Below is a note from Hedgeye CEO Keith McCullough on why we're adding Invesco (IVZ) to the long side of Investing Ideas today:
"Post 3 up days, we're getting a slow-volume down day for US Equity Beta.
I'm not at all surprised by that. I would be surprised to see SP500 break down through 2340 TRADE support, however. That's mainly because the low-end of my current SPX risk range (2) is higher than 2340.
Sure, I can wait on 2354 and get more aggressive with “buy” signals there... but, in the meantime, it's common to see single stocks sell off to the low-end of their ranges. One stock on my "buy list" (i.e. my analyst, Jonathan Casteleyn, likes it) is Invesco (IVZ):
We ran the proposed synergies on a Franklin Resources (BEN)-Invesco (IVZ) deal which would be +9% accretive to Franklin on a $40 per share proposed deal for IVZ."
