Word: discounting
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...might think, after seeing the barrage of bad news about the major airlines, that the entire industry is going to be stuck on the tarmac by Thanksgiving. But far from all the chatter about bankruptcies and cutbacks, a few enterprising carriers are quietly soaring. Discount pioneer Southwest is readying its first transcontinental flights, from Baltimore, Md., to Los Angeles, starting this fall, while New York City-based upstart JetBlue is adding more flights on the West Coast and in Florida. These and other discount carriers today account for 20% of domestic air travel, up from...
...release of The Good Girl. Now Aniston is getting the best reviews of her career--the kind of reviews that can lead to Oscar nominations. In the film, she stars as Justine, a small-town Texas woman with a dead-end job behind the makeup counter of a discount store called the Retail Rodeo. Married to a lug (John C. Reilly) who is lacking in both smarts and sperm count, Justine embarks on a disastrous affair with a troubled young co-worker (Jake Gyllenhaal...
...that make what sells well in an economic recovery. Because their earnings are volatile, a better way to value such companies is by looking at sales, says John Manley, market strategist at Salomon Smith Barney. Over the past 30 years, he says, this group has traded at a 10% discount to the price-to-sales ratio (price per share divided by sales per share) of the S&P 500. The discount today...
ENERGY This industry has been scalded by the Enron scandal. The most compelling values are in natural gas (where Buffett has been buying). Typically, gas-company P/Es are slightly above the S&P multiple. Today the group trades at a 50% discount, Manley notes. Big oil companies don't look cheap, but domestic producers are trading below the market average, including Amerada Hess. Electric utilities are best valued by their dividend yields. Secure yields of 4% to 6%--as with FPL and Public Services Enterprises--are out there...
...investors continue to seek out less risky investments, a growing number of name-brand companies are selling bonds to the general public via Wall Street brokerage houses and on-line discounters. (Previously they were available only to institutional investors.) Companies selling these teensy parcels of debt include Freddie Mac, United Parcel Service, IBM and Dow Chemical. Their biggest draw? They usually offer higher yields than Treasury bonds (between 4% and 7%), and some--like those issued by Boeing Capital--pay interest on a monthly basis. The biggest drawback? They're not backed by the government...