Cheap biotech; added AMI acquisition to diversify revenues; eventually either turns around, or gets taken out itself; meets Graham/Merkel criteria as a deep value play

Expensive on a P/E basis, but cheapest large casino player on a P/CF basis. Decent national footprint, including Borgata jewel, and strong expansion plans through 2010. Given recent private equity activity, seems as reasonable target; large debt load though. Boyd family holds 30%, would only allow a deal at a substantial premium.

Good, steady growth, at a much cheaper price than Walgreen's. Takeover of Caremark should prove accretive, and potentially transform the industry model with the combination of a drugstore and PBM. Defensive play; also offers play on aging demographic

meets Merkel criteria as a deep value play; roughly $4 cash per share, no debt; attracted activist investor interest; probable M&A candidate if management does not deliver on strategic review process. Don't like their WowWee acquisition, held for sale now.

$4 per share cash, zero debt; low burn rate; two drugs in Phase III trials with results expected in 2007 and 2008, with more in earlier stage trials; if the trials are successful, stock should perform very strongly, multibagger; if not, still decent pipeline, with cash on the balance sheet and large short position providing downside support. Short term heavily oversold, and has bottomed in the $7.75 range 5 times in the last 12 months. Fell through previous bottom at $7.75, bounced off $7.00; cash balance provides floor

Defensive play, with 12-15% earnings growth; Blackhawk giftcard subsidiary provides exceptional growth, and could eventually be spun out, probably worth $6-10 per share; not cheap, but steady. As of March 22, 2007, only 6 of 17 analysts rate it a buy, with 5 sells; lots of room for upgrades as the economy slows, the Lifestyle reformats continue, and Blackhawk continues to grow strongly

Nice play on aging, vain baby boomers, demographic; over $6 cash per share, no debt; trades at 11x 2007E EPS, ex-cash. Earnings down YoY, due to G&A and marketing buildout, which should allow easier comps going forward, analysts estimate 19% or so. Strongest margins in the industry; new dental laser product has strong potential.

One of the cheapest, large E&P companies; nice balance between oil and natural gas; nice diversification between North America, North Sea, and SE Asia; very good management; very large asset disposal and share repurchase program underway, could repurchase 10%+ of the stock this year; recent Icahn purchase