Kmart deal a mixed blessing


One of the most candid takes on the surprise Kmart merger with Sears Roebuck came from a slightly dumbfounded analyst who, shortly after the deal, was announced had the gumption to blurt out: "Two bad retailers don't make a right." His second surmise was equally poignant: "Wal-Mart'll still kill em'."

But ESL Investments chief Eddie Lampert seems to be running ahead of the analysts as usual. And it's pretty hard to argue with his track record. Lampert, an expert hunter in undervalued names, has watched Kmart Holding Corp.'s stock rocket from a bargain basement $22