Trading Theme returns…  Automakers’ bailout vote today…  Not using all your arrows…  Housing Starts go back to 1959! And Now… Today’s Pfennig!

OK… Whew! What an awful day yesterday for the currencies… In the morning, they ere in rally mode with the euro gaining ground to well within the 1.27 handle. But then the Trading Theme set in, and those gains were wiped out. The Trading Theme was set off by the awful Housing data, which reminded everyone of the deep, dark , dangerous days ahead… I bought some euros, and watched them rise, and went off to do something else… When I returned, they had fallen… UGH! The Japanese yen, however, rallied, as is the case with the Trading Theme… Risk trades get unwound, which benefits dollars, and yen. I’ve explained all this before, so I won’t get into it again, but there’s someone that has gone into the problems

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Parlux Fragrances, Inc. (PARL), which has no debt, offers an attractive forward P/E ratio of 7. The company's price-to-book is at 0.62, well below the industry average of 1.3.

Company Description

Parlux Fragrances is a Florida-based manufacturer of designer fragrances under the brands of Paris Hilton, Jessica Simpson, GUESS?, Nicole Miller, Natori, Queen Latifah, XOXO, Ocean Pacific (OP), Andy Roddick, and Fred Hayman Beverly Hills. The company also has licenses for Paris Hilton watches, cosmetics, sunglasses, handbags and small leather accessories.

Parlux, a Zacks #1 Rank (strong buy), distributes its products in the U.S. through department and specialty stores and internationally to more than 90 countries through department stores and perfumeries.

Recent Events

The company just announced the signing of a worldwide licensing agreement with Marc Ecko Enterprises to develop and market a line of prestige fragrances for men and women.

Parlux management stated that Marc Ecko is the global leader

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Quantum Of Solace, the latest James Bond movie, starring Daniel Craig and Olga Kurylenko, has just been released, and is supposed to have more product placements than any of the other James Bond movies. There are many publicly traded companies that have paid to have their product appear in the film and several companies that benefit from the Bond movie. Here are the components of the index:Ford Motor (F) for the Aston Martin, and the Ford Car that Camille drives.Heineken Holding NV (HKHHF.PK) for the beer.Diageo plc (DEO) for the Smirnoff vodka.Swatch Group (SWGNF.PK) for the Omega watch.Singapore Air (SINGF.PK) which owns 49% of Virgin Atlantic.Sony (SNE) Sony Ericsson cell phones, laptop and mobile phones.Coca Cola (KO) Coca-Cola Zero Zero Seven.Activision Blizzard, Inc. (ATVI) Quantum of ...

Ferro Corporation (FOE), the specialty chemical manufacturer, recently announced it was selling its fine chemicals business to Novolyte Technologies LP for $66 million in cash. The company said the proceeds will be used to pay down debt.

The business manufactures electrolytes used to make lithium batteries as well as specialty solvents. Novolyte will absorb the manufacturing employees.

Ferro, a Zacks #1 Rank (Strong Buy), continues to have strong fundamentals.

On Aug 5, it reported second quarter earnings that beat Wall Street estimates by 31.25%. Sales rose 17% to $650 million from $553.7 million in the year ago period.

Consensus estimates for the third quarter are steady at 31 cents per share. Full year estimates are up 5 cents to $1.38 in the last 60 days. Analysts expect 2008 year-over-year earnings per share growth of 62.65%.

Ferro is now trading at 10.5x forward earnings. Its price-to-book is

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