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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Bob Rudd who wrote (13124)	9/28/2001 12:25:08 PM
From: Bob Rudd	Respond to of 78516

Added to CD @ 12.50 today after CC affirmed that guidance would only be off 13% while stock is off 40+%. Yea, they're in travel biz, but biggest chunk is Avis and 75% of the costs are variable...should adjust to new invironment there by Nov. They have other businesses that actually benefit from punk economy [mortgage activity is way up since rates have dropped] and businesses that are unaffected [Jackson Hewitt Tax service] Most of their hotels are road rather than airport properties and they don't own them...just get franchise fees. Anyway 02 will beat 01 and 02..roughly around 1.20 in 02. Strong FCF. CC will be archived on their Website www.cendant.com @ 1:30.