Miller says stocks are the cheapest they've been since January 1991 (16-plus years)!

TD AMERITRADE (NASDAQ: AMTD) disclosed that hedge funds Jana Partners and SAC Capital delivered a letter to the board of directors indicating they wish to see TD AMERITRADE pursue a business combination with one of its industry peers, E*Trade Financial (Nasdaq: ETFC) or Charles Schwab (Nasdaq: SCHW). The funds believe that TD Ameritrade can dramatically increase long-term shareholder value through a combination.

A discussion about Health Management Associates' decision to ward off a private equity takeover by declaring a $10 special dividend and a brief discussion of special dividend taxation.

E-Trade is in denial about the impacts the Bank of America free online trading offer will have. SINLetter decides to pull the plug on their TD Ameritrade investment and details his rationale. (I can almost see the invaders climbing the walls of this castle that has no moat.)