Cendant is splitting into three businesses. Cendant has a vastly overpaid CEO (Harry Silverman), whom no
one seems to like. The company also had an ugly balance sheet with a lot
of debt, though it has used a lot of that cash flow to shore up its finances
over the past year or so.

Cendant also owns some nice cash-flowing businesses with recognizable
brand names (Ramada, Days Inn, Century 21, Coldwell Banker, Avis and
Budget -- to name just some). These businesses are all mature slow- growers, but perhaps newfound independence will instill some entrepreneurial fervor into these companies. That often happens with
spinoffs. (Continued)

The travel businesses (Wyndham) and real estate companies (Reology)
start trading independently at the end of this month.
Perhaps there may be something worthwhile in looking at
one of these spinoffs. It depends on how the market receives them and at
what price they trade.
This too has been an out of favor stock and has been in a downtrend for 2 years.
I would buy some at the market now and hold.
I would also average down at 15, 14, 13, and 12.