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Daily Newsletter, Friday, 06/22/2001

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PremierInvestor.net Newsletter          Weekend Edition 06-22-2001
                                                    section 1 of 3
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section one:

Market Wrap: Ho-hum ahead of Fed by Jeff Bailey
Play-of-the-Day: Computer Sciences Corporation CSC (Bearish)
Watch List: What a combo, techs and beer!
Trading 101: Point and Figure Chart Construction

-----------------------------------------------------------------
U.S. Market Numbers
-----------------------------------------------------------------
MARKET WRAP  (view in courier font for table alignment)
-----------------------------------------------------------------
        WE 6-22         WE 06-15          WE 6-08          WE 6-01
DOW    10604.59 - 19.05 10623.64 -353.36 10977.00 - 13.41  + 78.47
Nasdaq  2034.82 +  6.39  2028.43 -186.67  2215.10 + 65.66  + 38.95
S&P-100  636.15 +  9.52   626.63 - 25.29   651.92 +  2.31  +  3.38
S&P-500 1225.35 + 10.99  1214.36 - 50.60  1264.96 +  4.28  +  4.85
W5000  11312.45 + 74.45 11238.00 -498.70 11736.70 + 65.13  + 61.20
RUT      488.65 -  6.48   495.13 - 16.51   511.64 +  9.92  +  5.22
TRAN    2676.49 - 17.13  2693.62 -188.47  2882.09 -  4.96  - 58.85
VIX       22.50 -  3.83    26.33 +  4.92    21.41 -  2.55  -  2.00
Put/Call    .69              .73              .54              .53
 -----------------------------------------------------------------

===========
Market Wrap
===========

Ho-hum ahead of Fed

Next week (Wednesday June 27th) we will get a decision on 
interest rates from the Fed and today's trading held little 
excitement for traders.  For the most part, stocks traded in a 
relatively tight range.  About the only group of securities that 
seemed to find any type of continued move were bonds.  For the 
most part, bond YIELDS started the session lower (buying in bonds 
drives YIELD lower) and that continued throughout the session, 
right up to the end of trading when YIELDS accelerated lower.  
Right after I saw a sharp move lower in bond YIELDS, news hit the 
wire that U.S. troops had been put on heightened alert in the 
Persian Gulf region as tensions in the region rise.

Not long after bond YIELDS dipped sharply lower we did see 
traders seemingly pack their bags and say, "the heck with this" 
and sell some holdings before the closing bell.  The Dow 
Industrials (INDU) finished down 110 points or 1% after clawing 
its way back to being down just 50 points before the Persian Gulf 
news hit the wires.  One of the positives we thought the Dow 
Industrials held for equity bulls was that this index was holding 
above its 200-day moving average.  Today's close at 10,604 has 
the Dow Industrials closing just below this key longer-term 
moving average which is at 10,617.

Dow Industrials Average - last five months




While a 110 point decline is not that significant as it relates 
to the Dow Industrials, we do want to note that this index did 
close just below its longer-term 200-day moving average and does 
indicate that the shorter-term weakness we've been seeing may be 
turning into longer-term weakness.  Today's news out of the 
Persian Gulf sure didn't help things here.

S&P 500 Index Chart - last five months




I'm thinking a lot of money managers around the world that have 
some type of capital exposure to the S&P 500 are looking at the 
above chart and asking one simple question.  "Under current 
market conditions and money flowing into U.S. Treasuries, what is 
my risk/reward if I step into the SPX here at 1,225 and buy this 
basket of stocks?"  With the S&P 500 currently trading below key 
moving averages, I think the answer is fairly simple.  The first 
sign of life for the SPX right now would be a break above the 
1,250 level (taking it above downward trend and back above the 
50-day moving average) thus 25-points of effort to get bullish 
and the downside risk to support and rising trend is near the 
1,165 level.  From the 1,225 level, this gives us risk of 60-
points.  I don't know about you, but I don't like the risk/reward 
here unless I had a stop set just under the 1,200 level.  Perhaps 
now we can see why today's Persian Gulf news had many traders 
saying "the heck with this."

But that's just what has to have bearish traders somewhat 
worried!  That's right... worried.  Today I got several e-mails 
from readers wondering what in the world was going on with shares 
of Micron Technology (NYSE:MU) when the company missed earnings 
estimates by a mile, but the stock managed to trade as high as 
$39.50 today after finishing yesterday's trading at $37.71.  All 
in all, the stock managed to finish with a small gain at $38.38, 
but you get the feeling there are as many bears worried about a 
bright future and coming rate cuts that might start to see the 
economy strengthen.

The market hates uncertainty and today's news out of the Persian 
Gulf didn't help.  We'll have to watch things over the weekend 
and see what develops in the region from here on out.  Should 
things remain fairly calm, look for stocks to trade rather 
lackluster early next week.  I'd continue to be fairly cautious 
of stocks short-term as long as we continue to see bond YIELDS 
fall.  I still think that equity bulls will want to see bond 
YIELDS rise and give hint that big money sees better risk/reward 
relationships in stocks than in bonds.  As it stands today that 
just isn't the case and this will keep some bears interested in 
shorting stocks and keep bulls waiting patiently for lower stock 
prices where they can buy closer to support.

Jeff Bailey
Senior Analyst
PremierInvestor.net


=========================
Play-of-the-Day (Bearish)
=========================

Computer Sciences Corporation CSC $33.65 -1.35 Stop: $36.00

This El Segundo, California-based CSC is one of the world's largest 
information technology services companies.  CSC has more than 800 
locations worldwide.  Its offerings include outsourcing 
(applications development, business process management, systems 
analysis), management consulting (business process reengineering, 
change management) and systems integration.  The company shuns 
publicity and focuses on developing long-lasting relationships 
with clients.  Long-term outsourcing contracts with the US 
government (25% of sales), AT&T and Nortel Networks shield CSC 
from the industry wide slowdown in systems integration spending, 
and continue to fuel sales growth of more than $1 billion a year
since 1994.

Last May, shares took a hit when the company lowered guidance.  
They anticipated 2002 earnings per share to be in the range of 
$2.25 to $2.35.  At the time, analysts were forecasting profits 
of $2.37 per share.  The company cited the difficult economy and 
reduced IT spending for the move and said they expect the slowdown 
to continue into fiscal 2002.  The current analysts' consensus 
forecast is for the firm to earn $2.06 on revenue of $11.5 billion 
in the fiscal year ending March 2002 and $2.72 per share on $12.5 
billion in 2003.  Last year, the firm earned $2.28 per share on 
sales of $10.5 billon.  

The May 19th earnings warning sliced a whopping $21.40 off the 
stock price in one day leaving it at $32.70.  Although the shares 
rebounded from that loss to reach $46.00 on June 6th, additional 
bad news has pumped up the selling pressure.  On Thursday, Credit 
Suisse First Boston reported that CSC was not awarded an Air Force
Range contract estimated at $2.5 billion over 14 years.  Worse yet,
part of the deal was a re-compete and they expect the loss of 
business will reduce revenue for the coming year by $80 million.  
The broker thinks that CSC won't be able to make fiscal 2002 
guidance even if they win most of the contracts in their pipeline.  

Comments:

CSC shares ended Thursday right at $35 support.  Friday brought a 
move through this making likely a test of support levels at $32.50 
and $30.  Selling sentiment is still strong, as evidenced by 
Friday's volume of 2.6 million shares traded being well ahead of 
the 1.4 million daily average.  We are tightening our stop loss to 
$36.00.

Picked on June 21st at $35.00
Gain since picked:       1.35
Earnings Date            N/A (Not Confirmed)

 



==========
Watch List
==========

NXTL - Nextel, Inc. $16.51 +0.25  

WHY WE LIKE IT:  Upgraded by Wit Soundview this morning, the 
increased attention to Nextel should bode well for the already 
improving chart. Soundview's analysts say that even with their 
lowered revenue and EBIDTA estimates, the stock should be valued 
at $24.00 by years end.

POTENTIAL TRIGGER EVENT: While shares of the wireless carrier did 
pierce the 50-dma intraday, they did not settle above this mark, 
causing some reason for concern. In order for us to get on board, 
we would want to see a closing north of $17.00, clearing the way 
for a run to $20.00. Volume was heavy in the session Friday, so 
this could easily occur with the broad market participating. 




===

LLTC - Linear Technology, Inc. $43.84 -0.84  

WHY WE LIKE IT: The book to bill ratio certainly did not reflect 
an improving semiconductor sector, and likely pushes the recovery 
in the group further into 2002. The Philadelphia semiconductor 
index recently set new 2-month lows as well, indicating broad 
weakness in the space as a whole.

POTENTIAL TRIGGER EVENT:  We would like to get short this stock on 
a break and close below the $42.89 level, an event that would 
likely result in prices south of $40.00 for LLTC. Volume has been 
increasing in the stock's latest series of lower lows and highs, 
and once $42.89 is compromised, support for LLTC is non-existent 
until $37.50.




===

FNSR - Finisar, Inc. $14.87 +0.87  

WHY WE LIKE IT: While the optical sector as a whole has been 
largely weak, shares of FNSR are bucking the trend, showing 
excellent relative strength. Likely reasons for the bump higher 
include Merrill Lynch strategist Steve Milunovich adding the 
company to his list of tech firms that will be influential in the 
next 3-5 years late last week.

POTENTIAL TRIGGER EVENT:  With the 50-dma only $2.13 away, we 
would prefer to wait for this level to be taken out by FNSR before 
adding the company as a long position. Volume has been picking up 
of late, making this a more realistic proposition, with the 30-day 
average share count surpassed in the prior two sessions. A 
successful retracement and bounce off of the 10-dma at $13.75 
without compromising $13.13 would also be an attractive entry. 




===

BUD - Anheuser-Bush, Inc. $42.70 +0.34  

WHY WE LIKE IT:  With the economy still showing signs of slowing 
while displaying less definitive signals that a turnaround has 
begun, BUD should outperform the more uncertain sectors of the 
market. The company, largely funded by the debt markets, has also 
been taking full advantage of lower interest expense opportunity 
by issuing new bonds in the fed-induced, lower rate environment.

POTENTIAL TRIGGER EVENT: While the stock just recently cleared the 
50-dma, the more important 200-dma looks just overhead at $43.31. 
There is also limited upside in a trade from this level, as 
resistance from late May lies just ahead at $44.00. A breaching of
 $44.00, however, would likely result in an attempt on $47.00, 
offering a better risk reward scenario. The fact that BUD cleared 
the 50-week moving average with the $1.00 advance this week also 
bodes very well going forward.

 




===========
TRADING 101
===========

Point and Figure Chart Construction

We use point and figure charting quite often on this site, and 
I'm sure some new readers, as well as long time subscribers, 
often look at the chart and wonder if this is a chart of a stock, 
or a game of tic tac toe.  

While bar charts decipher a stock by using price, time, and 
volume, point and figure charts measure supply and demand by 
recording a series of Xs and Os to track the movement of a stock.  
When you break trading down to its simplest form, it is merely an 
open auction that is governed by the laws of supply and demand.  
If demand exceeds supply, prices go up. 

To show how a point and figure chart is constructed, let's assume 
that Zaphod, a hypothetical stock, goes public at $20.  Since 
Zaphod is close to finding a cure for the common hangover, the 
initial public offer is a success, and the stock jumps $5 dollars 
on the first day of trading.  The point and figure chart would 
look something like this.

25 X
24 X
23 X
22 X
21 X
20  

A new X is added each time the stock rises by $1, so to climb 
another X, Zaphod has to have a high, not a close, of $26 or 
greater.  So if on the second day Zaphod has a high of $29 and 
closes at $27, this is what the chart would look like?

30 
29 X
28 X
27 X
26 X
25 X
24 X
23 X
22 X
21 X
20  

Even though the stock closed at $27, 4 more Xs are recorded to a 
level of $29, since that was the high of the day.  

So what happens if on day three the stock has a high of $29, and 
a low of $28?  It didn't have a high of $30, so we can't add 
another X, and it didn't fall far enough to give a three-box 
reversal (coming up next), so nothing is done to the chart.  This 
is one of the differences between a point and figure chart and a 
bar chart; a bar chart must print something everyday, where an 
inactive stock's point and figure chart can go unchanged for 
days.  If the supply/demand picture hasn't changed, why change 
the chart?

On day four, Zaphod is subjected to some profit taking, and had a 
high of $29, and a low of $26.  The first thing we look at is the 
high to determine if one more box is added.  If Zaphod would have 
traded $30, we would have added another X, and not worried about 
the low.  But it didn't, so now we must look at the low to see if 
the stock dropped enough for a three-box reversal.  To change a 
column of Xs into a column of Os the stock must trade 3 boxes 
lower.  So when Zaphod had a low of $26 that was enough to 
reverse the current column of Xs into a column of Os.

30 
29 X
28 X 0
27 X 0
26 X 0
25 X
24 X
23 X
22 X
21 X
20  

On day five the first thing we want to check is if Zaphod had a 
low of $25 or less.  It had a low of $24, so the chart would now 
look like this.

30 
29 X
28 X O
27 X O
26 X O
25 X O
24 X O
23 X
22 X
21 X
20  

With our stock currently sitting in a column of Os at 24, what 
would tomorrows high have to be to reverse this stock back into a 
column of Xs?  27 is correct.

30 
29 X
28 X 0
27 X 0 X
26 X 0 X
25 X 0 X
24 X 0
23 X
22 X
21 X
20  

Those are the basics of point and figure chart construction, so 
lets take a little quiz to see if we've got it.
With a stock currently trading at $30, update the following chart 
with this information.

       High   Low
Day 1  34     29
Day 2  35     31
Day 3  35     32
Day 4  32     27
Day 5  28     25
Day 6  29     25

36
35
34
33
32
31
30 X
29 X
28 X
27 X
26 X
25 X
24 X


Your update chart should look like this

36
35 X
34 X O
33 X O 
32 X O 
31 X O 
30 X O 
29 X O X
28 X O X
27 X 0 X
26 X O X
25 X O
24 X

How did you do?  I would highly recommend going to 
www.stockcharts.com, and printing a point and figure chart of 
your favorite stock.  Then MANUALLY update it every day for a 
week or two.  You could cheat and just go stockcharts.com 
everyday, but manually updating the chart helps to give you a 
better understanding of how this type of charting works, and it 
only takes 30 seconds. Once you get the basics down, we can move 
on to the fun stuff like bullish catapults, bearish price 
objectives, and bullish percent data.




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Do not duplicate or redistribute in any form.


PremierInvestor.net Newsletter          Weekend Edition 06-22-2001
                                                    Section 2 of 3
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================
To view this email newsletter in HTML format with imbedded
charts and graphs, click here:
http://www.PremierInvestor.net/htmlemail/5913_2.asp
=================================================================

In section two:

Split Trader
  New Plays: AdvancePCS, Inc. ADVP (Long)
  Play Updates: Hardware and Education
  Closed Plays: There are no closed ST plays this issue

Net Bulls
  New Plays: Applied Materials AMAT (Long)
  Play Updates: Bears Still Mauling Tech Giants
  Closed Plays: Two closed in the black

Stock Bottom / Active Trader
  New Plays: Viropharma, Inc VPHM (Long)
  Play Updates: Waiting for the Fed
  Closed Plays: No closed SB plays this issue


=================================================================
Split Trader (ST) section
==================================================================

============
ST New Plays
============

  -------------------------
  New Split Candidate Plays
  -------------------------

AdvancePCS, Inc. ADVP $62.82 +3.21 Stop: $59.85

The technical picture for shares of our split candidate has 
taken a bullish bias.  AdvancePCS provides pharmacy and health 
management services for health plans covering 75 million members 
(more than one-fourth of all Americans). AdvancePCS offers 
mail-order pharmacy programs, disease management programs, 
clinical trials and outcomes research, information management, 
and prescription drug services. The company has two online health 
care services: AdvanceRx.com, a Web-based pharmacy; and 
BuildingBetterHealth.com, a health and wellness information 
provider.

The company's fundamentals are solid.  At its last earnings 
announcement on May 29th, the firm beat analysts' consensus 
fourth-quarter estimates of 20-cents per share by reporting earnings 
of 22-cents per diluted share.  This compared well with the 21-cents
per share earnings of the same period the previous year.  For the 
fiscal year ended last March the company earned 84-cents per share 
and is expected to earn $1.51 in the current fiscal year and $1.95 
in 2003.  

After starting the week on June 18th by setting a session low of 
$54.67 the shares have been on a solid upswing.  The case that 
Friday confirmed a bullish reversal is a strong one.  The solid 
$3.21 gain rocketed off support at $60 and made short work of 
running through resistance at offered by the 50-day moving average 
of $60.55.  Buyer enthusiasm is confirmed by high volume of 1.05 
million shares traded, which is well above the 725K daily average 
and the 602K traded on Thursday.  Conservative traders should wait 
for a move through $63 on good volume before taking a position.  
Upside resistance is at $65 and $67.00.  Downside protection should 
come from support levels between $60 and $60.55.

Picked on June 22nd at $62.82
Earnings Date            N/A (Not Confirmed)





===============
ST Play Updates
===============

  -----------------
  Split Run Updates
  -----------------

LOW - Lowes Companies, Inc. $77.00 +1.90  s/l $76.00

Lowes continued its run up this chart this week, tacking on 
another $4.62 in the process. With the FOMC meeting now only 2 
days away, chances are high that retailers including LOW will 
continue to move towards higher ground. Support is very firm with 
the ascending 10-dma at $74.76. Volume was above average in each 
of the trading days this week, although the 2.4% decline Friday 
results in a bearish cross over in the stochastic oscillator.  
Our stop remains at $76.00.

Next Earnings: 8/20/01





  -----------------------
  Split Candidate Updates
  -----------------------

ESI - ITT Educational Serv., Inc. $42.35 -0.11  s/l $41.50

The bullish pennant remains but so does the decline in share 
prices for our play in ESI. For the week, shares lost $1.09, and 
also compromised the 10-dma at $43.04. As is typical in the small-
cap world, little news hit the wires this week to get the stock 
moving again. Negative technical indicators are popping up on the 
chart, and ESI will need to catch a bid early next week or our 
stop at $41.50 will soon be hit.

Next Earnings: 7/19/01

 



==================================================================
Net Bulls (NB) section
==================================================================

============
NB New Plays
============

  --------------
  New Long Plays
  --------------

Applied Materials AMAT $49.05 +1.43 Stop: $46.50

Applied Materials has a dominant position among semiconductor 
equipment makers.  The company makes the most popular machines 
used in most of the chip manufacturing processes including 
deposition, etching and ion implantation.  In addition they 
produce inspection tools and equipment used to make flat-panel 
displays. The company maintains its leading position through 
heavy investments in research and development.  It also benefits 
from the constant changes in technology causing the chips to get 
smaller even as they become more complex.  Each technological 
wave requires Applied Materials customers to replace their 
obsolete machines with new ones.  Although it is difficult to 
predict when the semiconductor industry will recover; with 
$4.2 billion in cash and securities and a market leading position, 
Applied Materials is better able to survive a downturn than most 
of its rivals.  In fact, it is more likely to take market share 
from its less prosperous competitors.  Having survived and prospered 
in the most recent cyclical downturns in 1996 and 1998, Applied 
Materials has already taken measures to reduce discretionary 
pending, including trimming all executive paychecks by 10-percent.

Although sales have been hammered in the economic slowdown, AMAT 
remains a profitable firm.  After earning $2.40 per share in the 
fiscal ended October 2000, the analysts' consensus forecast is for 
the firm to earn $1.06 per share in 2001 and $1.12 in 2002.

The semiconductor sector and AMAT seems to have found a bottom.  
On Friday AMAT shares made a strong bullish move off of support 
near $46.75.  Volume was above average at 20.5 million shares 
traded.  With a little positive market momentum from a pre-Fed cut 
rally, AMAT shares appear poised to make a test of resistance at 
$56.  A big test of AMAT's momentum is nearby in the form of the 
200-day moving average of $49.30.  Traders should wait for a move 
through this level before taking a position.  However, if the 
shares do break the 200-dma, there is a good likelihood that the 
shares will pop sharply as technical traders pile on following 
this bullish technical indication.

Picked on June 22nd at $49.05
Earnings Date            8/14 (Not Confirmed)

 



===============
NB Play Updates
===============

  -----------------------
  NB Bearish Play Updates
  -----------------------

Computer Sciences Corporation CSC $33.65 -1.35 Stop: $36.00

CSC shares ended Thursday right at $35 support.  Friday brought a 
move through this making likely a test of support levels at $32.50 
and $30.  Selling sentiment is still strong, as evidenced by 
Friday's volume of 2.6 million shares traded being well ahead of 
the 1.4 million daily average.  We are tightening our stop loss to 
$36.00.

Picked on June 21st at $35.00
Gain since picked:       1.35
Earnings Date            N/A (Not Confirmed)




===

Scientific-Atlantic SFA $40.00 +0.02 Stop: $41.50

A two-cent gain on the day may not seem much, but Friday's $41.40 
session high came close enough to kiss our $41.50 stop.  We are 
glad it did not, as the early morning rally that produced the high 
fizzled out by 10:45 am EST and the shares faded for the rest of 
the trading day.  We are maintaining our stop at $41.50 but remain 
hopeful the negative momentum continues into Monday.  We anticipate 
a move through support at $38.60 is needed to see a resumption of 
bearish sentiment.  This would set up a probable test of support 
at $35.00.

Picked on June 12th at $49.18
Change since picked      9.18
Earnings Date            7/19 (Not Confirmed)
 




===============
NB Closed Plays
===============

  -----------------
  Closed Long Plays
  -----------------

Retek Incorporated. RETK $42.02 -0.68 Stop: $40.75

The possible bearish reversal we saw Thursday came to fruition on 
Friday.  The $43.00 resistance level we were concerned about 
turned out to be too much for our Bullish selection.  We closed it 
out when it tripped our stop at $40.75.  This left us with a 
$1.50 per share gain on the play.  For those still in the play, 
the next area of down side support is at $38.50.

Picked on June 7th at $38.67
Gain since picked     1.50
Earnings Date           N/A (Not Confirmed)




===

Macrovision Corporation MVSN $58.55 -0.35 Stop: $58.00

Thursday's session low of $58.20 came within a whisker of our 
$58.00 stop.  Friday's session low of $56.88 was well below it.  
So we closed out this play at our stop for a nice $4.60 per share 
gain.  Monday should be interesting, because a close below $58.50 
on solid volume  would represent a strong bearish indicator, and the 
next move would likely be a test of support at the 50-day moving 
average of $55.58, or the lower end of the stock's current trading 
channel near $51.  If this happens this former Bullish selection 
may become a promising Bearish one.

Picked on June 17th at $53.95
Gain Since Picked        4.95
Earnings Date            7/30 (Not Confirmed)





  --------------------
  Closed Bearish Plays
  --------------------

StorageNetworks STOR $13.76 +1.06 Stop: $14.00

This very sweet Bearish selection finally found its bottom on 
Friday.  The session high of $14.73 tripped our $14.00 stop leaving 
us with a handsome $8.00 per share gain on this Bearish selection.  
The signs of a bottom had been in evidence for the past week and 
we tightened up our stop in response.  This has been a great play 
and we were up 36-percent, but there is never a reason to be too 
greedy. As the saying goes, Pigs get fed - hogs get slaughtered.

Picked on May 17th at $22.00
Gain since picked       8.00
Earnings Date:          N/A (Not Confirmed)  



===

PMCS - PMC Sierra, Inc. $26.25 +0.60 Stop: $28.00	

The week for PMCS ended basically flat, although there were 
definitely lower prices seen mid-week. After closing at $27.66 
last Friday, shares of communications chip companies suffered 
greatly, with PMCS being no exception, as the fiber and telecom 
sector were rocked by JDSU, LVLT and EXDS's earnings warnings. 
More and more analysts were squawking about a fibre glut, and 
this does not bode well for PMCS's business. Investors, however, 
found just enough optimism from Thursday evenings book to bill 
ratio to trigger our stop loss at $28.00

Picked on June 14 @   $29.25
Gain since picked       1.25
Earnings Date:          N/A (Not Confirmed)  

 


==================================================================
Stock Bottom / Active Trader (AT) section
==================================================================

============
AT New Plays
============

  --------------
  New Long Plays
  --------------

VPHM - Viropharma, Inc. $29.94 +1.24  s/l $26.00

Sector - Biotechnology

VIROPHARMA is a leader in RNA virology and RNA antiviral drug 
discovery and development. The company is committed to the 
commercialization, development and discovery of antiviral 
pharmaceuticals. The company focuses on drug development and 
discovery activities for viral diseases including viral 
meningitis, viral respiratory infection, pneumonia, hepatitis C 
and influenza. Each year, a majority of the world's population is 
afflicted by at least one of these diseases, and antiviral 
therapies are either inadequate or do not exist.

If successful, Viropharma will soon gain governmental marketing 
approval for its cold drug, Picovir. The potential for this drug 
is without a doubt huge, and thus approval could result in 
enormous gains from a long position in the stock. More important 
in our decision to add the company as a long this weekend, 
however, was the recent successful test and bounce off of the 
critical 200-dma at $24.82. The recent slide in share prices from 
the $40.00 level to $25.50 was a result of an article appearing 
in Barrons on May 5th, in which the publication questioned the 
reality of the drug being approved by the FDA. The CEO of 
Viropharma was quick to respond, saying that his optimism 
regarding approval had not changed in any way, but the damage to 
investor's perceptions was already done, with shares losing 
$15.73 from their intraday high on 4/19 to the relative low of 
$27.24 on 6/20. Interesting to note is the bounce not only 
occurred very near the all-important 200-dma, but also exactly on 
top of the 38% retracement bracket. Reversal patterns of these 
type rarely fail, and VPHM has also taken out two additional 
resistance levels with Friday's $1.24 advance. Also of note is 
the fact that volume has been on the decline, with only 48% of 
the normal daily share count crossing the tape in the past two 
trading weeks. With the 21-dma ($29.62) now behind it, VPHM 
should make a run toward near-term resistance at the 50-dma 
($32.64), a gain of 9.02% from current prices. The last three 
day's higher highs and lows have resulted in bullish readings 
from oscillating indicators, and with the BTK.X stubbornly 
hanging around the 600 level, relative strength in the group 
remains very high. Our objective for the trade is $32.20, and we 
have placed our stop at $26.00 to give the stock some room to 
work off recent gains.

Average Daily Volume = 275K
52-week:  High = $41.00 Low = $12.75
Next Earnings 07-26 est = -0.61 versus = -0.36

 



===============
AT Play Updates
===============

  -----------------
  Long Play Updates
  -----------------

BEAS - BEAS Systems, Inc. $32.07 +0.10  s/l $25.00

BEA traded in a tight range this week, holding in a closing 
pattern between a low of $28.44 and a high of $31.97. 
Disappointing is the fact that while the GSTI software index has 
seemingly found some bids near its low of 203, they have not 
spilled over into asp leader BEA, and the stock has under 
preformed the sector this week. The firm's CEO was on CNBC 
Thursday evening with very upbeat comments, but they had little 
effect in light of the broad market weakness courtesy of Micron's 
"miss by a mile" earnings report. We remain confident that BEAS 
will return to favor, and those willing to wait should be rewarded 
handsomely.

Next Earnings: 8/14/01

 


===

CTXS - Citrix Systems, Inc. $31.00 +1.10  s/l $26.50

Our two day stint with Citrix has not exactly turned out like we 
expected, but we are nonetheless still confident in the longer-
term pattern we are seeing. Disturbing is the fact that the sell-
off in shares Thursday resulted in a shooting star on a 
candlestick chart, potentially indicative of further selling near 
term. As goes MSFT, so goes CTXS, so to the extent Mr. Softie can 
continue its recent recovery and trip back above its 50-dma, CTXS 
should find bids to drive prices higher. We are up only slightly 
from our entry Wednesday at $30.14

Next Earnings: 7/18/01

 


===

ELN - Elan Corp, Inc. $61.20 -1.30  s/l $60.75

After setting a fresh 52-week high on Wednesday, ELN has seen some 
money taken off of the table, but shares still were up $0.25 for 
the week. Friday, ELN announced another joint venture with Elite 
Pharmaceuticals for development of a follow up drug to their first 
product, which has now reached the in-vivo testing phase.  Support 
for the stock remains at the 10-dma ($60.44), and the fact that 
volume has decreased in the two day decline only adds to our 
resolve to be long the stock. So long as the BTK does not break 
the  600 level, we remain confident in ELN's ability to push 
higher still.

Next Earnings: 7/23/01

 


===

FFIV - F5 Networks, Inc. $14.04 -1.04  s/l $12.75

For the week, F5 lost a mere $0.97. Not to bad when considering 
for the month, shares are up more than 31%. In the news this week, 
the company gained the highest percent increase in market share 
in Q1 for the Layer 4/7 server load balancing switch market 
according to the latest Dell'Oro Group Survey. Looking at the 
technical snapshot, volume has been on the decline since shares 
hit $16.74 on Monday, giving some comfort in being long. Support 
is with the 10-dma at $14.26 initially, and then at $12.90. No 
analyst actions have taken place in the past five days. 

Next Earnings: 7/25/01

 


===

ISRG - Intuitive Surgical, Inc. $10.54 -1.45  s/l $10.00

We expected some near term weakness in ISRG when we added the 
stock, and the fact that shares actually posted gains from our 
entry at $11.05, advancing as high as $12.67 this week, was 
impressive. Sellers entered the fray Friday, however, driving the 
stock down $1.45 and compromising the 10-dma in the process. As 
with many of the bullish plays on our list, volume was in decline 
on the sell-off, encouraging us to hold on longer. As the company 
continues to gain further footing from additional FDA approvals 
for its daVinci robotic surgical equipment, interest should only 
grow in the stock. we've adjusted our stop loss to $10.00 in case 
the selling continues.

Next Earnings: 7/24/01

 


===

THC - Tenet Healthcare, Inc. $51.55 -0.58  s/l $49.75

Healthcare stocks are certainly in vogue, as evidenced by the 
performance of THC. We only wish we had added the stock earlier, 
as its shares have advanced more than 11% since June 1. After the 
company told the street they expected to top Q4 estimates back on 
June 12th, euphoria has subsided, although excellent support 
still resides at the 10-dma at $50.37. From our entry at $51.09, 
we are only up slightly. The technical picture is still very 
healthy, but if tech starts to pick up, THC could quickly fade 
from favor.

Next Earnings: 7/25/01

 


===

TJX - TJX Companies, Inc. $33.73 -0.38  s/l $31.00

Retailers are starting to look very attractive, giving our entry 
at $34.25 in TJX even more credence.  While we are down $0.52 
since playing the stock back on 5/13, shares of the company, and 
more importantly the sector ( RLX.X) look to be coiling for an 
explosive upside move. After testing support of the 50-dma 
($32.51) back on 6/15, bidders stepped up to the plate, confirming 
the up-trend is still in place for TJX. With the stock now back 
above the 10 & 21 dma's, we wouldn't be surprised to see a run to 
the 52-week high at $35.15. Participation will need to increase, 
however, which has been in steady decline this week.

Next Earnings: 8/14/01

 


===

MEDI - Medimmune, Inc. $45.30 -2.18  s/l $40.00

Medimmune pulled back slightly from our entry at $47.48 just 
yesterday, as Micron's earning miss did not help ease traders' 
minds regarding the tech sector as a whole. The biotech group was 
also weak, but did manage to hold the crucial 600 level by the end 
of trading Friday. Only the 200-dma ($48.45) stands in the way of 
MEDI running at $60.00. With more and more funds getting on board 
the biotech train, MEDI's very positive fundamentals should 
continue to attract bidders.

Next Earnings: 7/25/01

 



  ------------------
  Short Play Updates
  ------------------

JDEC - JD Edwards, Inc. $13.00 +0.00 s/l $13.25	(SHORT PLAY)

Shorting JDEC has not exactly turned out as we would have 
expected, and despite seeing the GSTI software index in free fall 
when we initiated the position, staunch support has developed at 
the 21-dma ($11.88) and has held ever since. As of Friday's close, 
we are down $0.81 and only a mere $0.44 away from being stopped 
out of the trade. After the PR department at the company flooded 
the wires with news releases the week of 6/13, they obviously went 
on vacation, as there have been no new releases since Monday. With 
things not looking so good, we are moving our stop to $13.25.

Next Earnings: 8/22/01

 



===============
AT Closed Plays
===============

  ----------------
  Closed Long Play
  ----------------

FOE - Ferro Corporation $21.16 -$0.34 s/l $21.00

The week for FOE has been one we would rather forget, as the 
stock has endured steady distribution since closing at $22.13 
last Friday (6/15). As with any small cap, there has been little 
news worthy of mentioning, and the stock's decline is likely due 
to rotation by fund managers re-balancing their positions prior 
to quarter end. Both the 50 & 200 ($21.08, $21.22) dma's were 
compromised in this week's sell-off, as well as our stop loss at 
$21.00. With the FOMC meeting next week, investors are simply 
ignoring the chemical group, instead focusing on hitting a home 
run in technology.

Picked on June 4th  @ $22.23
CLOSED OUT @          $21.00 

Profit/Loss = -1.23 or  -5.6% 
Best Profit = +0.61 or  +2.7%

 



  -----------------
  Closed Short Play
  -----------------

CMVT - Comverse Technologies, Inc. $57.81 +$4.02  s/l $58.00

This week proved to be a tough one for CMVT shareholders as well, 
despite the rally of biblical proportions Friday. Each day this 
week, with the exception of Friday, shares of the communications 
systems and software company set new lows in trading, and did so 
on volume that was higher than average. These were, of course, 
excellent signs, considering our short position. Unfortunately, 
the snapback rally in  the stock Friday triggered our stop loss 
at $58.00. 

Picked on June 19th @ $53.60
CLOSED OUT @          $58.00
 
Profit/Loss = -4.40 or  -8.2% 
Best Profit = +1.67 or  +3.1%

 




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PremierInvestor.net Newsletter          Weekend Edition 06-22-2001
                                                    Section 3 of 3
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================
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In section three:

Long-Term Tech Play: Security at a Great Price
Expected/Likely Split Announcements For The Coming Week
New Split Candidates: Three new candidates to add to the list.
Market Watch for Week of June 25th-29th:
   - Major Earnings
   - Board of Directors Meetings
   - Stock Splits
   - Economic Reports

=================================================================

=====================
New Long-Term Play
=====================

Security at a Great Price


RSAS - RSA Security $27.77 on June 22, 2001

The economy may rise and fall but the corporate need to secure 
networks and computer systems remains constant.  A solid selection 
for any long-term portfolio is this market-leading security company,
with a reasonable stock valuation, state-of-the-art products and 
a future as secure as the networks it protects.
 
RSA Security is a leading maker of hardware and software used to 
protect and manage computer network access.  Most of its sales 
come from flagship product RSA SecurID, which authorizes entry by 
PINs and random-access codes displayed on cards or tokens and 
BSAFE encryption products.  Both of these products are industry 
standards with dominant market positions.  The company also makes 
electronic business security tools.  Its products are sold to 
corporations, as well as to users in the finance, research, and 
government markets.  RSA Security generates about 65% of its sales 
in the US.  Top competitors are Check Point Software, Network 
Associates and Secure Computing.

These products have been successful.  For the fiscal year ended 
December 2000, the company's net income increased 38-percent to 
$39.1 million on a 28-percent increase in revenue to $280.2 
million.  Analysts forecast earnings per share to jump from
61-cents in 2000 to 78-cents in 2001 on sales of $355 million, 
and to increase to $1.05 in 2002 on $452 million in revenue.  This 
gives the shares a forward P/E of 35 for 2001 and 26 for 2002.  
When compared against the industry average P/E of 43, an earnings 
growth of 28-percent and sales growth of 27-percent, we believe 
the shares are attractively priced for an industry leader.  

Thursday's earnings warning from PC security and utility software 
developer Symantec put selling pressure on the entire security 
industry.  It should also create an opportunity to establish a 
position in this long-term selection at a better price.  The day 
following the announcement, RSAS shares held up well dropping only 
28-cents.  Although the ability to withstand bad industry news is a 
good sign for the shares, we believe there will be dips and these 
dips should present the best entry points.  These should occur 
during tests of support levels at $27 and $26. 






=======================================================
Expected/Likely Split Announcements For The Coming Week
=======================================================

                                    Date Expected 
Symbol         Company              To Announce*
=================================================

BBBY           Bed Bath & Beyond       06/28
BMET           Biomet, Inc.            06/29
FDO            Family Dollar Stores    06/26

* PremierInvestor does not guarantee an announcement will occur.
* The Date expected to announce is an estimate.  

BBBY - Bed Bath & Beyond

Shareholders are meeting on June 28 to vote on increasing the 
Company's authorized common shares from 350M to 900M.  The Board 
typically likes to announce splits when shares are trading 
between $40 - $50, so if we don't get an announcement on 
Thursday, we know BBBY is nicely poised for a split with the next 
major event, perhaps with the next earnings report in the fall.

chart =



BMET - Biomet Inc.

Biomet shares continue to trend upward this year, along with 
accompanying strength in volume. Due to the fact that the prior 
split level of $38 is already surpassed, we expect to get the 
next announcement from the Company with their BoD meeting on 
6/29; the next possible trigger would be with earnings on July 
10. There are currently 500M shares authorized with 179M outstanding. 

chart =



FDO - Family Dollar Stores 

Family Dollar is only trading at $26 per share, but guess what? 
That's where they've previously announced a split. To be fair, 
they also announced at $37 in 1998 but we wanted to give you a 
"heads up".  This one's a bit of a wild card, but earnings are 
slated for release on 6/26, which is when we could expect a 
possible announcement.  There are enough authorized shares for a 
3:2 without having to hold a shareholders meeting.

chart =



=======================================
New Split Candidates to add to the List
=======================================

BBY - Best Buy Company

As Best Buy climbs back from last year's lows, it enters the 
ranks of our split candidate list once again.  The last two split 
announcements were released at stock prices of $67 in 1998 and 
then at $90 in 1999. On Tuesday, June 26, there is a regular 
meeting of shareholders scheduled, plus there's a board of 
directors meeting planned for Tuesday as well. It wouldn't be out 
of the question for BBY to announce a split at that time, but we 
may have to wait until the next major event when prices have had 
a chance to increase. The Company has 1B shares authorized and 
only 209M outstanding; plenty for a 2:1.

chart = 


---

ELN - Elan Corporation

This Ireland-based biotech/drug company has been hitting new 
highs lately, quickly approaching prior split levels.  The last 
stock split was announced in 1999 when shares were trading at 
$76, but prior splits have occurred at much lower points ($40-
$60), therefore it's possible that we hear from Elan sooner 
rather than later. Earnings are expected to be announced on July 
23, possibly providing the next trigger.

chart = 


---

LEN - Lennar Corporation

Lennar has garnered its fair share of attention lately. With Q2 
results blowing through expectations on 6/20, the stock was 
chosen as CNBC's "Stock of the Day". Investors responded in kind, 
lifting shares nearly 13 percent for the day.  The last stock 
split announced was in 1994 when shares traded at around $30; 
with current prices exceeding that, we expect another split from 
Lennar with the next major company event. There are 63.5M shares 
outstanding with only 100M shares currently authorized; 
therefore, the board may choose to increase authorized shares to 
accommodate a 2:1. 

chart = 




==================================================
Market Watch for the week of June 25th - June 29th
==================================================

  ------------------------
  Major Earnings This Week
  ------------------------

Symbol   Company              Date    EPS Est        Comment

APOL     Apollo Group      Mon, JUN 25  0.23      Before the Bell
SONC     Sonic Corporation Mon, JUN 25  0.40      After the Close
PAYX     Paychex           Mon, JUN 25  0.18      --- n/a ---
RYAAY    Ryanair Holdings  Mon, JUN 25  0.25      --- n/a ---
WAG      Walgreen          Mon, JUN 25  0.22      --- n/a ---

KBH      KB Home           Tue, JUN 26  0.96      Before the Bell
KR       Kroger            Tue, JUN 26  0.38      Before the Bell
COMS     3Com              Tue, JUN 26 -0.49      After the Close
PALM     Palm              Tue, JUN 26 -0.19      After the Close
EMMS     Emmis Comm        Tue, JUN 26 -0.28      --- n/a ---
FDO      Family Dollar     Tue, JUN 26  0.32      --- n/a ---
FULL     H.B. Fuller       Tue, JUN 26  0.81      --- n/a ---
LNR      LNR Property      Tue, JUN 26  0.97      --- n/a ---
NSI      Natl Service Ind  Tue, JUN 26  0.54      --- n/a ---
SOSA     Stolt Offshore    Tue, JUN 26 -0.05      --- n/a ---

DF       Dean Foods        Wed, JUN 27  0.58      Before the Bell
ATYT     ATI Technologies  Wed, JUN 27 -0.04      Before the Bell
CS       Cabletron Systems Wed, JUN 27  0.08      After the Close
EXFO     Exfo Electro      Wed, JUN 27  0.10      After the Close
GY       GenCorp           Wed, JUN 27  0.34      After the Close
MLHR     Herman Miller     Wed, JUN 27  0.38      After the Close
SABA     Saba Software     Wed, JUN 27 -0.24      After the Close
GIS      General Mills     Wed, JUN 27  0.42      --- n/a ---

CAG      ConAgra           Thu, JUN 28  0.35      Before the Bell
STZ      Constellation     Thu, JUN 28  0.55      Before the Bell
NKE      Nike              Thu, JUN 28  0.59      Before the Bell
FDX      FedEx Corp        Thu, JUN 28  0.52      08:00 am ET
LBRT     Liberate Tech     Thu, JUN 28 -0.13      04:00 pm ET
TKS      Tomkins           Thu, JUN 28  n/a       --- n/a ---


  ------------------------------------
  Board of Director Meetings This Week
  ------------------------------------

Symbol     Company                 Date   

---MONDAY---

ASV        A G SVC America Inc     06/25/2001
APRN       Aperian Inc             06/25/2001
APOL       Apollo Group Inc        06/25/2001
CSPI       CSP Inc                 06/25/2001
DAP        Discount Auto Parts     06/25/2001
ELK        Elcor Corp              06/25/2001
ETC        Environmental Tectonics 06/25/2001
FJC        Fedders Corp            06/25/2001
FTLAQ.OB   Fruit of the Loom       06/25/2001
GY         Gencorp Inc             06/25/2001
GIG        GTR Group Inc           06/25/2001
HIHO       Hightway Holdings Ltd   06/25/2001
JPL        Jannock Ltd             06/25/2001
KF         Korea Fund Inc          06/25/2001
LUCY       Lucille Farms Inc       06/25/2001
MFI        Micro Finacial Inc      06/25/2001
MDTL       Medis Technologies Ltd  06/25/2001
MEGO       Mego Financial Corp     06/25/2001
MESA       Mesa Air Group          06/25/2001
NETX       NetLojix Communications 06/25/2001
NTPL       Netplex Group Inc       06/25/2001
NTST       Netsmart Technologies   06/25/2001
PALM       Palm Inc                06/25/2001
PAYX       Paychex Inc             06/25/2001
RADIF      Rada Electornic Ind     06/25/2001
RAWA       Rent-A-Wreck of Am      06/25/2001
SVU        Supervalu Inc           06/25/2001
SENEB      Seneca Foods Corp       06/25/2001
HAMS       Smithfield Companies    06/25/2001
SONC       Sonic Corp              06/25/2001
UOPX       University of Phoenix   06/25/2001
VASO       Vasomedical Inc         06/25/2001
WAG        Walgreen CO             06/25/2001

---TUESDAY---

COMS       3Com Corp               06/26/2001
AACB       Alliance Atlantis Comm  06/26/2001
AMWD       Am Woodmark Corp        06/26/2001
BSET       Bassett Furniture Ind   06/26/2001
CKR        CKE Restaurants Inc     06/26/2001
FDO        Family Dollar Stores    06/26/2001
GXY        Galaxy Foods Co         06/26/2001
FULL       H B Fuller Co           06/26/2001
HMX        Hartmarx Corp           06/26/2001
HAUS       Hauser Inc              06/26/2001
IFSH       IFS International Inc   06/26/2001
JUNO       Juno Lighting Inc       06/26/2001
KBH        KB & Home               06/26/2001
KR         Kroger Co               06/26/2001
LNN        Lindsay Manufacturing   06/26/2001
LNR        LNR Property Corp       06/26/2001
METHB      Methode Electronics     06/26/2001
NSI        National Service Inds   06/26/2001
GAS        Nicor Inc               06/26/2001
TONS       Novamerican Steel       06/26/2001
RG         Rogerts Communications  06/26/2001
SHN        Shoneys Inc             06/26/2001
SRR        Stride Rite Corp        06/26/2001
SFAM       SpeedFam-IPEC Inc       06/26/2001
SOSA       Stoldt Offshore SA      06/26/2001
UNF        Unifirst Corp           06/26/2001
INSI       Insci-statementscom     06/26/2001
BBY        Best Buy                06/26/2001
CPC        Central Parking Corp    06/26/2001
DUK        Duke Energy             06/26/2001
PMSI       Prime Medical           06/26/2001

---WEDNESDAY---

AIZ        AMCAST Industrial       06/27/2001
ATL        Atlanta Sosnoff Cap     06/27/2001
ATYT       ATI Technologies Inc    06/27/2001
ASY        Airport Systems         06/27/2001
CS         Cabletron Systems       06/27/2001
FLYA       CHC Helicopter Corp     06/27/2001
CWST       Casella Waste Systems   06/27/2001
TQ         Cash Technologies       06/27/2001
CCF        Chase Corp              06/27/2001
CWTR       Coldwater Creek Inc     06/27/2001
CORL       Corel Corporation       06/27/2001
DF         Dean Foods Inc          06/27/2001
EXFO       EXFO Electro-Optical    06/27/2001
FC         Franklin Covey Co       06/27/2001
GIS        General Mills Inc       06/27/2001
MLHR       Herman Miller Inc       06/27/2001
MDEA       Media 100 Inc           06/27/2001
PMRP       PMR Corp                06/27/2001
SABA       Saba Software Inc       06/27/2001
WDFC       WD-40 Company           06/27/2001
COLB       Columbia Banking        06/27/2001
GGG        Graco Inc               06/27/2001
NCE        New Century Energies    06/27/2001
URMD       UroMed Corp             06/27/2001

---THURSDAY---

AIR        AAR Corp                06/28/2001
ALCD       Alcide Corp             06/28/2001
VOXX       Audiovox Corp           06/28/2001
CAG        Conagra Inc             06/28/2001
FDX        FexEx Corp              06/28/2001
FINL       Finish Line Inc         06/28/2001
FSM        Foodarama Supermarkets  06/28/2001
HUN        Hunt Corp               06/28/2001
IMC        Int’l Multifoods        06/28/2001
DISK       Image Entertainment Inc 06/28/2001
IONN       Ion Networks Inc        06/28/2001
LBRT       Liberate Technologies   06/28/2001
NCEB       North Coast Energy      06/28/2001
NUHC       Electronics Corp        06/28/2001
PKE        Park Electrochemical    06/28/2001
SCHN       Schnitzer Steel Ind     06/28/2001
SNSA       Stolt-Nielsen SA        06/28/2001
CENX       Century Aluminum        06/28/2001
EFBC       Empire Federal          06/28/2001
EPTG       EPL Tech                06/28/2001
PIR        Pier 1 Imports          06/28/2001
SRR        Stride Rite Corp        06/28/2001

---FRIDAY---

ALU        Allou Health & Beauty   06/29/2001
UHAL       Amerco                  06/29/2001
BFFC       Big Foot Financial      06/29/2001
BNSO       Bonso Electronics       06/29/2001
DPTR       Delta Petroleum Corp    06/29/2001
EBSI       Eagle Bancshares        06/29/2001
ELMS       Elmers                  06/29/2001
HX         Halifax Corp            06/29/2001
IISL       IIS Intellig Info Sys   06/29/2001
IMPX       IMP Inc                 06/29/2001
IMNR       Immune Response Corp    06/29/2001
IARC       Information Architects  06/29/2001
ITRA       Intraware Inc           06/29/2001
MMT        M F S Multimarket INCM  06/29/2001
MONM       Monmouth Capital        06/29/2001
NRMI       National Record Mart    06/29/2001
NSYS       Nortech Systems Inc     06/29/2001
PERF       PerfectData Corp        06/29/2001
RTRN       Return Assured Inc      06/29/2001
USWC       US Wireless Corp        06/29/2001
UDIG       USA Digital             06/29/2001
VIRGY      Virgin Express Holdings 06/29/2001
WCAP       Winfield Capital Corp   06/29/2001
BIS        Barrister Information   06/29/2001
BMET       Biomet Inc              06/29/2001
CLJ        Crestline Capital       06/29/2001
ZRAN       Zoran Corp.             06/29/2001


  -------------------------------
  Upcoming Stock Splits This Week
  -------------------------------

Symbol  Company Name                 Payable Date      Ratio

FHCC    First Health                 06/25/2001        2:1
ARMF    Armanino Foods               06/25/2001        2:1
USPH    U.S. Physical Therapy        06/28/2001        3:2
MTON    Metro One Telecom            06/29/2001        3:2
LOW     Lowe's Companies             06/29/2001        2:1


  --------------------------
  Economic Reports This Week
  --------------------------

Date                             Forecast     Previous

Monday, 06/25/01
Existing Home Sales (May)        5.13M        5.2M

Tuesday, 06/26/01
Durable Orders (May)             -0.5%        115.5
Consumer Confidence (Jun)        115.0        115.5
New Home Sales (May)             900K         894K

Wednesday, 06/27/01
Oil/Gas Inventories (6/22)       NA           315.5
MBA Mortgage App (6/22)          NA           510.3
FOMC Meeting 

Thursday, 06/28/01
Initial Claims (6/23)            NA           400K
Help-Wanted Index (May)          NA           65
Online Help Wanted (Jun)         NA           99

Friday, 06/29/01
GDP - Final (Q1)                 1.3%         1.3%
Chain Deflator-final (Q1)        3.2%         3.2%
Chicago PMI (Jun)                39.0%        38.7%
Mich Senitment-rev. (Jun)        91.0         91.6




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