PremierInvestor.net Newsletter Weekend Edition 06-22-2001 section 1 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_1.asp ================================================================= 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. ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright © 2001 PremierInvestor.net. and The Premier Investor Network. 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% ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright © 2001 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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 ================================================================= To view this email newsletter in HTML format with imbedded charts and graphs, click here: http://www.PremierInvestor.net/htmlemail/5913_3.asp ================================================================= 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 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright © 2001 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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