The seed business, an unlikely takeover area, may be the next scene for just that. A stock that some major market players have been eyeing, both for its long-term fundamentals and its takeover allure, is Pioneer Hi-Bred International (PHB), the nation's largest producer of corn seed and a leading soybean seed producer, whose shares hit a 52-week high of 111 1/2 on Mar. 12, up from 98 in late January. It has since eased to 100 on profit-taking.

What's the reasoning behind the takeover theory? For one thing, DuPont already has acquired a 20% stake in Pioneer, investing $1.7 billion, or about $104 a share, for a research alliance and a joint venture to develop new crops of value to farmers, livestock producers, and consumers. Another seed company, Dekalb Genetics, has put itself up for sale. Monsanto, Dow Chemical, and Cargill are reported to be potential bidders.

Stephen Leeb, editor of Personal Finance, says Pioneer in a buyout could easily command $150 a share. But the stock could hit 150 in a year just based on long-term value, he says.

Over the past five years, Pioneer's profits have grown nearly 20% a year, as unit sales and profit margins rose with higher grain demand, says Leeb.