Akamai Technologies (AKAM) is a current market darling, but not a name new to us. It was actually one of our first purchases when the website went live; I actually sold OUT of it Sept 2007. Haven't touched it since and frankly I am surprised the momo boys have come back to worship at its alter. Whatever the reason, this is now one of the 'teflon' stocks hence before this correction runs its course this is the type of name that needs to be kicked in the teeth in my opinion. Hence I am restarting the name just to get it on my sheets but with a smallish 0.7% exposure. Yesterday's close was the nearest it has sniffed the 50 day moving average in well over 4 months. I was considering this name just last week, when it was some 10-11% higher.
If my belief that the market breaks 1040 in due time and goes to significantly lower levels comes true, this first batch will lose money but I'll be hedged in other places by the time that happens, and I expect to build the position up at lower prices. A purchase down there at the 200 day moving average would be much more tasty if we are so fortunate. This is just the initial foothold.
Long Akamai Technologies in fund, no personal position