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FEBRUARY 12, 2007
The Lurking Hunger For ADM  Archer Daniels Midland (ADM)
dropped from 56 in May to 32 on Jan. 31, and investors who were betting
on strong demand for ethanol feel let down. But not Carl Birkelbach,
president of Birkelbach Investment Securities, which owns shares. He
sees ADM shooting back to 46 this year. "ADM is attractive, especially
at this price, because of many things other than ethanol," he says. "It
had gone up too far, too fast, when the big institutions jumped in, to
get out of their oil holdings," he notes. Now ADM has gone back down
just as fast, despite improving earnings, says Birkelbach. With 250
plants worldwide, ADM processes raw corn, soybeans, and wheat into
ingredients for food manufacturing. Joseph Agnese of Standard &
Poor's (MHP
) rates it a buy and sees faster earnings growth through 2007, partly
due to biofuel demand. He expects profits of $2.50 a share in 2007 vs.
$2 in 2006.
Note: Unless otherwise noted, neither the sources cited in Inside Wall Street nor their firms hold positions in the stocks under discussion. Similarly, they have no investment banking or other financial relationships with them.  By Gene G. Marcial
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