The energy and materials sectors have continued their sharp
recovery rally in early trading. After you receive this
Alert, we will use these moves to trim two positions in the
First, we will sell 200 shares of McDermott (MDR:NYSE) at
around $5.16. This trade leaves us with 900 shares, or 2.75%
of the portfolio. At current levels, the stock is up 50%
from where we last bought it just six weeks ago. While
McDermott remains a solid holding, we don't want to be
greedy with our recent gains. We maintain our Two rating.
We will also sell 700 shares of Yamana Gold (AUY:NYSE) at
around $2.46. This leaves us with 2,000 shares, or 2.97% of
the portfolio. We are also lowering our rating on the stock
to Two from One. The stock is up in six straight sessions
and trading 67% higher than where we last bought it just
four weeks ago. We believe the prudent move is to lock in
some of this upside, especially since the underlying price
of gold is up just 4% over the same period.
David Peltier & TheStreet Research Team
We'll improve our cost basis on today's weakness.
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