Barnett Banks BBI

Pg M3: At almost mid-year, the market is at the middle of its recent high-low range.    FDX reported strong profits but fell; home builder TOL warned and fell; take profits in the parabolic marvel NFLX but don’t short it – it may go up more when BBI finally goes under and when its expansion abroad generates more frenzy. A buying opportunity may develop for Lat Am telecom AMX when the Mexican IPC index rebalances to reduce its weight. Lab services company GXDX slumped on disappointing guidance, but the shorts should cover.   For the week , Dow +2.4%, SP500 +2.4% (positive YTD now), NASDAQ Comp +3%, Russell +2.8%; best, DJ Utilities +4.06%.   Pg M7-8: The selloff in the steel giant ArcelorMittal ( MT .ne) has been overdone and it presents a buying opportunity at 2011 EV/EBITDA of 4.2.   The biggest IPO in history, of mega Chinese AgBank in early July, will be in $23-30 billion range with dual listings in HK and Shanghai.   CBOE , which had a successful IPO last week, would be a good fit for NYX ; other bidders may be CME, NDAQ, ICE ; price tag of $3-4 billion within 18 months.   Pg M10-12: BP ’s bonds are attractive and PIMCO’s Gross has been buying. BP’s yield curve is inverted with its short-term debt trading at higher spreads over corresponding treasuries than its long-term debt. Its CDS remain high. Treasuries were little changed for the week.   No action is expected from FOMC this week. Euro rebounded; dollar index DXY was at 85.56 [ M50 ].   Platinum (ETF PPLT ) is at the lower end of its trading range but has better long-term prospects with improving auto production. Oat prices are up 40% in a month due to reduced Canadian crop planting. August gold hit a high of $1,263.70 [ miners are showing a converging triangle, a precursor to a violent move, M50 ]   Stock splits may not be logical but are psychologically important to investors. There were 83 splits within SP500 ten years ago, only one last year, and three so far in 2010; www.investmenthouse.com provides free e-mail alerts.   Pg M34, M40, M43: Good week in Europe and Asia . CEFs are improving but haven’t regained as much ground as the general market from the May 6 Flash Crash. DJ Utilities are approaching the April high, but not so for DJ Transports or DJIA.     Cover story is “Watch Out! (Watch Your Assets)” on looming tax hikes.     More later…………

… efficiencies. Operating margins, however, declined from to 1% from 4% sequentially, due to ongoing costs from the Matria and BBI acquisitions. GAAP operating margins have been very volatile from quarter to quarter since Inverness adopted its acquisition …

… to go through. One month ago, however, BBI and Northwestern announced concessions and ..... regulators to approve the merger. We opined that BBI 's concessions should address the primary ..... successful. We were optimistic. On July 24, BBI informed the board of directors of Northwestern …