NEW YORK, Feb. 14, 2000 (PRIMEZONE) -- The following is being issued by Fletcher and Faraday, a member of the National Association of Securities Dealers, CRD number 29769: Fletcher and Faraday (Broker Dealer -- Member NASD).
WorldBestBuy.com, owned and operated by parent company International Brands Inc. (OTCBB:INBR). We are continuing coverage with a BUY rating. WorldBestBuy announced that it's making it possible for online consumers to save money plus receive free Internet service tthrough its new "WorldBestBuy.com Club" shoppers program. The company says that for a $39 one year membership, club members receive 5% off all qualified purchases. As well as free e-mail service and a year of free Internet Access directly from WorldBestBuy's proprietary ISP connection. We see this new program as an excellent way to attract new business, get exposure and create brand awareness for WorldBestBuy.com.
We followed several companies for insider activity. We believe insider buying is a very positive sign to look for when investing for growth. When people who run the company, and know it better than anyone else out there, start buying their company's stock in the open market, we think that is a strong indicator of where the company is headed. Insiders of following companies expressed confidence in their companies by buying stock in the open market. We initiate coverage on these companies with an ATTRACTIVE rating.
Bank of America (NYSE:BAC). With $633 billion in assets Bank of America is the largest bank in United States. Fundamentally trading at under 9 times 2000 estimates. We think the stock is undervalued. Insiders are starting to buy the stock with 2 directors each picking up a 2 thousand share block.
Mattel Inc., (NYSE:NAT). During October 1999 company executives purchased 151,000 shares in the open market at an average price of $12.95 per share.
Bell South Corp. (NYSE:BLS). In October 1999 company executives purchased 40,000 shares in the open market at an average price of $44.83 per share.
Allied Riser Communications (Nasdaq:ARCC). In October 1999, insiders purchased 21,500 shares in the open market at an average price of $18 per share.
Associates First Capital Group (NYSE:AFS). In October 1999 executives purchased 5,000 shares in the open market at an average price of $32.75.
Fletcher and Faraday is a Broker Dealer and member of the NASD and SIPC. Fletcher & Faraday herein prepared material upon information supplied by the company or other sources believed to be reliable. The information contained herein should not be considered to be all-inclusive. INBR have approved the statements made in this report. This discussion contains forward-looking statements that involve risks and uncertainties. A company's actual results could differ materially from those described in any forward-looking statements or announcements discussed within. This material is for information purposes only and should not be construed as an offer or solicitation of an offer to buy or sell the securities. Please consult your broker before purchasing or selling any securities mentioned in this report. Fletcher & Faraday has been compensated for its investment banking services provided by the agreement with International Brands Inc. (25,000 INBR Investment Common Shares). Fletcher & Faraday, its clients, officers, directors, employees may buy, sell or have a position in the securities described in this report and may profit in the event the shares rise in value.