I renewed my subscription service to Jim Cramer's ActionAlertsPlus.com. I signed up with him initially for a few reasons. 1) He was very successful running his own hedge fund; 2) He still runs a charity portfolio, of his own money, successfully; 3) He seems to know what he is talking about on CNBC. Putting your own money where your mouth is is important, imho, for those who make a living out of managing other people's investment money.

I sold ENTU after its recent run-up, but CVTX will likely take longer to rise to its true value. It has several phases II and III applications with the FDA and/or the EU. In the meantime its sole FDA-approved drug is selling relatively well, offsetting a large portion of its expenses.

MSFT dropped further with the overall IT sector, while YHOO moved up. YHOO's board rejected MSFT's offer. It seems the market believes this deal will eventually happen, and probably at a slightly higher price from MSFT. I continue to believe that MSFT doesn't deserve to go down due to this offer and will continue to hold the shares I bought the day the $31/share offer was announced. Based on what happened with Oracle's offers for PeopleSoft, Siebel, and BEA, the final price could either go up, or down, primarily based on the target company's financial performance in the interim. I don't see any obvious catalyst improving YHOO's performance in the near term, although as a Valley resident I do hope YHOO will do well (and that MSFT will drop its offer, sending MSFT share price up.)