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To: Earlie who wrote (115970)	8/8/2001 3:26:27 AM
From: Step1	Read Replies (2) \| Respond to of 436258

Earlie and Patron, i have been pricing BA (and to some extent looking at GD as well) puts for some time but have not taken the plunge yet. Problem is, they are a lot more diversified now (more defense and Sat communication business) and that makes them to some extent a defensive play as well... Gulfstream is now a part of GD as i am sure you know, and GD is waiting for the go ahead for their proposed merger with Newport News Shipbuilding, so no way to get at Gulfstream ... I know Mike Burke liked pair trades (Ask Mike Burke Thread) but he cant comment anymore... Long LMT (Lockheed) short BA? Dont know , i feel a bit lost here... The simplest idea is usually the best, so just a few BA puts under the mattress will do best...?? I am also thinking of waiting for the go ahead for the merger Newport-GD to be announced and then buy puts after the spike. Otherwise (merger`s blocked), all bets are off...(there are always other fish to fry ...) Mergers usually dont deliver as much as they promise, and although i thing defense companies will do well under Bush, it doesnt mean the stock PRICE will do well nor does it mean that defense contracts will flow smoothly and timely... Regards Stephan just thinking outloud ... PS Earlie, looked at AC.TO lately? hmmm back to almost where i had bought them pre merger with CP... Too bad i sold way too early on that one... sg