Sorry to say, but Schlumberger (SLB) no longer fits into our theme of owning oil companies who are potential takeover candidates. We will sell the stock from the IA portfolio immediately.

I am replacing the stock with Pep Boys (PBY). Pep Boys has had large clusters of insider buying recently, and even at current prices insiders continue to accumulate the stock;

I am also addding the ProShares UltraShort S&P500 fund, symbol SDS.

PEP BOYS MANNY MOE & JACK (PBY)

Admiral Advisors, LLC B 233,334 @12.75 = $2,975,008
STRAUSS THOMAS W B 233,334 @12.75 = $2,975,008
Hudson Thomas R Jr (Director) B 200,000 @13.00 = $2,600,000
Barington Companies Offshore Fund, Ltd. (BVI) B 466,666 @12.75 = $5,949,991
MITAROTONDA JAMES A (Director) B 466,666 @12.75 = $5,949,991
Hudson Thomas R Jr (Director) B 110,000 @12.75 = $1,402,500
STRAUSS THOMAS W B 33,333 @11.00 = $366,663
Starboard Value & Opportunity Master Fund Ltd B 33,333 @11.00 = $366,663
LNA Capital Corp. B 66,667 @11.00 = $733,333
MITAROTONDA JAMES A (Director) B 66,667 @11.00 = $733,337
LEONARD WILLIAM (Interim CEO) B 30,000 @10.90= $326,895
LEONARD WILLIAM (Interim CEO) B 10,000 @10.94 = $109,438
HOTZ ROBERT H (Director) B 9,000 @10.89 = $98,010
MITAROTONDA JAMES A (Director) B 89,733@ 10.95= $982,966
SCACCETTI JANE (Director) B 2,763 @10.97=$ 30,310
LUKENS MAX L (Director) B 7,300@ 10.95= $ 79,935
LUKENS MAX L (Director) B 42,700 @10.98 = $469,050