We haven't done midweek previews of the next Ugly 20 before, but we haven't had a situation like this either. Illumina's had a pair of bonds whose prices have made you want to shield your eyes ever since the company received an unsolicited BBB- S&P rating in August. Frankly, they weren't that pretty even before that rating. But they never made it onto our Ugly 20 because of the stock's reasonably high volatility and the bond's price point within the par halo.
But with the latest outbreak of Illumina stock buying, the bonds have been jacked up into Ugly 20 territory. Keep an eye out for more illumina-tion next week to see just how high the bonds land. Until then, keep your feet on the ground, and keep reaching for the...er...genomes.