With Motorola shares breaking through $20 based on a favorable cover story in this weekend’s Barron’s and in anticipation of the company’s analyst meeting which starts this evening, I reduced holdings for most clients this morning. Similar to the partial sale made in Sears Holding a few weeks ago, this sale is all about maintaining discipline. I have had a long-time target of “low $20s” on MOT. When a stock reaches an initial target it makes sense to take a little off the table. This is especially true when the market has had a big rally as this one has so far in July. Current MOT positions are considered normal size at around 2.5% of most client portfolios, so the bullish comments I posted on MOT last week are still valid. I expect the shares to go higher over the balance of this year.