Undervalued Warrants 9/1/2008
The following is a table of the stock warrants that our analysis shows to be most undervalued at current levels. This list of warrants is intended only as a screening tool for informed investors...we don't claim to have any special technical or fundamental knowledge of the warrants or their underlying stocks. Currently, we analyze the fair value of about 300 stock warrants.
Warrant terms can often be changed by the issuing company, and the sources of warrant information are occasionally faulty or incomplete in their descriptions of redemption prices, conversion ratios, etc., so it behooves the potential warrant investor to double-check the terms of the warrants. We also strongly advise that the potential investor have some knowledge of the underlying stock.
Warrants are often quite illiquid, and many are priced at penny-stock levels, and so the bid/ask spreads can be quite intimidating. With in-the-money warrants you should not be willing to pay much more than our quoted ask price, whereas with deeply out-of-the-money warrants you shouldn't automatically balk at paying a considerable ask premium. Depending on the liquidity of the warrant, your own purchase may cause the warrant to close at the high end of the bid/ask, whereas when you wake up the next morning you may find the current quote has dropped back down to the bid price, saddling you with a very quick loss on the order of 20% or more. While a disciplined approach to warrant investing can produce returns that considerably exceed those of stocks, it's not for day-traders.
A warrant that we find to be a bargain today will very likely be a bargain a week from now, so this page may be updated infrequently. If the most current prices on the warrant and underlying stock have not changed considerably since our last update, it is very unlikely that our opinion on the warrant has changed.
| Company | Stock Symbol | Warrant Symbol | Stock Price | Warrant Price | Expiration | Strike Price | Conversion Ratio |
| Boise Inc | bz | bz-wt | 2.96 | .19 | 6/18/2011 | 7.5 | 1 |
| Trico Marine A | trma | trmaw | 23.75 | 7.4 | 3/15/2010 | 18.75 | 1 |
| Converted Organics B | coin | coinz | 5.16 | 2.45 | 2/13/2012 | 11 | 1 |
| Ascent Solar B | asti | astiz | 9.16 | 3.67 | 7/18/2011 | 11 | 1 |
| Raytheon | rtn | rtn-wt | 59.99 | 23.62 | 6/16/2011 | 37.5 | 1 |
| Caliper Life Sciences | calp | calpw | 2.99 | .42 | 8/9/2011 | 6.79 | 1 |
| Mirant B | mir | mir-wtb | 29.58 | 12.33 | 1/3/2011 | 20.54 | 1 |
| Foster Wheeler A | fwlt | fwltw | 151.56 | 49.69 | 9/24/2009 | 4.689 | 3.368 |
Model Portfolio
The following table shows the performance of our model portfolio. The model portfolio was conceived in April of 1996 with a $30,000 cash position. For the sake of simplicity, every time we purchase a particular position, we invest about $1000. With the exception of those stocks for which we've issued a company profile, all the following positions have been selected solely on the basis of the calculated fair values.
| Company | Stock Symbol | Warrant Symbol | Stock Price | Warrant Price | Purchase Price | Purchase Date | Expiration | Strike Price | Conversion Ratio | Positions |
| Pathmark Stores | ptmk | ptmkw | 12.85 | 0.04 | 8.81 | 7/2/2001 | 9/19/2010 | 22.13 | 1 | 114 |
| Interactive Corp B | iaci | iaciz | 17.60 | 4.09 | 47 | 4/30/02 | 2/4/2009 | 13.41 | 1.939 | 43 |
| Chiquita Brands | cqb | cqb_w | 14.68 | 1.05 | 5.50 | 8/30/2002 | 3/19/2009 | 19.23 | 1 | 364 |
| Interactive Corp A | iaci | iaciw | 17.60 | 0.04 | 9.20 | 2/28/2003 | 2/4/2009 | 35.1 | 1 | 435 |
| Imperial Sugar | ipsu | ipsuw | 14.03 | 0.00 | 1.05 | 9/2/2003 | 8/29/2008 | 31.89 | 1 | 1905 |
| Conseco | cno | cno-w | 8.97 | 0.00 | 5.30 | 10/1/2003 | 10/10/2008 | 27.6 | 1 | 377 |
| XO Communications | xocm | xocml | 0.00 | 0.00 | .97 | 11/3/2003 | 1/16/2010 | 10 | 1 | 2062 |
| Spectrasite | ssi | spcsw | 15.92 | 263.00 | 46.75 | 4/30/2004 | 2/10/2010 | 16.00 | 2 | 86 |
| Exide | xide | xidew | 12.34 | 2.21 | 5.30 | 6/30/2004 | 5/6/2011 | 32.11 | 1 | 755 |
| DOV Pharmaceuticals | dovp | dovpw | 0.04 | 0.00 | 8.50 | 8/30/2004 | 6/2/2009 | 10.00 | 1 | 471 |
| Magellan Healthcare | mgln | mglnw | 43.56 | 15.00 | 14.00 | 10/1/2004 | 1/5/2011 | 30.46 | 1 | 286 |
| SmartPros | spro | sprow | 3.95 | 0.06 | .40 | 12/1/2004 | 10/19/2009 | 7.125 | 1 | 10000 |
| I-Sector | inxi | inxiw | 9.05 | 1.45 | 1.1 | 3/1/2005 | 5/7/2009 | 12.45 | 1 | 3636 |
| Washington Mutual | wm | dimez | 15.63 | 0.22 | .10 | 3/30/2005 | 10/10/10 | 10 | 1 | 40000 |
| Foster Wheeler A | fwlt | fwltw | 49.69 | 150.68 | 18.10 | 7/1/2005 | 9/24/2009 | 9.378 | 1.68 | 230 |
| A4S Security | swat | swatw | 0.60 | 0.09 | .82 | 10/3/2005 | 7/18/2010 | 9.00 | 1 | 4878 |
| Trico Marine A | trna | trmaw | 0.00 | 7.96 | 9.65 | 11/1/2005 | 3/15/2010 | 18.75 | 1 | 415 |
| Flighty Safety | flt | flt_w | 0.52 | 0.04 | .8 | 12/2/2005 | 1/30/2009 | 3.30 | 1 | 5000 |
| Mirant | mir | mir_wa | 29.58 | 11.25 | 13.2 | 1/31/2006 | 1/3/2011 | 21.87 | 1 | 303 |
| Vitacube | prh | prh_wb | 1.55 | 0.13 | .2 | 3/6/2006 | 4/5/2010 | 6.00 | 1 | 20000 |
| Milestone Scientific | mss | mss_w | 7.56 | 0.00 | .22 | 3/31/2006 | 2/20/2009 | 4.89 | 1 | 18182 |
| ICOP Digital | icop | icopw | 0.61 | 0.08 | 1.95 | 5/1/2006 | 7/8/2010 | 6.19 | 1 | 2051 |
| Raytheon | rtn | rtn_w | 59.99 | 23.62 | 12.86 | 8/1/2006 | 6/15/2011 | 37.50 | 1 | 311 |
| Caliper Tech | calp | calpw | 2.99 | 0.42 | 1.34 | 10/3/2006 | 8/9/2011 | 6.79 | 1 | 2985 |
| American Telecom Services | tes | tes-wt | 0.02 | 0.00 | .9 | 2/1/2007 | 2/1/2011 | 5.05 | 1 | 4444 |
| Smart Move | mve | mve-wt | 0.32 | 0.02 | .70 | 3/1/2007 | 12/7/2011 | 7.50 | 1 | 5714 |
| Owens Corning B | oc | ocwaz | 24.19 | 2.20 | 4.95 | 4/30/2007 | 10/31/2013 | 45.25 | 1 | 808 |
| Ascent Solar | asti | astiz | 9.16 | 3.99 | 2.32 | 7/2/2007 | 7/18/2011 | 11.00 | 1 | 1724 |
| Gigabeam Z | ggbm | ggbmz | 0.15 | 0.01 | 1.04 | 8/1/2007 | 1/28/2011 | 7.00 | 1 | 3846 |
| Jamba Inc | jmba | jmbaw | 1.34 | 0.05 | 1.96 | 9/4/2007 | 6/28/2009 | 6.00 | 1 | 2041 |
| Pharmathene | pip | pip-wt | 2.15 | 0.13 | .9 | 10/1/2007 | 7/27/2009 | 6.00 | 1 | 4444 |
| GeoEye | geoy | geoyw | 24.75 | 14.90 | 20.49 | 11/1/2007 | 3/31/2010 | 10.00 | 1 | 195 |
| Converted Organics | coin | coinz | 5.16 | 2.65 | .8 | 12/1/2007 | 2/13/2012 | 11.00 | 1 | 5000 |
| US Dry Cleaning | udry | udryw | 0.53 | 0.12 | .2 | 2/1/2008 | 5/14/2012 | 3.5 | 1 | 20000 |
| Boise | bz | bz_w | 2.96 | 0.19 | 1.99 | 2/29/2008 | 6/18/2011 | 7.50 | 1 | 2010 |
| Summer Infant | sumr | sumrw | 4.30 | 0.30 | .34 | 3/31/2008 | 4/20/2009 | 5.00 | 1 | 11765 |
| Fortress International | figi | figiw | 1.79 | 0.10 | .19 | 5/31/2008 | 7/12/2009 | 5.00 | 1 | 21053 |
| Southpeak Interactive | sopk | sopkw | 2.60 | 0.25 | .33 | 6/30/2008 | 4/17/2011 | 5.00 | 1 | 12121 |
| Novamerican Steel | tons | 2.95 | 0.80 | .55 | 7/31 | 5.50 | 2008 | 3/5/2011 | 1 |
| Warrant | Purchase Date | Close-Out Date | Purchase Price | Close-Out Price |
| Co-Counsel | 4/29/96 | 7/96 | .43 | .18 |
| Great Train Store | 4/29/96 | 8/96 | .625 | .43 |
| Acres Gaming | 4/29/96 | 10/20/96 | .437 | 8.75 |
| Victormax | 4/29/96 | 12/30/96 | .375 | 0.0 |
| Data Systems Networks | 4/29/96 | 3/10/1997 | .25 | 2.43 |
| Cypros Pharmaceuticals | 8/96 | 11/3/1997 | 1.25 | 0.00 |
| Cypros Pharmaceuticals | 7/97 | 11/3/1997 | .25 | 0.00 |
| SunPharm | 8/2/96 | 4/13/98 | .25 | 0.00 |
| Univec | 5/11/98 | 7/13/98 | .53 | 0.84 |
| Infinite Machines | 5/17/96 | 9/98 | .375 | 0.00 |
| Innovir | 8/30/1996 | 10/98 | .25 | 0.00 |
| Bio Reference Labs | 7/15/1996 | 11/98 | .688 | 0.00 |
| Community Financial | 4/29/1996 | 12/98 | .563 | 0.00 |
| Sound Source Interactive | 10/13/1998 | 2/8/1999 | .09 | 0.156 |
| Herley Industries "A" | 7/13/1998 | 2/16/1999 | 1.34 | 1.5 |
| Disc Graphics | 2/26/1998 | 2/16/1999 | .75 | 0.625 |
| LJ International | 2/22/1999 | 3/4/1999 | 2.00 | 2.50 |
| LJ International | 3/8/1999 | 4/23/1999 | 2.15 | 2.50 |
| Dualstar | 6/15/1998 | 5/3/1999 | .25 | 1.125 |
| Chicago Pizza and Brewery | 12/15/1998 | 5/23/1999 | .06 | .09 |
| Titan Pharmaceuticals | 4/14/1998 | 11/12/1999 | .875 | 3.375 |
| Titan Pharmaceuticals | 4/14/1998 | 11/19/1999 | .875 | 5.375 |
| Dualstar | 6/15/1998 | 1/7/2000 | .25 | 2.53 |
| Questron | 9/13/1999 | 1/7/2000 | .72 | 4.25 |
| Aid Auto | 4/29/1996 | 1/21/2000 | .438 | 0.00 |
| Dualstar | 6/15/1998 | 2/11/2000 | .25 | 7.00 |
| Barringer Tech | 6/2/1997 | 2/11/2000 | 1.5 | 0.00 |
| Solomon Page | 6/16/97 | 2/11/2000 | .344 | 0.00 |
| Texas Biotechnology | 10/11/99 | 2/17/2000 | .875 | 6.75 |
| Uniroyal Tech | 1/12/98 | 2/17/2000 | 3.50 | 41.375 |
| Vion Pharmaceuticals | 4/29/96 | 2/17/2000 | .75 | 9.125 |
| La Jolla Pharmaceuticals B | 5/1/97 | 2/17/2000 | .59 | 1.15 |
| International Nursing | 7/19/96 | 3/13/2000 | .344 | 0.00 |
| Aris International | 10/1/97 | 4/2000 | 5.11 | 0.00 |
| Bogen Communications | 11/28/97 | 3/30/2000 | 1.125 | 4.75 |
| Vion Pharmceuticals B | 4/29/96 | 3/27/2000 | .75 | 16.56 |
| Cohesant Technologies | 4/29/96 | 2/2000 | .188 | 0 |
| Aasche Transportation | 4/29/96 | 2/2000 | .375 | 0 |
| Ligand | 4/29/96 | 6/12//2000 | .650 | 3.50 |
| Herley "B" | 2/16/99 | 11/13/2000 | 3.94 | 6.18 |
| IMC Global | 9/14/98 | 12/23/2000 | .75 | 0 |
| Paracelsian | 4/29/96 | 9/2000 | 1.563 | 0 |
| Texas Biotechnology | 10/11/99 | 12/31/2000 | .875 | 0 |
| Greenman Technology | 5/31/96 | 9/28/2000 | 1.03 | 0 |
| New Paradigm Software | 7/19/96 | 8/11/2000 | .25 | 0 |
| TJT Inc | 3/30/97 | 12/22/2000 | .25 | 0 |
| La Jolla Pharmaceuticals | 5/1/97 | 6/2/2000 | .5937 | 0 |
| TMCI Electronics | 1/20/98 | 3/5/2001 | 1.31 | 0 |
| Meadow Valley Corp | 12/22/97 | 10/16/2000 | 1.125 | 0.0 |
| US Laboratories | 6/28/2000 | 6/18/2001 | .94 | 3.25 |
| Energy Search | 11/10/1997 | 6/20/2001 | 3.50 | .80 |
| SFBC International | 11/27/2000 | 7/3/2001 | 1.25 | 20.7 |
| Digital Recorders | 5/17/96 | 6/22/2001 | .688 | 0.0 |
| Help at Home | 9/1/97 | 12/5/2000 | .625 | 0.0 |
| TJT | 3/30/97 | 12/22/2000 | .25 | 0.0 |
| New Paradigm Software | 8/11/2000 | 6/22/2001 | .25 | 0.0 |
| Neotherapeutics | 5/17/96 | 9/26/2001 | 4.00 | 0.0 |
| SFBC International | 11/27/2000 | 8/21/2001 | 1.25 | 8.05 |
| Elan Class A warrants | 2/14/2000 | 12/31/2001 | 40.75 | 51.5 |
| Elan Class A warrants | 3/13/2000 | 12/31/2001 | 46 | 51.5 |
| Return Assured | 5/15/97 | 4/10/2002 | 1.625 | 0 |
| Integrated Surgical | 5/15/97 | 4/10/2002 | .75 | 0 |
| Andean Development | 5/15/97 | 4/10/2002 | .75 | 0 |
| Digital Video Systems B | 7/15/97 | 4/10/2002 | .62 | 0 |
| Digital Video Systems A | 2/2/98 | 4/10/2002 | .43 | 0 |
| Productivity Technologies | 9/15/97 | 4/10/2002 | .875 | 0 |
| Factual Data | 8/14/98 | 4/10/2002 | 2.625 | 0 |
| Phar-Mor | 3/15/99 | 4/10/2002 | 1.00 | 0 |
| Washington Group | 6/11/99 | 4/10/2002 | 3.5 | 0 |
| Supergen B | 11/25/97 | 8/12/2001 | .9 | 0 |
| Tech Electro | 5/11/1998 | 11/30/01 | .91 | 0 |
| Chicago Pizza | 10/15/97 | 3/8/2002 | .25 | 1.1 |
| Hemagen | 3/17/97 | 4/30/2002 | 1.125 | 0 |
| Farmstead Telephone | 9/15/97 | 8/12/2001 | 0.25 | 0 |
| Advanced Elec Support | 2/2/98 | 2/13/2002 | 0.5 | 0 |
| Mooney Aerospace | 3/9/98 | 8/31/02 | 1.09 | 0 |
| Questron | 9/13/99 | 3/5/2002 | .72 | 0 |
| Nam Tai | 4/28/2000 | 11/24/2002 | 2.82 | 0 |
| Video Network Comm | 4/30/2001 | 6/15/2002 | .80 | 0 |
| Taser Industries | 10/31/2001 | 2/3/2004 | 3.35 | 118 |
| Nuwave | 7/31/2001 | 7/30/2002 | .23 | 0 |
| Digital Descriptor B | 5/17/96 | 1/2/2004 | .56 | 0 |
| Interactive Systems | 9/15/97 | 1/2/2004 | 1.75 | 0 |
| Encore Medical | 11/10/97 | 1/2/2004 | 1.18 | 0 |
| Uniroyal Technologies | 1/2/98 | 1/2/2004 | 3.5 | 0 |
| Harvey Electronics | 7/13/99 | 1/2/2004 | .38 | 0 |
| Collegiate Pacific | 1/31/01 | 5/20/2004 | .87 | 4.45 |
| LJ International | 8/11/1999 | 4/15/2005 | 1.81 | 0 |
| Eagle Supply | 12/13/1999 | 3/12/2004 | .91 | 0 |
| Eagle Supply | 3/13/2000 | 3/12/2004 | 1.25 | 0 |
| Entropin | 8/28/2000 | 3/14/2005 | 2.75 | 0 |
| Radyne Comstream | 10/30/2000 | 2/7/2005 | 4 | .20 |
| Forest Oil | 9/4/2001 | 2/15/2004 | 7.75 | 4.90 |
| Orbital Sciences | 1/31/2002 | 8/31/2004 | 2.90 | 5.85 |
| Komag | 7/31/2003 | 5/7/2005 | 5.85 | 15.34 |
| Nexell | 2/28/2001 | 2/28/2006 | .625 | 0 |
| Rockwell Medical | 5/11/1999 | 1/26/2006 | .43 | 0 |
| Rockwell Medical | 3/13/2000 | 1/26/2006 | 1.18 | 0 |
| GMX Resources | 11/29/2001 | 2/12/2006 | 1.35 | 34.20 |
| Stage Stores | 9/31/2002 | 8/23/2006 | 22.90 | 16.91 |
| Relm Wireless | 7/29/2002 | 2/12/2006 | .12 | 0 |
| Alderwoods | 9/30/2002 | 1/2/2007 | .21 | 0 |
| McLeodUSA | 10/31/2002 | 4/16/2007 | .35 | 0 |
| Krispy Kreme | 3/31/2003 | 6/24/2007 | .79 | 0 |
| Agnico Eagle | 1/31/2003 | 10/31/2007 | 5.50 | 38 |
| Metals USA | 12/1/2003 | 11/30/2005 | .75 | 3.49 |
| Lucent | 2/1/2005 | 12/10/2007 | 1.19 | 0 |
| Twenty First Century | 3/31/2004 | 7/31/2007 | 4.3 | 0 |
| Syntroleum Z | 6/1/2004 | 5/21/2008 | 1.95 | 0 |
| Sunterra | 4/30/2005 | 7/26/2007 | 1.25 | 0 |
| Microvision | 7/3/2006 | 7/6/2007 | .59 | 1.99 |
| RAM Energy Resources | 10/31/2006 | 5/11/2008 | .82 | 0 |
copyright stockwarrants.com 1995-2010. All rights reserved