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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC... More
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  • Barron’s Summary March 26, 2011  0 comments
    Mar 28, 2011 9:46 AM | about stocks: STR, AMT, EMN, HON, LINTA, MAR, OSK, PFE
       HedgeFundLIVE.com

    ·         Santoli – the brief set back in Feb/Mar will prob. wind up being just that – a refresh before another move higher instead of the start of a steeper downturn.  Conditions now seem similar to the middle of the ‘90s (easy Fed, improving economy).

    ·         Gold – Jeffrey Christian, a gold researcher at CPM Group, thinks prices are near a cyclical peak and could decline 15-20% over the next couple qtrs before resuming another rally that will take the yellow metal to fresh highs.

    ·         Private internet companies – Barron’s article discusses trading on SharesPost in privately held internet firms like Facebook.

    ·         Internet sales taxes – Barron’s says the chances of Congress passing legislation mandating the collection of state sales tax is slim.

    ·         Barron’s review of Feb HF returns and AUM.

    ·         PFE may be planning a big split-up of the business (according to a recent Barron’s profile); however, Barron’s says other pharma stocks, like NVS and MRK, may be more attractive here given their cheaper multiples and better growth prospects.

    ·         LINTA: Liberty Interactive is mentioned positively by Barron’s. The article highlights QVC and how some think the stock (at $16) is valued at a 40% discount of LINTA’s NAV (which may be caused by Liberty Media’s structure & tracking stock status).

    ·         Hyatt: Barron’s “The Trader” makes some positive comments regarding Hyatt, which has pulled back more since February than its peers (Hyatt dn 13% vs. MAR dn. 8%, HOT dn. 6%). The article points to Hyatt’s balance sheet, mix of lodging assets, and its exposure of corporate travel. In addition, the data for the lodging sector continues to improve – in February, STR data showed US RevPAR was +7.9%, European RevPAR was +8.9%, and Asian was +17.7%.

    ·         Towers: Barron’s “The Trader” makes some positive comments on the Towers (mostly AMT); the article cites some research across the street that defended the groups after its pullback early last week.

    ·         Interview w/Don Yacktman – bullish on PG, JNJ (says CLX isn’t as cheap anymore following the recent Icahn-related run-up).

    ·         OSK – Neg Barron’s article, saying that its dependence on military contracts won’t be enough in light of defense budget cuts. The article also talks about how their nonmilitary business continues to struggle.

    ·         HON – Pos Barron’s article, saying the company’s exposure to aerospace, autos, oil/gas, and energy saving consumer products should help the company “lift off.” Barron’s also said on a valuation basis HON is at a fair discount, well below the multiple of rival EMR.

    ·         EMN – Pos Barron’s article, saying the company’s asset sales over the past three years and valuation relative to DD, CE, and DOW should help the stock.

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