MOST NOTEWORTHY: Celgene (CELG), Flextronics (FLEX), TradeStation (TRAD) and Assisted Living Concepts (ALC) were today's noteworthy initiations:

• Jefferies is positive on Celgene (NASDAQ: CELG) over the longer term given the company's robust earnings growth potential and strong cash flow prospects, and started shares with a Buy.

• Flextronics (NASDAQ: FLEX) was assumed with a Buy rating at Banc of America, who called the proposed acquisition of Solectron (SLR) a positive.

• Friedman Billings believes TradeStation's (NASDAQ: TRAD) unique platform differentiates it from the competition and gives it a sustained advantage, starting shares with an Outperform.

• Ferris Baker Watts initiated Assisted Living (NYSE: ALC) with a Buy rating, calling shares attractive...

OTHER INITIATIONS:

• Banc of America assumed Benchmark Electronics (NYSE: BHE) and Flextronics with Buy ratings as well as Celestica (CLS, target $6), Plexus (NASDAQ: PLXS), Solectron, Sanmina-SCI Corp (NASDAQ: SANM) with Neutral ratings.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

This was an odd morning. I am not sure if the weird factor was that a senior care company was finally being acquired or that there was no real premium to the deal. The Carlyle Group is acquiring Manor Care (NYSE:HCR) in a $4.9 billion acquisition, or $6.3 billion if you include the debt assumption.

Shareholders will receive $67 per share, assuming shareholders approve it. "No-Premium" deals are harder for new shareholders to stomach, but older shareholders will be able to cash out since the stock jumped roughly 20% back in April after word of a deal had come to light when the company announced it was exploring strategic alternatives.

Manor Care employs almost 60,000 people and operates more than 500 facilities in nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home care agencies. If you consider the looming retirement of the baby boomers, all of these facilities offer a considerable value.

It sure seems like the price of poker, or bingo in this case, just went up. You expect more consolidation in a cottage industry that is about to become a secular group.

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.