MM, I was just looking. I know that today was merger day and they changed the prices. I still have puts, but I no longer know what strike price they are at. Oh, well, I'm going to have to work my way through a lot of dull legal crap to figure it out. <G>
I think this one is weaker as a combo than as individual cos. However, with the new stock in the low $30s, it isn't of much interest to a putter. We have barely seen the tip of the derivative and bad loan iceberg. Then you have Travelers, which gets to play the same problem from the Salomon/Smith Barney side of the street. I really think Sandy Weill was trying to find somebody solvent to bolster his dumb financial moves and, instead, made another dumb financial move.
Somebody in Barron's called GE a Hedge Fund because they massaged quarterly eps reports with dividend capture and capital gains from GE Capital. Hey, I used to do that for a living and it is semi-honest. <G> But if GE is a hedge fund, the phony flim-flamming at Travelers and Citicorp make them look like Medium Term Capital Corpse. <G>
So, I agree that we are likely to see a short term pop. But play it with calls. Don't own this piece of crap stock.
MB |
