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Expected Splits
Sunday, January 07, 2001

                                       Date Expected
Symbol         Company                 To Announce

KRB            MBNA Corporation           01/10
LEN            Lennar Corporation         01/10
KBH            Kaufman Broad Home Corp.   01/11 

KRB - MBNA Corporaton $37.19 (+0.25)

MBNA Corporation has historically split at the $35-$40 level. Its last split was a 3:2 that was announced on 07/14/98 at $37.56. Since the last split, MBNA has broken out of a yearlong descending wedge formation and has reentered split territory. We expect another 3:2 announcement to come out of MBNA's earnings announcement, set for January the tenth.

LEN - Lennar Corporation $38.06 (+1.81)

Lennar has its hands in both sides of the housing market. It builds homes and also services mortgages. With interest rates falling, both sides of Lennar's businesses have been booming. LEN last did a 3:2 split back in 1994. Since then the stock has been fluctuating with the changing interest rate environment, but has been on a tear this year. The company has enough authorized shares to enact another 3:2 split. We expect this announcement to come out of its January tenth earnings announcement.

KBH - Kaufman Broad Home Corp. $34.50 (+0.81)

Just like Lennar, KBH has taken advantage of a friendlier interest rate environment. The biggest homebuilder in the West has never enacted a split. However, we feel it is about time that the housing giant pony up and reward investors for their perseverance. With the stock trading close to all time highs and with plenty of authorized shares, we are targeting a 3:2 split announcement to coincide with KBH's earnings release date of January eleventh.

 


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