PDollar’s fall last week is exactly what I’ve been warning about. Bear market in dollar is NOT over. See this article from Bloomberg. -- LarrybrbrDollar Staggers as U.S. Unleashes Cash Flood, Deficit (Update2) brbrDec. 15 (Bloomberg) -- The biggest foreign-exchange strategists and investors say the best may be over for the dollar after a four-month, 24 percent rally.brbrThe currency weakened 5.9 percent measured by the trade- weighted Dollar Index after strengthening between July and November as investors bought the greenback to flee riskier assets and repay dollar-denominated loans from lenders reining in credit. Ever since peaking on Nov. 21, the dollar fell against all 16 of the most-widely traded currencies, according to data compiled by Bloomberg.brbrU.S. policy makers are flooding the world with an extra $8.5 trillion through 23 different plans designed to bail out the financial system and pump up the economy. The decline shows that the increased supply ...

At a time when Israeli financial stocks keep falling and there doesn’t seem to be much interest in the sector, $17 billion hedge fund York Capital is looking to increase its stake in Bank Hapoalim.

According to a report in Globes: ” York Capital wants to expand its activity in Israel and is examining further investments in financial companies.”The sources said that York Capital’s request to the Bank of Israel was with the knowledge and consent of Bank Hapoalim controlling shareholder Shari Arison Dankner. A top banker told “Globes”, “York Capitals’ wish to buy Bank Hapoalim shares especially now is a vote of confidence in the bank and in Israel’s financial system.”

York already owns Psagot investment house which it bought from Bank Leumi. Their move to buy a 9.9% interest in Bank Hapoalim, truly signals York’s commitment to the Israeli marketplace and that they view the country as having

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Monday November 13, 2008 Navivest

Standard & Poor’s is making changes to the S&P 500 and the S&P 400 MidCap. Following are details of the changes:

Wynn Resorts Ltd. (WYNN) is replacing Ashland Inc. (ASH) in the S&P 500, Ashland will replace Lear Corp. (LEA) in the S&P MidCap 400, S&P MidCap 400 constituent DENTSPLY International Inc. (XRAY) will replace Hercules Inc. (HPC) in the S&P 500, and Bucyrus International Inc. (BUCY) will replace DENTSPLY in the S&P MidCap 400 after the close of trading on Thursday, November 13.

Ashland will be acquiring Hercules in a transaction that will result in a company with a market value appropriate for the S&P MidCap 400, and which is expected to close on or about that date, pending final approvals. As of today’s close of trading Lear Corp. had a market value of approximately $129 million, ranking 400th in the S&P MidCap 400 index.

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Reason for comment York Pharma has just announced the acquisition of CellTran, a-Sheffield based company specialised in cellular based wound care and burn dermal therapy. CellTran had been funded to the tune of around £11 million by, amongst others the Wellcome Trust and local Development Authority money. York purchased the assets of the company from its administrators for £70,000. The company is located in the same building as York's Sheffield base and has developed two cellular therapy products (Myskin (TM) and Cryoskin (TM)) that have been launched and are manufactured in a facility that is licensed by the HTA (Human Tissue Authority).

Myskin is a cultured, autologous (from the patient) silicon-based epidermal substitute that is used for the treatment of various intractable or difficult to treat wounds (diabetic foot ulcers and other non-healing wounds) as well as partial thickness burns. Cryoskin is a monolayered allogeneic

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Summary Although it has taken some time to complete, the acquisition of Solvay’s topical Derm product line has accelerated York’s push to achieve the status of a self‑sustaining Specialty Pharma company. The valuation reduction is notable but it brings the company much closer to profitability and a more certain future in this volatile capital market period.

Key points:

Investor risk appetite aside, the markets may be missing a beat here – Patient investors are likely to be rewarded handsomely as on our estimates for 2011, York would earn around 59p fully diluted (based on inking partnerships with upfront payments). At a low 6x multiple on earnings (for a 30% grower) that would imply a stock price of around £3.50-£4.00, a 20-fold gain from today’s market price.

Debt servicing and repayment under the terms negotiated looks to be comfortably doable! – On our estimation, York will have no problem paying the interest and repaying the principle of the debt taken on assuming

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Church Attacks Short SellingChurch of England Supports Attacks Short SellingHere is an interesting article about the Church of England, their support in banning short selling tactics while also profiting from lending stock from their investment pool to short sellers.Hedge fund managers reacted with fury yesterday to an attack on short selling and debt trading by leaders of the Church of England yesterday, pointing to the contradiction between what they say and how they invest their vast assets.Rowan Williams, the archbishop of Canterbury and head of the Anglican church, said it was right to ban short selling, while John Sentamu, archbishop of York, called traders who cashed in on falling prices "bank robbers and asset strippers".Hedge funds ...

Johnson Controls, Inc.'s (JCI) cost-reduction efforts, accretive acquisitions and healthy operating cash flows are driving the stock. Further, JCI commands a strong position in its markets. The company has started benefiting from the York acquisition and will further profit as it begins to integrate the Delphi Battery business.

However, with the Plastech joint venture, the company is expected to incur high restructuring expenses, which would affect earnings negatively. JCI also reduced earnings guidance by 5% to 6% for 2008. A weakening product mix and raw material/price squeeze along with a weak domestic automotive market leads us to rate the stock a Hold with a target of $28.50.

JCI is gaining market share in the seating, interior and battery categories in the automotive sector. The company s global market share is 12% and in the global seating market specifically, its share is 25%. The battery business is set to grow from

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Johnson Controls, Inc.Â’s (JCI) cost-reduction efforts, accretive acquisitions and healthy operating cash flows are driving the stock. Further, JCI commands a strong market share in its respective markets where it operates. The company has started benefiting from the York acquisition and will further benefit as it begins to integrate the Delphi Battery business.

The Delphi acquisition enables Johnson Controls to participate in the rapidly growing Asian automotive battery market. In the Power Solutions segment, JCI has received the three lithium-ion battery contracts available in the industry excluding Toyota. The company expects a lithium-ion battery ready for production by 2010 to be used in the gasoline electric hybrid vehicles.

The company, together with Saft Advanced Power Solutions, an advanced energy storage solutions provider with extensive Li-ion battery expertise, opened a new lithium-ion automotive battery manufacturing facility in Nersac, France.

However, with the Plastech joint venture, the company is expected to incur high-restructuring

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King Pharmaceuticals, Inc.  (Public, NYSE:KG) has risen 19% so far YTD, after having a devastating year in 2997, shedding -35%. On August 19th,  King Pharma announced results Tuesday from its Phase III study of Remoxy, an investigational drug to treat chronic pain, which they said was shown to provide effective around-the-clock analgesia within a patented formulation designed to resist common methods of misuse and ...

Reason for comment York Pharma have announced the acquisition of the sales and worldwide commercial rights to two dermatological products from the Belgian Pharmaceutical and Chemical Company Solvay for a total consideration of €28.5m.

The products are Flammazine® and Flammacerium®, both brands are established in Europe for the prevention of infection in burns and topical wounds. The agreement with Solvay entails the transfer of the brands, any IP and sales on a worldwide basis as well as an associated 5 year supply contract of finished product from Solvay.

These silver-based sulfadiazine (anti-bacterial) products are approved in 21 countries although sales of the product are concentrated in France, Germany, Belgium and Spain. York estimates that the global market for topical anti-infectives is valued around US$450million with the current sales of these products around the $17.2 million (£ 8.7 million) mark or a penetration of 3.8%.

To finance this acquisition, York has

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