Word: sectoral
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Many players believe there's opportunity now for similar triple-digit returns. "I think several hundred percent [return] is possible" if leverage is used, says Anton Schutz, portfolio manager of the Burnham Financial funds, which have been investing in the sector since last fall. However, he believes the biggest buying opportunities are still six to 12 months away. (See the top 10 scared stock traders...
First, if a tsunami of private-equity players and REITs jump into the sector, competition for assets will heat up, which could drive prices up. If this happens, potential profits will shrink, says Tom Fink, senior vice president of Trepp LLC, a commercial-mortgage-research firm...
...investors have been cautious on the group, giving only lukewarm receptions to four entities that recently went public in the sector: PennyMac raised only $335 million in its IPO - less than half of the $750 million it had expected - and its stock fell below its opening price after trading began; Invesco Mortgage Capital Inc. (IVR) raised $170 million; and Cypress Sharpridge Investments (CYS) grabbed $100 million. Starwood fared better, raising $810 million - the second largest IPO this year - but its share price also slipped below its IPO price the first day. (See which businesses are bucking the recession...
...parts of Ethiopia and Tanzania, and several African governments are now looking at zinc programs. The treatment is already stirring interest among rich-country donors and drug companies: about 20 firms in countries from France to India have begun manufacturing zinc tablets during the past few years. "The private sector was never really interested in ORT," Fontaine says. "But zinc has totally taken off. It looks like real medicine and is not given out for free." (See pictures of Ethiopia's harvest of hunger...
Some municipalities are using the money to create jobs. In Perry County, Tennessee, for example, 300 private- and public-sector positions are being subsidized through the use of several million dollars' worth of the state's emergency-fund allotment. Some of these are just temporary, a short-term pick-me-up for the laid-off. Elsewhere, officials are eyeing the emergency fund for longer-term aid. Los Angeles, for example, has plans to kick off a yearlong employment program that will give subsidized jobs to up to 10,000 people. (See 10 perfect jobs for the recession - and after...