As per the Bryn Mawr tradition the meeting started at 9:10 pm.
Kathy, our Bank treasurer, gave a brief market update. US stocks ended mostly at lower level with blue chips suffering fourth straight loss. While financial and health sector were main gainers, industrial sector declined. Also, shares of Apple increased by 3.8%, with record sale of 9 million new iphones last weekend.Another big news was about JP Morgan paying $920 million to the London Whale.
Then Laura, one of the members of Portfolio Mangement Team, did a stock pitch about Boeing, which was the first stock pitch of this academic year. Boeing is known for its manufacture of airplanes as well as for defense and space securuty systems. They made $60 billion dollars in the first quater of this year, which was the total amount of what they made last year. It’s major rival is Airbus and they both sold same amount of models in the Paris show. Considering it is active in two different sectors, Boeing might turn out to be a profitable addition to our portfolio.
After a quick question answer session about Boeing stock pitch, Bryce, our Portfolio Manager, talked about SCO. While UCO represents the price of crude oil, SCO is its inverse. The financial stats on SCO can be found in following website: ttp://finance.yahoo.com/q?s=SCO
Then, Dingwei, our President gave an interesting Investing 101 session about financial statements. We focused specifically on Income statement, which basically specifies financial result over a time period. More information on Income statement can be found in the following website: http://www.investopedia.com/terms/i/incomestatement.asp
Dingwei also informed everyone about our Annual Summer Internship Panel, which will take place next week October 2, 2013 at Taylor Hall.
The meeting ended at 9:50pm. See you next week at our Annual Summer Internship Panel!