Barron’s Online highlights Amvescap (AVZ), saying that the co’s already-sagging stock looks especially cheap. Co shares fell 8% last week, a week that included not only the departures of portfolio managers and other employees, the subject of a court battle, but the announcement that Robert H. Graham, the vice Chmn and co-founder of AIM, will retire. Amvescap stock is now trading at roughly 15x estd earnings for ‘07, and about 13x ‘08 ests, multiples that are well below the avg for other asset managers. "It is a buying opportunity," says Niamh Alexander, of CIBC. "I do believe they have the right asset mix for sustainable growth."
“Inside Scoop” section reports that since the start of the year, Adage Capital Partners increased its holdings in Pacific Sunwear (PSUN) to 4.2m shares, or a 6% stake, up from about 1.7m shares. Ben Silverman, of InsiderScore.com, says Atchinson and Gross (Adage was founded by Robert Atchinson and Phil Gross in ‘01.) continue to "run a lot of money" for Harvard University and other endowments. They are "very smart ppl, playing with other smart ppl's money."
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