On this initial post of “Mike’s Stock Picks” I am posting and expanding on two stock picks I posted earlier today on Facebook: iQIYI and AbbVie.
Stock Pick # 1:
When good stocks go on sale its time to buy! The often called “Netflix of China” iQIYI (IQ 26.88 -1.59 -5.58%) has dropped the last couple of days. I picked up some more shares this morning for $31.96 a share. I originally purchased this stock on May 14, 2018, a short time after its spinoff from Baidu (the “Google of China”) and initial public offering (IPO). iQIYI will be hosting their first earnings report as a publically traded company on July 31st. My prediction – IQ will either go up like 40% or it will go down 25% on July 31st when they do their earnings report. If you have some cash available and are interested in buying IQ, I’d consider buying half of what you are interested in IQ nowish and putting a limit order on it to sell at like $49.95 and doing another limit order to buy some at like 24.05.
Stock Pick # 2:
When short seller company Citron “reveals” problems with companies it never passes the smell test to me. I’ve made lots of money (and I think Citron has as well) by doing the opposite of what they suggest. As a result I have an order in to purchase additional shares of pharmaceutical maker AbbVie (ABBV 96.58 +0.78 +0.81%) at $81.58 a share. I do not believe that the slide in ABBV has quite finished yet so I have my order in below where they are today. I have owned ABBV since at least 2016. Disclosure – I found out today that I have a cousin who works for ABBV.