Date updated:08-16-2008
Summary of the bullish and bearish positions mentioned in the August 2nd, 2008 Barron's.

-
FRE
Freddie Mac - $1.16
- 0.00%
- $1.16
A quasi-nationalization of Fannie Mae and Freddie Mac could involve the issuance of new preferred stock. The companies' assets may be worth negative $50 billion each.

-
FNM
Fannie Mae - $0.99
- +2.06%
- $0.98
A quasi-nationalization of Fannie Mae and Freddie Mac could involve the issuance of new preferred stock. The companies' assets may be worth negative $50 billion each.

-
BRCM
Broadcom Corporat - $28.80
- -2.01%
- $29.56
Broadcom is on track to grab lots of market share in smartphones -- and to enjoy falling R&D costs. Its growth in free cash flow suggests the stock could be worth 40% more than its current quote.

-
RHD
N/a - $0.41
- 0.00
- $0.41
R.H. Donnelly's stock has plummeted to $2 from $68 on fears its debt will drag it into bankruptcy. If its business stabilizes, however, the stock could rally. The bonds also look good.

-
BNS
Bank Of Nova Scot - $42.25
- 0.00%
- $N/A
BNS is a great place to hide and offers more upside potential than many of its bigger rivals, he avers. The stock trades at about 11 times EPS estimates of $4.42 for fiscal 2009, up from an estimated $4.04 in fiscal 2008, which ends in October. In the first half of fiscal 2008, the $46 billion market- cap bank's net income fell 12%, but that result was still head-and-shoulders above those of rival American banks, many of which had mega-losses. While BNS trades at a premium to many of its southern cousins, it's in far better shape, notes McCormick, because it isn't afflicted with hard-to-value credit assets and huge subprime write-downs. On Aug. 26, BNS reports its third quarter. It'll be worth watching.

-
AEO
Amer Eagle Outfit - $15.74
- 0.00%
- $N/A
Cash on hand and a debt-free balance sheet position the company to buy back more shares. And only seven of the 25 analysts who cover the once-hot stock are bullish about its prospects. Risks include near-peak margins and a core store fleet that is closing in on saturation in North America, notes Susquehanna analyst Thomas Filandro. But the brand "remains a destination" for what Filandro calls "mating-phase consumers" (even if the mating age seems to be getting steadily younger). "With estimated year-end cash of $856 million, or $4.10 a share, and no debt, we believe AEO offers a compelling risk-reward profile for long-term investors."

-
HPQ
Hewlett Packard C - $47.59
- +0.57%
- $47.23
In the hardware sector, Sacconaghi notes, Hewlett-Packard (HPQ), IBM (IBM) and Sun Microsystems (JAVA) all generate more than 60% of their revenue outside the States. He cautioned that Hewlett-Packard, which reports July quarter results on Tuesday, may need to reduce its revenue guidance for the October quarter. In a note on the stronger dollar's impact on HP, Sacconaghi cautioned that the company has maintained or boosted revenue guidance in each of the past nine quarters, "so any reduction in outlook might be viewed as disappointing."

-
EXTR
Extreme Networks - $2.54
- 0.00%
- $N/A
I've written a couple of times in this space about a little equipment company called Extreme Networks (EXTR), which has an improving business and an overflowing balance sheet. In my latest (Aug. 4) review, I described Extreme, which then had about $2 a share in cash and a stock-market value of just over $3, as "crazy cheap." Apparently, Extreme's board has been thinking the same thing. Last week, the company announced plans to buy back $100 million of its stock in a modified Dutch tender offer. The company will pay $3.30 to $3.70 a share, and repurchase up to 26% of its stock. Late in the week, the shares stood at $3.44, up about 10% since my article ran. While it's not the takeover bid that some holders have hoped for, it's a step in the right direction.
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