We scope for buys every day, but it pays to consider what your selling options are each week. I would look at selling these three stocks this week if I owned them. Here’s why. Myer Holdings Ltd (ASX: MYR) If you’re still holding onto Myer Holdings Ltd shares you might want to drop them. Third quarter sales came in below estimates for the beleaguered department store, with Myer citing an unusually-warm start to winter as behind the drop. But with online sales outside of Myer strengthening across the board, competitors are continuing to sweep up market share, leaving Myer to…
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We scope for buys every day, but it pays to consider what your selling options are each week.
I would look at selling these three stocks this week if I owned them.
Myer Holdings Ltd (ASX: MYR)
If you’re still holding onto Myer Holdings Ltd shares you might want to drop them.
Third quarter sales came in below estimates for the beleaguered department store, with Myer citing an unusually-warm start to winter as behind the drop.
But with online sales outside of Myer strengthening across the board, competitors are continuing to sweep up market share, leaving Myer to fall further behind.
Myer shares are unlikely to return to its share price of 73c per share at this time last year, but I’d be waiting for a surge like that which eventuated in early May to stage my exit soon.
Westpac Banking Corp (ASX: WBC)
There’s a residential real estate correction that is hurting banks reliant on mortgages and Westpac Banking Corp is on this list.
Westpac recently reported it would no longer lend to self-managed super funds investing in property and today announced it would take a $70 million hit to revenue as it overhauls its wealth management platform via BT Financial Group.
Big banks are stepping away from their wealth management businesses, with Commonwealth Bank of Australia (ASX: CBA) reporting last month it would demerge its wealth operations and Australia and New Zealand Banking Group (ASX: ANZ) retreating from the space in May.
With Westpac shares recovering slightly from a bottoming out in price back in mid-June, now might be the time to scrape in some profits if you are able.
Coca-Cola Amatil Ltd (ASX: CCL)
The health food push has been hurting fizzy drink supplier Coca-Cola Amatil Ltd for some time but its shares have been doing quite well of late, which in my mind, signals time for some profit taking.
Citi downgraded Coca-Cola shares to a neutral rating from a buy to cap off last week’s trading with concerns over its businesses in Indonesia and PNG on top of the tough trading conditions it’s been experiencing for some time.
If you’re looking for a consumer staple stock to buy into with any profits you might have from Coca-Cola I would turn my attention to A2 Milk Company Ltd (ASX: A2M) or Bellamy’s Australia Ltd (ASX: BAL), both of which are trading lower after share price slips of late, but whose overall business opportunities look more solid than Coca-Cola.
Long term investors should always be on the look out for blue chip opportunities.
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Motley Fool contributor Carin Pickworth owns shares of Australia & New Zealand Banking Group Limited and Commonwealth Bank of Australia. The Motley Fool Australia owns shares of A2 Milk. The Motley Fool Australia has recommended Coca-Cola Amatil Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.