Morningstar gets it!

This morning Morningstar published an article titled, "Year-old IPOs that deserve a second look."

"The merger of electronic stock exchange Archipelago and the 213-year-old nonprofit New York Stock Exchange will create NYSE Group, a modern for-profit market with a narrow moat."

In the wake of so many bucket-headed articles that have been written recently, this article comes as a breath of fresh air. The article provides insight to content published in the research report that Morningstar issued on 9/20/2005. The title of this report is, "We like the New York Stock Exchange and Archipelago deal."

Here's what Morningstar says about the NYX deal:
"Archipelago (Pacific:AX - News)

Risk rating:
Above average

Recent price % above/below our fair value estimate:
-31%

From the Analyst Report:
'Markets have long been good businesses. Since at least medieval times, for-profit marketplaces have offered safety to merchants and buyers, providing theft protection and a court to resolve disputes. The merger of electronic stock exchange Archipelago and the 213-year-old nonprofit New York Stock Exchange will create NYSE Group, a modern for-profit market with a narrow moat.' "