I am the Global Editor at MoneyShow.com and each week I interview an investing expert. This week, I spoke with Daniel J. O'Keefe, portfolio manager of Artisan International Value Fund and portfolio co-manager of Artisan Global Value Fund, who is taking a long-term look and finding opportunities in undervalued companies.

Q. Daniel, during this period of global economic crisis have you been a steady buyer of equities in Artisan Global Value Fund (ARTGX)? If so, why and what have you been purchasing?

A. As almost all our stocks are falling further from their fair value targets, the hurdle for new investments keeps moving up. So, a good portion of our buying has been in existing holdings. For example, Bank of New York (NYSE: BK), a holding in Artisan Global Value Fund, has been extremely volatile. Not a traditional bank, BK makes most of its revenues and profits from capital markets, related fee income, and a significant money market business. BK has not been immune to the credit concerns of the markets, but its exposure to low quality commercial paper has thus far been manageable. We have taken advantage of these concerns to add to our position.

Purchases we made in the third quarter include Tyco Electronics (NYSE: TEL), a leading [Bermuda-based] manufacturer of electronic connectors used in everything from cell phones and computers to automobiles. This is an attractively valued business with high margins, attractive returns on capital, and good cash flow generation.

Tyco Electronics (NYSE: TEL) provides engineered electronic components, network devices and telecommunications systems to customers in the automotive, appliance, aerospace, defense, telecom, computer and consumer electronics industries. In all, the firm manufactures approximately 500,000 products. It was one of the two daughter companies formed when Tyco International (NYSE: TYC) separated its electronics and healthcare groups from its core security and engineered products operations.

Tyco Electronics surprised the Street earlier in the month, when it reported fiscal Q4 EPS of 59 cents and revenues of $3.62 billion. Analysts had been expecting 54 cents and $3.43 billion. The CEO noted, "Our strong sales growth was largely due to continued strength in our international markets, which account for more than 60 percent of our sales, along with another very strong quarter in our Undersea Telecommunications business." Management also guided Q1 EPS to 56-58 cents (54 cent consensus), Q1 revenues to $3.53-3.60 million ($3.35B consensus) and FY08 EPS to $2.40-2.50 ($2.35 consensus).

MOST NOTEWORTHY: The exchange sector, Progenics Pharma, Tyco Electronics and PharMerica were today's noteworthy initiations:

• Keefe Bruyette initiated coverage on Exchange Sector: The firm started shares of CME Group Inc (NYSE: CME), NYMEX Holdings Inc (NYSE: NMX) and NYSE Euronext Inc (NYSE: NYX) with Outperform ratings and a $669 target, $147 target and $90 target, respectively. The firm also started shares of Investment Technology Group (NYSE: ITG), Nasdaq Stock Market Inc (NASDAQ: NDAQ) and IntercontinentalExchange Inc (NYSE: ICE) with Underperform ratings and a $47 target, $36 target and $158 target, respectively, and shares of Knight Capital Group (NASDAQ: NITE) with an Underperform rating and $13 target.
  
• Progenics Pharmaceuticals (NASDAQ: PGNX) was added to Friedman Billings' Top Picks list and its Outperform rating was maintained. The firm has a high degree of confidence in the success of the MNTX Ph III studies in post-operative ilieus, as well as the FDA approval of the subcutaneous injection in terminally ill patients with opiod-induced constipation around the 1/31/07 PDUFA date.
• RBC believes margin expansion will drive long-term appreciation in Tyco Electronics Ltd (NYSE: TEL) and started shares with an Outperform rating and $41 target.
• PharMerica Corporation (NYSE: PMC) was initiated with an Underperform rating at Bear Stearns. The firm believes PMC will be pressured by customer losses and generic reimbursement cuts and sees shares trading in $12-$13 range.

OTHER INITIATIONS:

• Ryanair Holdings (NASDAQ: RYAAY) was initiated with a Market Outperform rating at Avondale.u
• Banc of America initiated shares of Town Sports International (NASDAQ: CLUB) with a Sell rating and $15 target.
  
• Goldman started shares of Genesis Lease Ltd (NYSE: GLS) and Aircastle Ltd (NYSE: AYR) with Neutral ratings.

Tyco International Ltd. (NYSE: TYC) hosts its analyst meetings Tuesday to showcase its new spin-off companies. Late last week we saw trading begin in the two spin-offs on a when issued basis:

The Tyco Healthcare unit is named Covidien Ltd. and is trading under a when-issued ticker (NYSE: COV) or on most symbols as "COV-WI"; Covidien traded down 0.5% to $46.25 yesterday.

The Tyco Electronics"unit is appropriately named Tyco Electronics and trades as (NYSE: TEL) or "TEL-WI"; Tyco Electronics closed down 4.25% yesterday at $37.15.

The remaining company for all of the security and fire company is remaining Tyco International Ltd. and keeping the "(NYSE: TYC)" ticker; shares traded down 0.67% to $34.09 yesterday.