Word: banc
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...wouldn't say she's got the Big Mo, but there's clearly a change in investors' willingness to view the merits of the deal," says Joel Wagon-feld, research analyst at Banc of America Securities, which had previously been skeptical of the merger. Indeed, the gap between what HP wants to pay for Compaq shares and how the market values them--a key measure of merger confidence, called the arbitrage spread--has narrowed from a toxic $4.35 in November to $1.70. In another tacit sign of support, the company's top five shareholders have been quietly adding to their...
...spending, there are some encouraging signals. The index of leading economic indicators was up for the fourth month in a row in July. The country is still essentially at full employment, and manufacturing (excluding technology) is showing signs of stabilizing. Given all that, strategists such as Steve Young of Banc of America Capital Management have confidence the economy is in the "bottoming-out process." That bodes well for U.S. equities...
Galbraith says the opportunities are pretty widespread, but Bristol Myers Squibb and American Home Products are his favorites. Drug analyst Barbara Ryan of Deutsche Banc Alex. Brown concurs: she says estimates for Bristol's earnings are too low--she's penciling in 13% or 14% annually over the next three years. And now that the fen-phen fiasco is behind American Home, she says, the company can concentrate on drugs like Enbrel for rheumatoid arthritis...
...still the linchpin of the economy. And scared consumers sit on their wallets. "We do not believe we are in a recession. But the economy is vulnerable to a decline, and the consumer is the key to preventing a decline," notes Steve Young, the director of asset allocation at Banc of America Capital Management in St. Louis, Mo. Want to help? Buy something...
...that time at hand? A lot of people think so. "The broad economy is not as bad as the technology economy. More people are starting to wake up to the fact that this is a technology problem," says Thomas McManus, portfolio strategist at Banc of America Securities in New York City. Certainly there are hopeful signs. Consumer-sentiment figures released by the University of Michigan Friday suggest that the pessimism may be leveling off. Car and home sales have held up reasonably well, drawing down inventories, a critical issue. Consumers have been refinancing their homes at the fastest clip...