Autor: More
Data: 25-05-2003 08:30
Segundo os entendidos é "O maior caçador de leões" do momento.
Para bom entendedor 1/2 palavra...
In the latter category, Charles Biderman, president of TrimTabs.com Investment Research in Santa Rosa, Calif., recently declared a new bull market has begun, as reported here on April 25 . But Monday, Biderman reported turning "cautiously bearish," noting a slowdown in corporate buybacks and cash takeovers, and accompanying increase in stock offerings.
In the past two weeks, there have been $600 million in new cash takeovers and $5.5 billion in stock buyback announcements vs. new offerings of $7.5 billion and a rise in insider filings to sell shares, Biderman noted. For all of April, stock buybacks totaled $7.7 billion, less than half the monthly rate in the first quarter, while the $13 billion in new offerings more than doubled levels in both February and March. (Notably, Monday's big takeover announcement was a stock-for-stock transaction between USA Interactive and Lending Tree.
Citing these trends, TrimTabs' L1 metric -- a formula that incorporates new stock offerings plus insider selling minus cash takeovers and share buybacks -- has now turned bearish. The firm also estimates equity mutual funds suffered outflows of $900 million for the week ended May 1, snapping a string of six consecutive weekly inflows.
Meanwhile, the pace of new stock offerings is expected to increase this week, including the initial public offerings of DigitalNet and iPayment.
"We have reported many times since last July's initial upturn that after each market rally, corporate buying slowed and selling began," Biderman wrote. "We had hoped this time would be different [but] apparently not. We still think the market is in a bull market. However, there are always intermediate tops and bottoms."
http://www.thestreet.com/markets/aarontaskfree/10085279.html
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