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The United States is pushing China to allow significant appreciation of the yuan, which it says is substantially undervalued, while Beijing is unhappy at the US Federal Reserve's loosening of monetary policy through quantitative easing.
"The market badly needs a statement from the Americans that the euro is substantially undervalued and the dollar is substantially overvalued," said Klaus Friedrich, chief economist at Dresdner Bank A.G.
The I.M.F. has said that the renminbi is substantially undervalued, but like American policymakers it is wary about pressuring China too severely, and has few tools to do so given that it operates by consensus.
MacKenzie agrees with Transocean management's view that the companys stock is substantially undervalued.
But G Asset Management, which said Barnes & Noble is "substantially undervalued in its current form," said its bid is conditional on due diligence, the ability to obtain financing and the outcome of negotiations.
China's currency is "substantially undervalued" in the IMF's view.
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"We think we are substantially undervalued right now".
And when the market learned last week of his repayments in stock, Mr. Kozlowski said he would buy 500,000 shares of Tyco stock because he thought the stock was substantially undervalued.
In a decorous compromise the report concluded that the yuan was "substantially" undervalued but refrained from quantifying the size of the problem.Big revaluations of the kind required to satisfy the fund or equalise the price of burgers are unlikely.
Responding to calls by the United States for the I.M.F. to take a more assertive role in mediating exchange rate tensions, Mr. Strauss-Kahn defended the institution, saying the I.M.F. had repeatedly stated "that we believe that the renminbi was substantially undervalued and something has to be done to fix this problem over time".
John Rogers, analyst at D.A. Davidson & Co., notes better than expected third-quarter earnings at STRL, backlog improvement ($511 million at the end of the quarter, up 39% year-over-year), and shares that at current levels are substantially undervalued.
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