my knowledge, ILLEGAL! I have been beating Eisen, a complete LUNATIC, in Court for 10 years, or more. He just keeps coming, but I always WIN!" Trump's Social Media messages will survive long after his True Believers are no longer around to be influenced by them.
It is entirely improper for a President to make these kind of comments. They do reflect his deeply disturbed soul that is on display daily for anyone to observe and verify.
Inside Trump's 'contentious' Oval Office meeting with Jeanine Pirro over Reflecting Pool fiasco: Sources - ABC News This is an incredible and unprecedented abuse of presidential power but then that is the norm for Trump. Trump is using his power as President to place his thumb on the scales of justice by repeatedly arguing that Hearn is guilty and pressuring the DOJ to pursue unwarranted criminal charges simply because he wanted to avoid the blame that he deserves IMO.
Trump’s White House ballroom project blocked by appeals court; 26-Decision.pdf In a 2 to 1 decision, the Appellate Court affirmed the District Court's preliminary injunction stopping Trump's ballroom project. The majority correctly noted that each President is a temporary tenant, not the owner, of the White House and its Executive Residence. The President has no—and claims no—constitutionally assigned authority over that property". That power is expressly reserved to Congress. Trump could without question proceed with the ballroom provided he first secured Congressional approval, but he does not want to bother. Trump just ordered the destruction of an historic landmark, the entire East Wing of the White House, as if he owned the property and was accountable to no one. ‘It’s your house. And he’s destroying it’: Trump demolishes White House East Wing - POLITICO
The decision does allow for "below-ground construction of national security facilities, work necessary to provide for presidential security, and construction necessary to protect and secure the White House and the construction site itself." While Trump claimed that the project would be entirely funded by private donations, that proved to be untrue. Who's Paying for the White House Ballroom? - FactCheck.org The dissenting judge, Neomi Rao, was appointed by Trump and is IMO a very reliable vote for him.
A Trump endorsed candidate, Amir Hassan, lost the republican primary to a candidate that had withdrawn from the race and had raised only $2,000. How did that happen? The candidate was black, had an Arab sounding name and was once a Muslim. Trump Humiliated as His Candidate Loses to Someone Who Dropped Out | The New Republic
Another Trump endorsed incumbent, Andy Ogles, lost the republican primary in the newly drawn 5th Tennessee Congressional District. Rep. Andy Ogles loses his Republican primary in Tennessee Ogles had a lot of issues, and some of them are discussed in the linked article.
How could Trump rig the midterms? - Democracy Docket
Tracking the Trump Administration’s Most Corrupt Transactions | Campaign Legal Center
Gilded or Just Gaudy? D.C.’s Gold Equine Statues Split Opinion Trump ordered the government to sign a no-bid contract with a firm to plaster two equine statutes near the Lincoln Memorial with 23.75-karat gold leaf using about $5.1M of taxpayer money.
Trump Media (DJT) posts $238 million second-quarter loss as crypto declines; SEC Filed DJT Press Release As previously discussed, DJT sold $1B in a $1,000 par value convertible bond at a 4% discount to par value. The bond matures on 5/29/28. This bond is partially secured as of 6/30/26 by 4,260.3 bitcoins. The funds were used to buy bitcoin and related assets. Those bonds have no coupon, and the original issue discount is the only interest payable.
Cost/Fair Value of DJT Bitcoin and Cronos Holdings:
10-Q at page 11 (unrealized loss on bitcoin and Cronos at $522.287M as of 6/30/26).
The conversion feature gives the convertible bond owner the right to receive 28.8 shares for each $1,000 bond or a conversion price of $34.72. The stock closed at $9.39 on 8/10/26. Trump Media & Technology Group Corp (DJT) The current stock price is so far below $34.72 that no one would exchange the $1,000 par value bond for 28.8 shares. This is a busted convertible where no value is placed on the conversion feature and that is likely to be the case until the bond matures.
On 5/29/28, DJT will have to pay the owners $1B for those bonds are not put back to DJT on 11/30/26. Trump Media & Technology's ($DJT) Busted Converts
Importantly, the owners have the right to require DJT to buy back the bonds at $1,000 on 11/30/26, and it would be in their interest to do so. Many may be scared to do what is in their interest to do, requiring DJT to buy back bonds which at least allows the owners to capture the 4% OID, but many may not do what is in their own interest fearing retaliation from Don the Destroyer. If all of the owners put the bonds back, will DJT have to sell bitcoin to raise the necessary funds?
Trump Media Assets as of 6/30/26:
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U.S. has used nearly all its stockpile of long-range missiles in Iran war, sources say (8/4/26); Nearly 80% of interceptors for a key missile defense system depleted, sources say; US has used 'virtually all' of its long-range precision missiles during Iran war, sources say | Reuters Trump denied the reports and claimed that the U.S. has "far more than we need". Trump added in a "Truth" Social post that the "leakers of there treasonous statements are being hunted down". Truth Details Trump does not want the public to know that he has endangered national security by running the stockpile of long range missiles dangerously low. If the leaks are made up as he claims, then classified information has not been leaked and consequently no crime has been committed by the leakers.
How the U.S. Squandered Its Strategic Advantage - The Atlantic
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Small Ball Trading Rules:
Baseball Analogy: Small ball (baseball) - Wikipedia
Primarily a risk reduction trading technique, one of many strategies that I employ to mitigate risks that are assumed when owning risk assets where loss of capital is possible.
(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share;
(2) Purchases are made in small lots using commission-free trades;
(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;
(4) Some positions will be eliminated altogether on price pops when the goal is achieved;
(5) Shares purchased with dividends may be sold when it is profitable to do so and the share price is outside my consider to buy range; and
(6) There is no hesitation to sell a stock after a dividend cut or a disappointing earnings report, when I can realize any capital gain.
The most important objective is to reduce risk through a controlled and disciplined trading strategy that realizes gains, particularly by selling the highest cost lots that reduce my average cost per share and increases my dividend yield.
The corollary is to buy the dips, particularly during extreme volatility events that would be associated with major declines in stocks.
Another aspect is selling fractional shares bought with dividends in order to harvest the original dividend amount plus a small profit on the shares. Generally, if I am willing to buy a dividend stock now through a market purchase, I will consider reinvesting the dividend. Conversely, if I am not willing to buy shares, I will likely turn off the dividend reinvestment option.
My Primary Investment Objectives: (1) Preservation of Capital; (2) Income Generation; (3) Realized Capital Gains in risk assets. Some risks are assumed to hit desired income generation and realized capital gain levels.
I generally define small ball as trades that are less than $1,000.
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1. Small Ball Common Stock Sales:
For pares, I am selling my highest cost shares.
I mentioned in a comment published on 7/28/26 that I had eliminated my small ball positions in CRM, NOW, WDAY. I am unwilling to accept their adjustments to GAAP earnings for stock adjustments, as previously discussed, since I view them as an expense and no different than paying more in cash compensation. Companies use cash to offset the dilution resulting from those massive stock grants.
These kind of trades are a form of entertainment for me. I know nothing about enterprise software and was just trying to see whether I could successfully trade them for profits based on "feel". I am also unable to assess the potential AI threats to their products.
A. Eliminated SW - Sold 8 at $49.63:
Quote: Smurfit Westrock PLC (SW) at Zacks
Proceeds: $397.08
SW was created in July 2024 through the merger of Smurfit Kappa and Westrock.
I had a negative reaction to the 2026 second quarter report.
SW Detailed Earnings Estimates - Zacks.com As of 8/7/26, the average 2026 E.P.S. estimate was at $2.13 and at $3.43 next year. I tend to discount such large percentage gains year-to-year, particularly when the earnings reports are not showing much, if any momentum that would justify that near term optimism which is the case for SW IMO.
Website: Smurfit Westrock | A global leader in sustainable packaging
SW SEC Filed 2025 Annual Report
Last Buy Discussions: Item # 1. Added to Falling Knife SW - Bought 2 at $33.95; 3 at $33.33; 2 at $32.95 (11/22/25 Post); Item # 1.G. Started SW - Bought 2 at $38; 1 at $36.5; 1 at $36; 1 at $35.4 (11/8/25 Post)(discussed why the stock had declined so much in response to the 2025 third quarter report, SEC Filed Earnings Press Release)
Last Discussed: Item # 1.G. Pared SW - Sold 2+ at $44.58 (7/1/26 Post)(profit snapshot = $17.01)(discussed the 2026 first quarter report which I viewed unfavorably with non-GAAP E.P.S. reported at $.33, down from $.68)
Profit Snapshot: $127.98 (7/27/26 sale only)
Dividend: Quarterly at $.4523 per share ($1.809 annually), last raised from $.4308 effective for the 2026 first quarter payment.
SW Stock Dividend History & Date | Seeking Alpha
Next Ex Dividend: 8/14/26
Last Earnings Report (Q/E 6/30/26):
Revenues $8.031B
GAAP E.P.S. $.17
Non-GAAP E.P.S. $.35, down from $.44
Reconciliation:
6 Month non-GAAP E.P.S. at $.69, down from $1.12.
Other Sell Discussion: Item # 1.A. Eliminated SW in Schwab Account - Sold 5 at $51.28; Pared SW in Fidelity Account - Sold 2 at $44.85 (2/17/26 Post)(profit snapshots = $91.59)(discussed the 2025 4th quarter report in that post: SEC Filed Press Release and SEC Filed Slide Presentation)
My Consider to Repurchase Price: <$35, no more than 5 shares for the first purchase. I no longer own any shares.
Owned Westrock SU bonds: 6
6 of the 4% SU Maturing on 3/15/28, Bond Page | FINRA.org, last discussed at Item # 2.K. Bought 2 Westrock 4% SU Maturing on 3/15/28 at a Total Cost of 98.073 (4/18/25 Post)(YTM then at 4.715%)
4 of the bond purchases were not discussed here:
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B. Pared VOD Again (Fidelity Account) - Sold 5 at $16.27:
Quote: Vodafone Group (VOD) at Zacks
Proceeds: $81.35
ADR Ratio: 1 US ADR = 10 Ordinary Shares Priced in British Pence
British Pound to US Dollar Exchange Rate Chart | Xe
U.K. Traded Shares: Vodafone Group Plc (VOD.L)
VOD Detailed Earnings Estimates - Zacks.com
VOD SEC Filings - Foreign Issuer Forms
Chart: 5 year chart reveals a Major Bear Market pattern that may have transitioned into a bull market in January 2025 when the stock was near $8. The price was close to $20 at the start of the 5 year period. My personal preference is to classify the near doubling in price as a bear market rally, consistent with the bear market pattern that I call a roller coaster, until the $20 price is taken out decisively.
Last Discussed: Item # 1.A. Pared VOD Again - Sold 5 at $16.18 (5/9/26 Post)(profit snapshot = $36.38); Item # 3.D. Pared VOD Again - Sold 5 at $15.74 (4/11/26 Post)(profit snapshot = $32.26); Item # 1.D. Sold 16+ VOD at Various Prices Shown in Snapshot (2/23/26 Post)(profit snapshot = $103.84)
Profit Snapshot: $37.22 (7/28/26 sale only)
New Average cost per share: $8.5 (25+ shares)
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| Snapshot Intraday after pare |
Dividend: Paid semiannually and recently slashed multiple times.
VOD Dividend History & Date | Seeking Alpha
Last 2 Dividends in USDs: $.5372
Yield at $8.5 AC using $.5372 annual: 6.32%
Last Ex Dividend: 6/5/26
Last Earnings Report (Q/E 6/30/26):
SEC Filing This is a trading update that does not have earnings information. I took a snapshot of the revenue numbers:
C. Pared HIW in Schwab Again (Schwab Account) - Sold 5 at $35.17:
Quote: Highwoods Properties (HIW) at Zacks - Internally Managed Office REIT.
Proceeds: $175.85
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: Highwoods
June Investor Presentation.pdf
HIW "owns, develops, acquires, leases and manages properties primarily in the best business districts of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. The Company conducts its activities through Highwoods Realty Limited Partnership. . . . As of June 30, 2026, we owned or had an interest in
The stock popped in response to the second quarter earnings report that looked much better than it was. Gains on depreciated real estate sales were reported at $75.064M or $.668 per share, which temporarily boosted GAAP E.P.S. to $.85 from $.17 in the 2025 second quarter. FFO per share increased by only $.01.
There were two property sales during the quarter with the only important one being the Bridgestone Tower in Nashville for $255M.
Last Discussed: Item # 5.C. Pared HIW Again - Sold 6 at $33 in Schwab Account and Item #5.D. Pared HIW in Fidelity Account - Sold 1 at $33.12 (7/21/26 Post)(profit snapshots = $57.5)
Last Buy Discussions: Item # 2.B. Added to HIW in Schwab Account - Bought 5 at $24.53; 5 at $22.3 (2/17/26 Post); Item # 1.D. Added 5 HIW at $25.25 (12/25/25 Post); Item # 1.E. Added to HIW - Bought 1 at $18.13, 1 at $17.93; 3 at $17.74 (12/2/23 Post); Item # 1.J. Added to HIW - Bought 1 at $20.2; 1 at $19.85; 1 at $19.31; 1 at $18.87 (10/7/23 Post)
Profit Snapshot: $55.43
New Average Cost per share: $20.14
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| Snapshot Intraday on 7/31/- 2 Days after Pare |
Reduced from $20.6.
Dividend: Quarterly at $.50 per share
HIW Dividend History & Date | Seeking Alpha
HIW may be the only pure Office REIT in the U.S. that has not cut its dividend in response to the pandemic and the work-from-home trend. I believe that the reason is the company's focus on properties located in the southern U.S. where the pandemic related disruptions were less severe than in major coastal markets.
There was no ROC support for the 2025 dividend payments: 2025 FORM 8937: Tax-Treatment of Distributions.pdf. I view it as unlikely that there will be ROC support in 2026 due in part to the realized gains from property sales included in GAAP net income.
I am no longer reinvesting the dividend.
Yield at $20.14: 9.93%
Next Ex Dividend: 8/17/26
Last Earnings Report (Q/E 6/30/26): 10-Q SEC Filing
HIW does not file its earnings press releases with the SEC. The second quarter earnings press release is available at its website: Highwoods 2Q-2026.pdf
Revenues: $216.379M, up from $200.6M
In Service Occupancy at 85.7%.
FFO per share at $.90, up from $.89.
HIW does not provide a funds available for distribution (FAD) number which is the most relevant cash flow number for dividend support.
To arrive at FAD, a major subtraction from FFO is the routine maintenance expenditures which is substantial for office and apartment REITs.
Another significant deduction from FFO in the FAD calculation is non-cash revenue created by the straight line accounting convention. Pretend cash is not available for distribution. For 2026, HIW expects non-cash revenue to be in the $40-50 million range.
Third Quarter Pending Transactions:
Increased 2026 FFO guidance to $3.46-$3.7 per share from $3.4 to $3.68.
Other Sell Discussions: Item # 2.H. Sold 15 HIW in Fidelity Account at $26.04 - Duplicate Position (6/4/26 Post)(profit snapshot = $10.2); Item # 1.G. Pared HIW Again - Sold 3 at $32.34 (9/13/25 Post)(profit snapshot = $32.52): Item # 3.D. Sold 5 HIW at $30.2 - Highest Cost Shares (5/23/25 Post)(profit snapshot = $29.77); Item # 2.B Pared HIW Again - Sold 2 at $36.26 (10/31/24 Post)( profit snapshot = $22.8); Item # 3.F. Pared HIW - Sold 10 at $34.31; 5 at $35.77 (10/16/24)(profit snapshots = $50.6);
Last Elimination: Item # 1.I. Eliminated HIW - Sold 7 at $47.22 (2/3/22 Post)(profit snapshot = $15.31) HIW was holding up far better than other Office REITs one year into the pandemic, but I suspected that would not last.
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| 11+ Shares +$96.1 |
Owned SU Debt Issued by HIW's Operating Entity: 6
2 of the 3.875% SU maturing on 3/1/27, Bond Page | FINRA.org, discussed at Item # 2.C. Bought 2 Highwoods Realty LP 3.875% SU Maturing on 3/1/27 at a Total Cost of 98.334 (4/4/25 Post)
2 of the 4.125% SU maturing on 3/15/28, Bond Page | FINRA.org; discussed at Item # 5.A. Bought 2 Highwoods Realty LP 4.125% SU Maturing on 3/15/28 at a Total Cost of 99.014 (11/15/25 Post)
2 of the 4.2% SU maturing on 4/15/29, Bond Page | FINRA.org, Prospectus, discussed at Item # 3.A. Bought 2 Highwoods Realty Partnership 4.2% SU
D. Eliminated CRM - Sold 2.48 Shares at $175.75+ and 2.8896 Shares at $183.71:
Quote: Salesforce, Inc. (CRM) at Zacks
Proceeds: $966.71
CRM Detailed Earnings Estimates - Zacks.com
Profit Snapshots: $87.36
The stock compensation add back to GAAP was $1 per share, up from $.82.
Repurchased $27.1B in stock during the quarter.
E. Eliminated NOW - Sold 1 at $112.07 and 1.585 at $112.15:
Quote: ServiceNow (NOW) at Zacks
Proceeds: $289.33
NOW Detailed Earnings Estimates - Zacks.com
Profit Snapshots: $53.16
Last Discussed: Item # 4.C. Started NOW as a Placeholder in Schwab Account 0- Bought 1 at $86.88 (5/9/26 Post) I discussed the 2026 first quarter report in that post. SEC Filed Press Release GAAP E.P.S. was reported at $.45, up from $.44, with non-GAAP E.P.S. at $.97, up from $.81. The largest add back to GAAP was $558M in share compensation or about $.55 per share before the tax adjustment or more than the reported GAAP E.P.S.
Dividend: None and none expected.
Last Earnings Report (Q/E 6/30/26):
Comparisons are to the 2025 second quarter.
Revenues: $3.987B, up from $3.215B
GAAP E.P.S. $.29, down from $.37
Non-GAAP Diluted E.P.S.: $.9, up from $.81
Stock based compensation was reported at $655M, up from $499M.
Weighted diluted shares outstanding: 1.034334B
Stock Compensation per share before tax adjustments: $.63
F. Eliminated WDAY - Sold 1 at $158.55 and .445 at $149.44:
Profit Snapshots: $58.3
Quote: Workday (WDAY) at Zacks
Proceeds: $224.72
WDA Detailed Earnings Estimates - Zacks.com
Last Discussed: Item # 5.E. Bought 1 WDAY at $117.34 (4/18/26 Post) I discussed the earnings report for the Q/E 1/31/26 in that post. SEC Filed Press Release
Dividend: None and none expected.
Last Earnings Report (Q/E 4/30/26):
Comparisons are to the Q/E 4/30/25
Revenues: $2.542B, up from $2.24B
GAAP E.P.S. $.87, up from $.25
Non-GAAP E.P.S. $2.66, up from $2.23
Stock Compensation per share: $1.61 (I am not going to add that back when valuing the company)
Reconciliation:
G. Eliminated DOCU - Sold 3 at $55.96:
Quote: Docusign (DOCU) at Zacks
Proceeds: $167.9
DOCU Detailed Earnings Estimates - Zacks.com
Profit Snapshot: $38.28
Last Discussed: Item # 2.B. Restarted DOCU Bought 1 at $45; 1 at $43.8; 1 at $40.82 (2/23/26 Post)
Dividend: None and none expected.
Last Earnings Report (Q/E 4/30/26)
SEC Filed Earnings Press Release
Comparisons are to the Q/E 4/30/25
Revenues: $830.235M, up from $753.654M
Diluted GAAP E.P.S. = $.40, up from $34
Non-GAAP Diluted E.P.S = $1.09, up from $.90
Stock Based Compensation: $141.377M, added back to GAAP earnings in the non-GAAP E.P.S. calculation
Before the tax adjustment, the stock compensation expense was about $.53 per share.
H. Pared AOD in Fidelity Account - Sold 10 at $10.43:
Quote: Abrdn Total Dynamic Dividend Fund (AOD) at Google Finance - A Stock CEF
Proceeds: $104.35
Investment Category: Monthly Income Generation
Sponsor's website: abrdn Total Dynamic Dividend Fund | Aberdeen
SEC Filing Holdings as osf 1/31/26 (cost then at $738.2+M with the value at $1.0893+B)
abrdn Total Dynamic Dividend (AOD) Portfolio | Morningstar Lists top 25 holdings (not rated)
Last Discussed: Item # 1.J. Pared AOD in Fidelity Account - Sold 10 at $10,52 (6/25/26 Post)(profit snapshot = $33.55); Item # 1.B. Pared AOD Position in Fidelity Account - Sold 30 at $10.53 and Item # 1.C. Eliminated Duplicate AOD Position - Sold 30 at $10.53 - Schwab Account (5/22/26 Post)(profit snapshots = $195.08)
Profit Snapshot: $32.97 (7/30/26 sale only)
New average cost per share this account: $6.98 (150 shares)
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| Snapshot Intraday on 7/30/26 after pare |
Dividend: Monthly at $.11 per share.
Some ROC support that decreased after the fund slashed the monthly dividend from $.1629 to $.11 effective for the October 2025 payment. The fund can only fully support the dividend with capital gains. Dividends paid by owned stocks will be mostly absorbed by fund expenses.
Leverage as of 7/31/26: Light at .44% which I would just ignore.
Yield at $6.98: 18.91%
Last Ex Dividend: 7/23/26
Data as of 7/30/26 Trade:
Closing Net Asset Value per share: $10.49
Closing Market Price: $10.41
Discount: -.76%
Average 3 year discount: -9.44% and at -10.16% over 5 years
Sourced: AOD - CEF Connect (Click "Pricing Information" Tab)
Last Buy Discussions: Item # 2.C. Bought 10 AOD at $7.81 (4/19/24 Post); Item # 2.A. Bought 5 AOD at $7.95 (2/2/24 Post); Item # 6.D. Added to AOD - Bought 10 at $7.92 (1/20/24 Post); Item # 3.B. Added to AOD - Bought 30 shares at $8.13 (12/30/23 Post); Item # 3.B. Added to AOD - Bought 5 at $7.4 (11/18/23 Post); Item # 3.A. Added to AOD - Bought 10 at $7.33 (10/14/23 Post)
As part of my risk mitigation strategy, I will consider selling some shares in a closed end fund when the discount narrows from the 3 year average and moves closer to no discount, with a consider to sell more shares when the market price is higher than the net asset value per share particularly when the average 3 year discount is close to 10% or higher.
H. Pared BMEZ in Schwab Account - Sold 10 at $15.51:
Quote: BlackRock Health Sciences Term Trust (BMEZ) at Google Finance
Proceeds: $155.1
BlackRock Health Sciences Term Trust (BMEZ) at Morningstar (Currently rated at 2 stars)
BMEZ Performance | Morningstar The historical performance justifies a 2 star rating IMO.
Sponsor's website: Health Sciences Term Trust
As of 6/30/26, the number of holdings was reported at 173, with the top 10 holdings reflected in the following snapshot:
Investment Category: Monthly Income Generation (I own a significant number of CEFs that pay monthly dividends)
SEC Filed BMEZ 2025 Annual Report The filing includes multiple CEFs. The BMEZ information can be found at pages 21-23, 70-74.
SEC Filed Quarterly Report for the Q/E 3/31/26 Eli Lilly is not among the owned stocks, which raises a question about the managers' competence. I checked another SEC filing for the Q/E 5/30/25, and LLY was not owned then as well.
Last Discussed: Item # 4.B. Added to BMEZ in Schwab Account - Bought 10 at $14.15 (5/9/26 Post); Item # 1.B. Added to BMEZ in Schwab Account - Bought 10 at $13.9; 10 at $13.8 (3/30/26 Post); Item # 4.D. Started BMEZ - Bought 10 at $14.48; 5 at $14.27 (3/16/26 Post)
Profit Snapshot: $10
New Average cost per share: $14.02 (30+ shares)
 |
| Snapshot Intraday on 7/31/26 - Day after Pare |
Reduced from $14.14.
I have turned off dividend reinvestment.
Dividend: Monthly at $.11 per share ($1.32 annually)
BMEZ Dividend History & Date | Seeking Alpha
Yield at $14.02: 9.415%
Last Ex Dividend: 7/31/26
Next Ex Dividend: 9/31/26
Data Date of 7/31/26 Trade:
Closing Net Asset Value per share: $17.21
Closing Market Price: $15.48
Discount: -10.05%
Average 3 Year Discount: -11.01%
Sourced: BMEZ - CEF Connect
Goal: An annual average realized total return, prior to any ROC adjustments, in excess of the dividend yield at my unadjusted cost basis.
I. Pared CHCT in Schwab Account - Sold 15 at $19.07:
Quote: Community Healthcare Trust Inc (CHCT) at Google Finance
Proceeds: $266.04
This sale occurred before CHCT slashed its dividend, which I discussed in a comment published on 8/5/26.
Properties:
Occupancy at 89.8% with weighted average lease term at 7.2 years.
10-Q for the Q/E 6/30/25 at pages 9-10
As previously discussed, CHCT suffered a blow when a tenant, operating 6 properties, became inconsistent in paying rent. A new tenant is attempting to acquire the properties, but the deal has not yet been finalized as discussed here:
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
5 Year Chart - Intraday on 8/5/26: Major Bear Market Pattern
Possible downside resistance at $15.
This kind of chart IMO proves that this REIT is in dire need of new management and Board of Directors.
Prior to buying my first shares, I tried to determine what may have contributed to the major bear market pattern. I discussed what I found here: Item # 1.B. (8/5/25 Post). A tenant that had leased 6 geriatric behavior hospitals was inconsistent in paying rent, with the matter made worse by a CHCT loan made to the operator that had to be written down. The price collapse on 7/31/24 was relating to this announcement made on 6/30/24:
SEC Filed Press Release for the Q/E 6/30/24 I did not go further back in time to determine whether there were other significant problems.
Last Discussed: Item # 3.C. Added to CHCT in Schwab Account - Bought 10 at $17.75 (5/15/26 Post); Item # 1.H. Restarted Duplicate CHCT Position in Fidelity Account - Bought 5 at $13.92; 5 at $13.56+ (10/11/25 Post)(I made this comment about the chart in this post: "I view this chart as reflecting a lack of investor confidence in the Board and management of this REIT. The current dividend yield suggests that a slash will occur."); Item # 1.B. Added to CHCT in Schwab Account - Bought 5 at $16.5 (8/5/25 Post); Item # 1.P. Bought 10 CHCT at $16.38; 10 at $15.85; 10 at $15 (4/13/25 Post)
Profit Snapshot: $1.66
This was a risk mitigation move.
New Average cost per share in this account: $15.84 (70 shares)
 |
| Snapshot after pare |
Reduced from $16.39.
Dividend: Quarterly at $.33 per share ($1.32 annually), slashed from $.48 effective for the 2026 third quarter payment.
 |
| Excerpt from Press Release |
Yield at $15.84: 8.33%
Last Ex Dividend: 5/11/26
Last Earnings Report (Q/E 6/30/26): This report was released after this pare.
SEC Filed Press Release; SEC Filed Supplement (property locations listed starting at page 16); and SEC Filed Investor Presentation
Comparisons are to the 2025 second quarter.
Revenues: $31,224M, up from $29.085M
GAAP E.P.S. $.06, up from ($.50)
FFO per share: $.48, up from $.23
AFFO per share: $.56, up from $.50
Reconciliation:
Funds Available for Distribution (FAD): $12.994M (supplemental at page 8)
Weighted average diluted shares: $27.752M
FAD per share: $.468
The prior dividend of $.43 was not covered by FAD in the second quarter.
2. Corporate Bonds: Bought 20, Sold 2
Interest rates continued to trend higher since the following bonds were bought.
A. Bought 1 U.S. Bancorp 3.9% SU Maturing on 4/26/28 at a Total Cost of 99.062:
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Issuer: U.S. Bancorp (USB) at Zacks
Cost: $990.62
I have eliminated my position in the common stock and will own only the USB SU bonds until there is a crash in the stock price. My last USB purchase was in May 2023. Item # 3.J. Added to USB - Bought 1 at $31.65; 1 at $30.63; 1 at $28.7; 1 at $27.95 (5/6/23 Post) The last remaining shares were sold at $54.77. Item # 4.F. Eliminated USB - Sold 10 at $54.77 (1/21/26Post)(profit snapshot = $222.34)
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Net income reported at $2.177B)
USB Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 4.457%
Current Yield at TC: 3.937%
B. Bought 1 Centerpoint Resources 4% SU Maturing on 4/1/28 at a Total Cost of 99.124:
%204:1:2028%204%25%20.png)
Issuer: Wholly owned subsidiary of the utility holding company CenterPoint Energy Inc (CNP). Centerpoint Energy Resources owns several gas distribution companies.
CNP SEC Filings; CNP SEC Filed Earnings Report for the Q/E 6/30/26
Cost: $991.24
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/BBB+
Fitch Affirms CenterPoint Energy and Subs at A- (12/19/25)
YTM at Total Cost: 4.541%
Current Yield at TC: 4.035%
I own 1 Centerpoint Resources 4% SU Maturing on 4/1/28. Bond Page | FINRA.org
C. Bought 1 Idaho Power 5.2% First Mortgage Bond Maturing on 8/15/34 at a Total Cost of 99.858:
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Issuer: Wholly owned operating subsidiary of IDACORP (IDA).
Cost: $998.58
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AWK SEC Filed Earnings Press Release for the Q/E 3/31/26 (net income of $196M)
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Cost: $1,988.16
GILD Detailed Earnings Estimates - Zacks.com
GILD SEC Filed Earnings Report for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at TC: 4.626%
Current Yield at TC: 4.426%
I. Bought 2 Eli Lilly 4.15% SU Maturing on 5/20/29 at a Total Cost of 99.17:
%204.15%25%205:20:29%20.png)
Issuer: Eli Lilly (LLY) at Zacks
Cost: $1,983.40
LLY SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenue reported at $22.294B with net income at $7.095B)
LLY Detailed Earnings Estimates - Zacks.com
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Aa3/AA-
YTM at Total Cost: 4.466%
Current Yield at TC: 4.185%
J. Bought 2 Avangrid 3.8% SU Maturing on 6/15/29 at a Total Cost of 97.344:
%206:1:29%203.8%25.png)
Issuer: A wholly owned subsidiary of Iberdrola Sa (IBE-ES)
Cost: $1,946.88
Iberdrola completes merger with Avangrid (12/12/24). Prior to the merger, Iberdrola owned 81.6% of Avangrid, a U.S. utility company.
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 4.81%
Current Yield at TC: 3.9%
K. Bought 1 Caterpillar Financial Services 4.3% SU Maturing on 5/15/29 at a Total Cost of 99.299 - Interactive Brokers Account:
%205:15:29%204.3%25.png)
Issuer: Wholly owned subsidiary of Caterpillar Inc (CAT) who does not guarantee the notes as far as I have been able to determine. Normally, a finance subsidiary would have their debt guaranteed by the parent but there are several exceptions. Caterpillar Finance does have separate filings with the SEC. 10-Q for the Q/E 3/3/26 (revenues of $947M with net income reported at $144M
Cost: $992.99
This note was issued in May 2026. Prospectus
CAT Detailed Earnings Estimates - Zacks.com
CAT SEC Filed Financial Report for the Q/E 3/31/26
FINRA Page: Bond Page | FINRA.org
Credit Ratings: A1/A
YTM at Total Cost: 4.568%
Current Yield at TC: 4.33%
L. Bought 1 Elevance Health 4% SU Maturing on 9/15/28 at a Total Cost of 98.665:
%204%25%209:15:2028%20.png)
Cost: $986.65
Quote: Elevance Health Inc (ELV)
ELV was formerly known as Anthem.
ELV Detailed Earnings Estimates at Zacks.com
SEC Filed Earnings Press Release for the Q/E 6/30/26 (Revenue = $50.474B with net income at $1.454B)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa2/A-
YTM at Total Cost: 4.665%
Current Yield at TC: 4.054%
M. Sold 2 Oaktree Specialty Lending 2.7% SU Maturing on 1/15/27 at 99.1:
Issuer: Oaktree Specialty Lending Corp (OCSL) - An Externally Managed BDC
Proceeds at $1,980.
SEC Filed Earnings Press Release for the Q/E 6/30/26
FINRA Page: Bond Page | FINRA.org
Credit Rating: Baa3
Discussed at Item # 4.B. Bought 2 Oaktree Specialty Lending 2.7% SU Maturing on 1/15/27 at a Total Cost of 98.015 (2/11/26 Post)
I am improving the credit quality of my corporate bond portfolio.
3. Treasury Bills Purchased at Auctions:
A. Bought 10 Treasury Bills at the 8/10/26 Auction:
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182 Day Bills
Matures on 2/11/27
Interest: $193.63
Investment Rate: 3.96%
4. Treasury Notes Purchased in the Secondary Market:
A. Bought 1 Treasury Note 3.75% Coupon Maturing on 5/15/28 at 99.011:
%203.75%25%205:15:28%20.png)
YTM: 4.324%
B. Bought 1 T Note 4.25% Coupon Maturing on 2/15/28 at 99.9062:
%202:15:28%20%204.25%25%20.png){kind=small}
YTM: 4.312%
C. Bought 1 T Note 4.25% Coupon Maturing on 7/31/28 at 99.8086:
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YTM: 4.226%
5. Small Ball Common Stock Buys:
A. Added to PFLT in Fidelity Account - Bought 5 at $6.99:
Quote: PennantPark Floating Rate Capital (PFLT) at Zacks - Externally Managed BDC
Cost: $34.93
Website: Home - PennantPark
SEC Filed Annual Report for the F/Y ending 9/30/25 (Summary of risk factors starts at page 18 and ends at page 37)
Investment Categories: Lottery Ticket and Monthly Income Generation. The LT classification is based on a high risk of that the total return with dividends reinvestment, adjusted for inflation and taxes on the dividends, will be unacceptable to me or even negative.
Last Discussed: Item # 6.A. Added to PFLT in Fidelity Account - Bought 5 at $7.5; 5 at $7.29 (7/14/26 Post)
New average cost per share this account: $7.99 (30+ shares)
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| Snapshot Intraday on 7/30/26 after add |
Dividend: Monthly at $.08 per share ($.96 annually), recently slashed from $.1025 effective for June 2026 monthly payment.
PFLT Dividend History & Date | Seeking Alpha
Last Ex Dividend: 7/15/26
Next Ex Dividend: 8/14/26
Earnings Report for the Q/E 3/31/26: I discussed this report in a recent post. Item # 6.B. Bought 5 PFLT at $7.96 (6/25/26 ), SEC Filed Press Release That post has a more detailed discussion, including the net asset value per share history and links to my prior trades. The net asset value per share was reported at $10.47 as of 3/31/26.
Last Earnings Report (Q/E 6/30/26): The next earnings report was released after the market closes yesterday.
Net investment income per share: $.26, down from $.28 for the Q/E 6/30/25
NII per share has been negatively impacted by a decline in short term rates and by higher refinancing costs for senior unsecured debt. Last May, PFLT sold $100 in principal amount of a $25 par value 7.374% SU note maturing in 2031. Prospectus Last February, PFLT sold $200M of a 6.75% SU note maturing in 2029. Prospectus In October 2021, the company sold $85M in principal amount of a 4.25% SU note maturing in 2026. Prospectus The coupons on term loans have gone up as well compared to the extended period when the Fed was suppressing interest rates through Q/E and ZIRP.
Net asset value per share: $10.26, down from $11.07 for the Q/E 6/30/25.
"As of June 30, 2026, our portfolio totaled $2,504.7 million, and consisted of $2,230.7 million of first lien secured debt (including $237.7 million in PSSL and $65.6 million in PSSL II), $19.7 million of subordinated debt and $254.3 million of preferred and common equity (including $52.7 million in PSSL and $27.8 million in PSSL II). Our debt portfolio consisted of approximately 99% variable-rate investments. As of June 30, 2026, we had four portfolio companies on non-accrual, representing 1.0% and 0.4% of our overall portfolio on a cost and fair value basis, respectively. As of June 30, 2026, the portfolio had net unrealized depreciation of $122.8 million. Our overall portfolio consisted of 159 companies with an average investment size of $15.8 million and had a weighted average yield on debt investments of 9.8%." (emphasis added). The non-accrual loans as percentage of the total portfolio is good IMO for a BDC. The net unrealized depreciation indicates that a number of loans have been marked down in value probably due to credit risks/company performance numbers.
"For the three and nine months ended June 30, 2026 net realized gains (losses) totaled $37.3 million and $29.9 million, respectively. For the three and nine months ended June 30, 2025 net realized gains (losses) totaled $(14.8) million and $8.4 million, respectively."
Company Opinion on How Interest Rate Changes Impact Net Investment Income:
10-Q at page 78 The company will benefit by a rise in short term rates since floating rate loans will reprice at higher coupons.
Last Bond Offering (5/26): Prospectus for $100M 7.375% SU Maturing in 2031. This is a $25 par value exchange traded bond. PFLA
Quote: Centerspace (CSR) at Zacks - Mini-Cap Apartment REIT
Cost: $164.5
As of 6/30/26, CSR "owned 60 apartment communities consisting of 12,090 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah".
Corporate Profile — Centerspace
CSR 2025 SEC Filed Annual Report
Material Recent News: Centerspace Announces Outcome of Strategic Review; $245 Million of Planned Dispositions (6/1/26) The dispositions include a complete exit from the Bismarck, N.D and Rapid City, S.D. markets. The proceeds will be used to reduce debt by $175M-$190M, and there may be a special dividend as well.
Last Discussed: Item # 1.D. Started CSR - Bought 5 at $57 (3/30/26 Post)
New average cost per share: $56.19 (8 shares)
 |
| Snapshot Intraday on 8/4/26 after last add |
Dividend: Quarterly at $.77 per share ($3.08 annually)
Yield at $56.19 AC per share: 5.48%
Last Ex Dividend: 6/29/26
Last Earnings Report (Q/E 6/30/26):
Weighted average occupancy: 96%
Revenues: $65.272M
GAAP E.P.S. = ($.07)
FFO per share: $1.20
Core FFO per share: $1.27, down 1 cent.
Reconciliation:
The reconciliation does not include a funds available for distribution (FAD) number which is the most relevant cash flow number for dividend support IMO. A FAD calculation would deduct form FFO the cash used for routine maintenance, sometimes called "recurring capital expenditures". At page S-15 of the press release, CSR claims that the average maintenance expenditure for the 12,090 apartments was $303 per unit or $3,633,270. I deducted that amount from the $25.038M Core FFO number, arriving at $20.4043M or $1.09 per share using the weighted average share number of $19.609M.
Subsequent Events: Completed Sales of 7 Apartment Buildings
I do not have enough information whether those transactions occurring after the second quarter will result in a lowering of the FAD per share number that could result in a dividend cut.
2026 Core FFO Guidance: $4.58 - $4.68, revised down due to property sales from $4.81-$5.05
The guidance includes an assumption of a special dividend of $50M-$60M. If paid at $50M and using the average wage shares as of 6/30/26, the per share amount would be about $2.55.
C. Added to FBRT - Bought 5 at $7.49:
Quote: Franklin BSP Realty Trust (FBRT) at - Zacks - Externally Managed Mortgage REIT
Cost: $27.43
FBRT "is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of June 30, 2026, FBRT had approximately $6.4 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc."
Investment Category: Primarily in the Lottery Ticket Category given the HIGH RISK to share losses.
FBRT Detailed Earnings Estimates - Zacks.com
SEC Filed 2025 Annual Report (Risk summary starts at page 6 and ends at page 23)
Last Discussed: Item # 4.G. Added to Falling Knife FBRT - Bought 5 at $8.05 (7/8/26 Post) I discussed the 2026 first quarter report in that post which I viewed unfavorably, SEC Filed Press Release. GAAP E.P.S. was reported at $.06; distributable E.P.S. of $.09 and an adjusted distributable E.P.S. of $.22 which excludes realized losses and gains. I do not accept the adjusted distributable E.P.S. number since realized losses and gains are part of normal business operations. Realized losses that reduce GAAP income to $.09, substantially below the current quarterly dividend of $.20, can not be ignored IMO.
Last Elimination: Item # 3.B. Eliminated Duplicate Position in FBRT - Sold 12 in Fidelity Account at $10.89 (8/12/25 Post)(profit snapshot = $6.96)
New average cost per share: $9.45 (35 shares)
Reduced from $9.78.
Dividend: Quarterly at $.20 per share, slashed from $.35 effective for the effective for the 2026 first quarter payment. The company was not earning the prior quarterly dividend.
FBRT Dividend History & Date | Seeking Alpha
Yield at $9.45 AC per share: 8.466%
Last Ex Dividend: 6/30/26
Last Earnings Report (Q/E 6/30/26): This was a better report than the last one discussed above.
SEC Filed Press Release and SEC Supplemental
GAAP E.P.S. = $.12
Distributable Earnings per share: $.25
Distributable Earnings before realized losses: $.28
Reconciliation:
Repurchased 1.838+M shares at an average cost per share of $8.7, "which provided an $0.11 increase in book value per diluted common share on a fully converted basis".
Claimed a Book Value per share of $14.74, up $.14 from the prior quarter.
Investment Activity During the Quarter:
As noted in the previous snapshot, the company may end up owning real estate due to foreclosures, see also 10-Q at pages 23-24
Non-performing Loans and Company Assigned Risk Ratings of Loans:
Goal: Any total return in excess of the dividend yield prior to any ROC adjustments to the tax cost basis.
D. Bought 1 AZN at $154.68 - Placeholder Position:
Quote: AstraZeneca (AZN) at Zacks
I mentioned this purchase in a comment published on 8/3/26. AZN had declined almost 15 points that day in response to reports that it was in negotiations to acquire Bristol-Myers Squibb Co (BMY); AstraZeneca and Bristol Myers Squibb mull $400 billion deal: Report I noted in that comment that I owned 20+ shares of BMY with an average cost per share at $46.79:
 |
| BMY Position Snapshot - Closing Price 8/7/26 |
AZN thereafter rallied based on a report that there were no ongoing discussions. ‘No discussions’ ongoing for AstraZeneca-BMS merger: Reuters
I view BMY as a company with issues but am comfortable owning a few shares at my current average cost per share.
Last BMY Discussion: Item # 1.L. Pared BMY - Sold 1 at $59.61; 5 at $60.6 (2/17/26 Post)(profit snapshots = $21.02)
Last BMY Buy Discussion: Item # 1.C. Added 2 BMY at $46.45; 1 at $43.98 - Schwab Account (8/5/25 Post)
AZN Detailed Earnings Estimates - Zacks.com As of 8/7/26, the average 2026 E.P.S. estimate was at $10.21 and at $11.44 next year.
AZN SEC Filings (foreign issuer forms)
2026 Product Revenues: 3 and 6 months
Dividend: Paid semiannually
AstraZeneca PLC (AZN) Stock Dividend History & Date | Seeking Alpha
Last 2 Dividends in USDs: $3.23 per share
Yield Using $3.23 Annual: 2.09%
Given my investment objectives now, I view a starting yield of 2.09% as unsatisfactory which will limit my dollar exposure. I do dabble a bit in stocks that do not pay dividends or have unsatisfactory to me dividend yields.
Last Ex Dividend: 8/7/26 (owned as of)
Last Earnings Report (Q/E 6/30/26): SEC Filing
Constant Currencies Rates (CER): Definition, Benefits, and Usage
Reconciliation:
Analyst Reports Available to Schwab Customers:
Morningstar (8/3/26): 4 stars with a fair value estimate of $184, medium uncertainty, and a wide economic moat.
Argus (7/29/26): Buy with a $210 target price.
S&P (8/3/26): 5 stars with a 12 month price target of $222.
6. Recent Baseball Card Auction Results - April and May 2026:
I am using 4 SharpCorners to conduct EBAY auctions of my baseball cards. Its commissions, shown in the snapshots below, include what has to be paid to EBAY.
I paid $25 for the 1958 Mickey Mantle card in 1982. I managed to find the receipt for that purchase.
I have 3 cards that are currently in the auction process that ends on Sunday 8/16. I expect the 1955 Hank Aaron to do the best. 1955 TOPPS #47 HANK AARON BRAVES HOF SGC 4.5 | eBay The bidding generally picks up in the last thirty minutes.
Baseball cards are a minor alternative asset class for me. I happened to notice late last year that the prices had gone parabolic. In response, I started to send some of the cards off to be graded with the intent of selling them at EBAY auctions.
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 sale 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 my family members.
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