Word: stockings
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...dial-up customers before broadband took off. Today they're losing billions in ad revenues to Google and Yahoo. By consolidating their websites into a mammoth network, they could sell ads across the board. Hooking up would be a defensive play too. Google raised $4.1 billion in a stock offering last week and has been encroaching on Microsoft's most precious turf, the computer desktop. Microsoft is worried about falling further behind Google in the Web-search races and would love to get AOL to replace its Google search engine with Microsoft's. The AOL unit could fetch as much...
...Allbaugh as one of its lobbyists in Washington and has scored two separate $100 million Katrina-related contracts--one to help the Army Corps of Engineers pump water out of New Orleans and another to help FEMA provide temporary housing. Soon after the deals were announced, Shaw's struggling stock soared from $16 to $24 a share...
These days, as usual, Wadhwaney thinks the herd is heading in the wrong direction. For example, although he grew up in Bombay, the center of India's boom, his fund doesn't own a single Indian stock. "People are paying ridiculous prices on promises of the future," he says. Nobody can reliably predict which way the stock market will move or what a company's earnings will be, he argues, so the key is to focus on the present. That means appraising a company's existing assets and buying the stock only if those assets are grossly undervalued. Typically...
...what should the patient bargain hunter be buying in Asia today? Wadhwaney suggests looking at out-of-favor Japanese stocks like Asatsu-DK Inc., an advertising agency that's "extremely cash rich," well positioned in an industry that's ripe for consolidation and "very cheap." He also likes Nichicon Corp., a producer of aluminum capacitors--ubiquitous components in electronic products. It's an acutely cyclical industry that's deeply depressed, but Nichicon--like every other company whose stock Wadhwaney owns--is so well capitalized that Wadhwaney believes it will undoubtedly survive the downturn...
...tangible assets--because the Taiwanese tech sector was crushed. He also likes BIL International, a Singapore-listed company that owns thousands of acres in Hawaii that it may or may not succeed in developing, a hotel chain in London and oil and gas royalties from the Bass Strait. The stock trades for at least 30% less than its value by his "ultraconservative" appraisal. Then there's Liu Chong Hing Investments, which owns an exceptionally well-financed Hong Kong bank, as well as property in mainland China. The stock, listed in Hong Kong, trades at a 35% discount...