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ЕЛН Message Board

  • astrojny astrojny Mar 19, 2003 10:35 AM Flag

    LYON price - 48.63

    Per Value Line.

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    • Yeah go to Can get 7 day free trial, but intra-day prices are only available on analytics page whih requires membership - can get one-day membersgip for $9.95. I signed up for $200 one year retail membership because its what I do these days. AT end of day you will get the closing price under the 7 day free. Right now its 47.5, basically unchanged from yesterday.

      Create a portfolio and then go Portfolio Maintenance and find the Elan issues.

      Good luck


    • Thanks, but time will tell. I do a lot of the busted converts as of last summer - OMC, SGR; used to do mainly BBB or better credit, but that trade is now gone. Only thing left is with below investmnet grade companies. Best puttable converts in the next 18 months are: Lucent of 8/1/31, Mirant of 6/5/21 and Calpine of 11/1/29 and 12/26/06.All. except Lucent yield over 30% to put date; Elan ytp is 38.77% through December put date. Mirant is most interesting play as it has been going up steadily each day all month. Believe Mirant is buying back; Lucent yields 20% and goes up every day too; has doubled in past few months. CHeck out to see the busted converts.

      Dangerous business but if you believe ELAN will pay as I do its great money to be made. Time will tell.

      The brokers suck. I use Pru because I get very low commissions; Howver as I worked for SSB until ealier this year, used to get employee discount . Now they rape me. However, pru gors the street. SSB wanted to seel to me for 48, but got Pru to sell at 47.75.Gooe to know the price on the converts before you buy so you dont get ripped to much.

      Am new to Elan but feeling good today as things are moving up.

      Thanks and good luck. Always good to know you are not alone.


    • That is significant. I believe the price was close to 55 post King deal announcement.

      I wonder if there have bee sales of LYON's lately? Would be a great way to use some of the share buyback cash.


      • 1 Reply to nemodogdad
      • They're better off buying back the LYONS at a discount than buying back stock (which would be put to them if they didn't come up with the cash). They also save on interest payments . Buy buying back the bonds, they don't push up the price of the stock. They minimize their obligations. Also, the LYONS may drop the longer this KG thing drags on and the closer we get to expiration (i.e. December)..
        There's no reason for the Company to buy back the stock. There is reason for management to buy stock personally, as it sends a signal to the market and enables them to profit/or lose on their turnaround scenario.
        While there are many who short the stock, it's quite difficult to short the bond and outside the purview of the classic arbitrage (short the stock and go long the bonds). Each security has a different class of investor. The bond holders are more staid and dowdy while the shorts and longs on the stock are speculators. The shorts want to keep the pressure on and forclose on the company. They already have large profits locked in, so they can afford to short more, knowing that the stock has lost institutional support.