We all know that gpt is getting taken out right....so what to do...when the gpt deal gets announced af will pop in sympathy even if it isn't getting taken over. So buy af as a cheaper and less risky way of buying gpt. This is why af is going up with gpt every day!
Since the GPT/NFB deal is official, it will be interesting to see what AF does. If they haven't hooked up with WM, the logical choice is NYB. If they can work out a deal that is accretive as the GPT/NFB combination, then they should go for it.
The scarcity value of AF's franchise should support an attractive deal. I don't think AF will stand by and not look for a deal that benefits shareholders in the long run. Things are about to get interesting!
No, Astoria is going to get hit the next few weeks as the realization is that GE won't sell. It'll rise at first, then he'll issue a statement saying they're "open", which will then be qualified by analysts who will say that GE wants to stay on (or his associates) or he wants a price that is way too high.
The stock is already at 17X earnings for '03 and 12X '04. It's not going much higher unless they definitely agree to sell. And I don't think they will go that route.