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([link widoczny dla zalogowanych]) The ratio of readers who request the current views of the "mystery broker" to those who angrily demand "No more" is now high enough that an update is in order.
The Salina Police Department is seeking help from the public in identifying a person cashing a stolen $20 scratch-off lottery ticket that was stolen Wednesday morning from Iron Pump, 418 E. Iron.
Eight lottery tickets and three cartons of [link widoczny dla zalogowanych] were taken and a glass door was shattered during the burglary, which occurred shortly after 3:30 a.m. Wednesday.
Videos of the incident have been posted on the Crimestoppers Facebook page and can be viewed on the Journal’s website, salina.com. ([link widoczny dla zalogowanych])
In the video, the suspect walks into another convenience store to cash a winning ticket.
Police ask that anyone with information about the identity of the people involved call Crimestoppers, 825-TIPS, text SATIPS to CRIMES (274637), or visit pd.salina.gov and follow the Crimestoppers link to submit a web tip.
([link widoczny dla zalogowanych]) Tipsters are eligible for cash rewards of up to $1,000 and are not required to give their names.
When I last invoked him (Streetwise, July 19, 2010), this broker, who has done a fine job calling the market's path in recent years on both sides of the crisis and prefers to stay anonymous,[link widoczny dla zalogowanych], was bullish amid general anxiety. With the S&P 500 at 1064,[link widoczny dla zalogowanych], he was calling for it to rise to 1300 by summer 2011; he later modified that 1300 to 1350. We are just about there,[link widoczny dla zalogowanych], at 1293.([link widoczny dla zalogowanych])
The broker is sticking with his call for a climb to 1300 to 1350 by June or July, interrupted by a 5% to 10% drop in the first quarter. Like 2005 (a touchstone year for this column this year) and 2007, about all of the annual gains will come in the first half. He rightly points out that the market has a lower valuation than in either '05 or '07,[link widoczny dla zalogowanych], which should keep a lid on selloffs and spur buyout and merger action.
([link widoczny dla zalogowanych]) Essentially upbeat on the economy, which means corporate profits should come in roughly as forecast, he asserts that most of the good profit news of '11 was paid for by the near-two-year rally. (That rally, by the way, has now driven up the total value of U.S. stocks,[link widoczny dla zalogowanych], as measured by the Wilshire 5000 index, by exactly 100% from the March 9, 2009,[link widoczny dla zalogowanych], bear-market trough.)
It all makes sense, even if it doesn't depart profoundly from the prevailing Wall Street view.
On a shorter-term,[link widoczny dla zalogowanych], tactical basis, by my sights, the market seems ill-equipped to shrug off any disturbance in the broadly held happy view. Make no mistake, the market is acting incredibly?Dalmost literally incredibly?Dstrong. Every slight wiggle lower is welcomed as a gift for apparently underinvested folks; retail investors have finally arrived with satchels of cash.([link widoczny dla zalogowanych])
All this matches up nicely with the climate that prevailed near the springtime high this past April. That was the last time that the Dow, as it has just done, rose for seven straight weeks. And nearly every measure of individual and investor sentiment matches up quite closely to levels seen in late April, when this column suggested, "The main thing not to like,[link widoczny dla zalogowanych], for the immediate market future if not the longer haul, is just how much most traders and investors are liking this action."
This isn't a prediction that the market is poised to tumble more than 15%, as it did starting April 23 amid the eruption of Europe sovereign-debt angst and unfounded double-dip fears. Stocks are cheaper now, based on expected and trailing earnings,[link widoczny dla zalogowanych], than they were then,[link widoczny dla zalogowanych], the economy appears sturdier and?Dcrucially?Dthe credit (if not muni) markets are unperturbed.([link widoczny dla zalogowanych])
Still, at the risk of missing a further melt-up as the Fed sluices money into an economy that may not need it, it seems a low-probability moment to aggressively chase stocks higher.
IT MIGHT REQUIRE holding one's nose, and breath, to buy shares in Lorrilard (ticker: LO), for a couple of reasons.
First, some investors have a strong moral aversion to owning a piece of the cigarette industry. Another is the threat that a Food and Drug Administration committee might recommend curtailing, or banning, menthol cigarettes under a legal ban on "flavored" cigarettes, which until now exempted menthol.([link widoczny dla zalogowanych])
The latter concern has knocked shares of Lorillard, whose Newport brand dominates in menthol, from above 89 on Nov. 9 to 77 today, leaving the stock at a steeply discounted valuation to its tobacco peers based on cash flow. The stock yields 5.8%. The market is registering fears that there is a decent chance of a menthol ban, and that Lorillard's business (85% reliant on menthol) would be decimated.
Those brave enough to bet that the FDA won't pass a menthol ban can get the company with the best balance sheet and growth prospects in the industry at a discount.
Longtime Morgan Stanley tobacco analyst David Adelman believes the risk of a ban is "fairly remote,[link widoczny dla zalogowanych]," given lack of scientific evidence of increased harm of menthol versus other smokes and concerns about reducing states' tobacco-tax income. The FDA committee is due to deliver a nonbinding recommendation in March. Adelman sees Lorillard's value at $95 on his base-case view that the menthol risk lifts. Downside, on the slim but real chance of a ban,[link widoczny dla zalogowanych], could be $55.([link widoczny dla zalogowanych])
With the probabilities weighed accordingly, the stock seems to offer better than a bettor's chance of a payoff.

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