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  1. RS: Reliance Steel, Reliable Cash Flows

    http://stockmarketbeat.com/blog1/2008/04/23/rs-reliance-steel-reliable-cash-flows/

    My latest column is up at RealMoney. It is a bullish piece about Reliance Steel (RS - Annual Report). Prices for sheet metal work have been rising, and the durable goods orders show a rising trend. Over the last 12 months, free cash flow (cash flow from operations less capital expenditures) has come in at $540 million, or 12.2% of Reliance’s current market capitalization. …

    71 days ago

  2. Credit Spreads Showing Modest Signs of Easing

    http://stockmarketbeat.com/blog1/2008/04/23/credit-spreads-showing-modest-signs-of-easing/

    The spread between the return on 10-year Treasuries and Baa-rated corporate bonds was 336 basis points last week. In historical terms, that is very high. In fact, the only times in the last 50 years that it was higher were the trough of the tech wreck and the 1982 recession/stagflation busting cycle. …

    71 days ago

  3. CE: Celanese Beginning to Ramp

    http://stockmarketbeat.com/blog1/2008/04/22/ce-celanese-beginning-to-ramp/

    A couple of weeks ago, I wrote on Celanese (CE) for RealMoney, saying it could rise 40% simply by earning the average P/E in its industry. Today Celanese increased its full year outlook for adjusted earnings per share to between $3.60 and $3.85 from its previous guidance range of between $3.40 and $3.70. …

    71 days ago