Vic, you might want to look at PCLN. Saudi prince alwaleed bin talal is averaging down.
Don't underestimate this guy, he bought into Citigroup years ago when rumors were swirling around about it going busto.
>>LONDON (CBS.MW) - Over the past six months, Saudi prince Alwaleed Bin Talal invested $1 billion to increase his holdings in Citigroup, AOL Time Warner and Priceline.com, his spokesman said in a statement on Monday.
The prince raised his stake in Citigroup (C: news, chart, profile) by $500 million, bringing his holdings in the bank to around $10 billion. "At about $43, Citi's share price was at too attractive a price," the prince said. He is the largest shareholder in the bank, according to the statement.
He added $450 million to his AOL (AOL: news, chart, profile) holdings, saying in a statement that "the weakness in AOL's stock price is temporary as it reflects the temporary weakness in several areas in which it is involved."
He raised his stake in Priceline.com (PCLN: news, chart, profile) to $100 million and to a 5.4 percent stake. "The aim was to lower his average share price and the latest plunge in price allowed prince Alwaleed to bring that average down to a single digit," the statement read. "Ebay (EBAY: news, chart, profile) and Amazon (AMZN: news, chart, profile), two other companies where we have investment stakes, will also be survivors and will prosper," he said.
cbs.marketwatch.com |
