- Sector Strategies for the Dow 10,000 Market
- Art Cashin: What Dow 10,000 Really Means
- Dow at 11,000 to 11,500 by Christmas: Market Expert
- 10 Stock Picks from 2 Top Investment Strategists
- Byron Wien's 2009 Market Predictions: Was He Right?
- My Intel Price Target Now: Tech Analyst
- Art Cashin: How Today's Market Is Like Dot-Com Bubble
- Use VIX to Protect Your Portfolio: Strategist
- Why JPMorgan Peers Look Good Now: Equity Pro
- Gold, Oil and Cash: 2 Investment Advisors' Strategies
MOST SHARED
- Dow 10K: Celebrating 10 Years of 0% Return
- Sector Strategies for the Dow 10,000 Market
- Asking the Wrong Vivendi Question
- Highest Market Caps Today vs. 1999
- Art Cashin: What Dow 10,000 Really Means
- Don't Expect Rush To Get A Second Chance
- Yahoo Sings For Its Supper
- Dow at 11,000 to 11,500 by Christmas: Market Expert
- 10 Stock Picks from 2 Top Investment Strategists
- Thursday Look Ahead: Bears Are Sheepish
- Social Security to Make it Official: No COLA
- Test Link
- AB InBev Sells E. Europe Ops to CVC for $2.2 Billion
- Singapore's OCBC to Buy ING Asia Private Bank
- Cramer Slaps Smack-Talking Kodiaks
- How Far will Asia Go? Look to Kospi, Not Dow
- The Last Dow 10,000: How the World Has Changed
- Kudlow: Dow Hits 10,000 as Storm Clouds Gather
RSS FEED

Hedge Fund Honcho Picks a Drug Store
"I very rarely like to make stock recommendations," hedge fund manager William Ackman of Pershing Square Capital Management told CNBC. "I'll point out an 'interesting opportunity.'"
Recommendations:
"Long's Drugs [LDG
Loading...
()
] is trading at a nickel above a cash tender offer that CVS [CVS
Loading...
()
] is holding open to acquire the company," he said.
"Under the terms of the deal, the tender offer has to remain open until August 2009, or they get a two-thirds tender from the people who own the stock."
Ackman says Long's was never shopped, and that the offer from CVS appears to have followed word of another bid, presumably from Walgreen [WAG
Loading...
()
].
"(Long's) is a company that reached the end of its strategic life, had an incredible market position in California and Hawaii," he explained. "It owned a PBM (pharmacy benefits management unit) that was incredible undervalued...and it was an asset that we thought Walgreen, CVS, Walmart [WMT
Loading...
()
] would be interested in acquiring."
_______________________
New from CNBC.com:
_______________________
Disclosure:
Ackman's firm owns shares of Long's Drugs.









