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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (19994)	11/1/2004 7:02:47 PM
From: Carl Worth	Read Replies (1) of 78652

I sold some Nov 20 puts after my Octobers expired (fortunately the stock closed a couple pennies out of the money), but those are underwater now after the recent drop. I may have to roll them or take the stock in a couple weeks, though it could also easily regain the 20 level. I also bought a few shares under 18 last week, and even got a .25 dividend already for a little pizza money (though the stock is in my IRA so that would be a pizza many years from now -G-). Overall I think NYB may have trouble moving significantly higher in the short run after they withdrew their guidance for 2005, but with a book value around 12 bucks, reasonably good earnings even with the recent strategy adjustments, and a 1.00 a share dividend which they have repeatedly stated they will maintain, the stock should be able to at least hold in the general area of 20, making it a good put play and trading vehicle. I think the stock will also gain at least modest support from the idea that they are always a possible takeover target. They had looked for a buyer early this year but never found a deal they liked, but with their foothold in NY, they would be attractive to many potential suitors.

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