Sold GameStop

I sold my shares in GameStop Corp. (NYSE:GME) today at $38.76 a share.  I could have gotten a better price later in the day, as it turns out.  It went up to $39.38 at some point.  For that matter, I do think that GME will go to at least $40 a share in the near future.

I decided I had an opportunity to buy something else, though, so the decision to sell when I did was really based on the low price of the stock I wanted to buy.  It was also based on the fact that I don't want to sell any of my other stocks at this time.

I bought some shares in The E.W. Scripps Company (NYSE:SSP).  I've been watching this one for a while, and told myself I would buy if it ever again wandered down to $18 a share.  Well, that happened today, so I pulled the trigger.

The reason SSP declined today may be this Moody's column.  It posits that there will be less political TV ad revenue than there was in 2012, which stands to reason, as 2014 is a year of mid-term elections instead of a Presidential election year.

What the column doesn't say is that there will still be PLENTY of political TV ad revenue this year.  Ever since Citizen's United there's more ad revenue than there used to be.  And certain politicians are bigger targets than others.

Specifically, John Boehner is on the outs with the Tea Party.  They're actively seeking a primary challenger to try to unseat Boehner.  If that happens then there will be plenty of ad revenue in the Cincinnati market.

There is only one TV station in the Cincinnati market that's owned by a publicly traded company, and it's owned by SSP.

The notion that I could reap some personal gains from this year's mid-term elections and primaries really appeals.

I purchased 135 shares of SSP at $18.12 per share.  I could have gotten them for an even $18 later in the day, but there you go.

Also, I could have purchased more than 135 shares of SSP with the proceeds from the sale of my GME shares, but I decided to divide the eggs from that particular basket.   I'm keeping a little bit of money in cash for now.  I'll probably invest in something else soon.

I'll do various addenda to this post, later.  I'll get specific about how much I profited from briefly owning GME. 

For now, though, I just wanted to disclose my activity.  I try to update this blog whenever I sell or buy.  As of now, it's updated.

UPDATE 1:  What kind of profit did I make on GME?

I purchased 115 shares of GME at $36.21 on 14 January.  Add a $9.99 transaction fee and that's a total of $4,174.14 spent to buy it.

I sold my 115 shares of GME at $38.76 on 22 January.  Subtract a $9.99 transaction fee and that's a total of $4,447.33 in proceeds.

It's a net gain of $273.19 for 8 days of investment.  When I do the math and account for all the fees, it's 6.5% in pure profit  It's also the shortest amount of time I've ever held on to a stock.

UPDATE 2:  The lists of what I own and what I have owned previously have been updated.