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Bought 400 shares of AFN at 2.59

k-man posted on 05/15/08 at 02:47 PM (Note posted about 7 hours after the trade)
Trades | Notes | Blogs
Users Bought (30 Days) 0 (0%)
Users Sold (30 Days) 0 (0%)
Market Cap 42.71M
52-Week High 1.44
52-Week Low 0.30
10 Day Volume 655,000
P/E -0.59
EPS (Trailing 12 Mos.) -1.21
1Day 5Day 1Mo 3Mo 6Mo 1Yr

Transaction: Bought
Symbol: AFN
Quantity: 400 shares
Price: $2.59
Value: $1,036.00
Stop Order: No @ $N/A
Target Price: $0.00
As corbinb2 said in a comment in my MCGC trade note when I closed that position, 'AFN has some legs'.  Proceeds from the sale of MCGC and selling AFN calls at 2.50 allowed me to go 400 shares/4 contracts on a buy-write strategy.  I've already locked in .41/share in profits should I be assigned on any of these options, but I'm looking to see AFN hover around these levels, which would allow me to roll every quarter for a possible net credit each time due to time decay.
Edited by k-man at 10/07/08 at 03:20 PM
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Posted by k-man on 05/15/08 at 02:47 PM

Tag It | 1 user tagged it: AFN, stock, buy, covered call, buy-write

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lifeisgrand

Member since: May 08
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lifeisgrand
Posted May 15, 2008 (02:38PM)
I'd be interested in others opinions about buying when a stock approaches its 52 week low.   Why do we expect this stock to rise?     Fundamentals?   Technicals?   Emotion?   News items?   Is this a dead cat bounce play?   When I research this stock I don't pick up reasons to be bullish - i see it in a narrow channel between 2.00 and 3.5.   What are the bullish signals people see?   
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k-man

Member since: Nov 07
5 Day 0.88%
15 Day -1.25%
1 Month -9.08%
3 Month -10.66%
6 Month 22.67%
1 Year 68.13%
As of: 11/21/09
How is this calculated?
Trades 40
Trade Notes 36
Blog Posts 32
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Age: 30's
Georgia
k-man
Posted May 15, 2008 (02:45PM)
The AFN message boards over at Yahoo Finance are ripe with opinions.  Big things seen there is that AFN is sitting on a huge pile of unrestricted cash and the company was not too greatly impacted by the negative earnings of IndyMac Bank, which pays money to TruPS held by AFN.  Fundamentals are OK and overall news regarding MREITS and mortgage lenders will play into this stock.  I'm in this long term.
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