This Spin Off May Be A `Screaming Buy'Jeffrey M. Laderman
Corporate spin-offs are the orphans of Wall Street. Take GFC Financial, recently spun off to stockholders of parent Dial. The new stock, which trades on the Big Board, climbed as high as 23 but has since fallen to 19 3/8. Much of the selling has come from index funds that must own Dial because it is part of the Standard & Poor's 500 but can't own GFC because it's not part of the index. Even the announcement of strong first-quarter profits, up 42%, failed to stem the selling pressure.
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