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Daily Newsletter, Friday, 07/20/2001

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PremierInvestor.net Newsletter          Weekend Edition 07-20-2001
                                                    section 1 of 3
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In section one:

Market Wrap: How strong is that stock versus the S&P 500?
Play-of-the-Day: Take-Two Inter. Soft. - TTWO 
Market Sentiment: Week of Wallow on Wall Street
Watch List: Watching and Waiting for Tuesday Earnings

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U.S. Market Numbers
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MARKET WRAP  (view in courier font for table alignment)
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        WE 7-20          WE 7-13          WE 7-06          WE 6-29
DOW    10576.65 + 37.59 10539.06 +286.38 10252.68 -249.72  -102.19
Nasdaq  2029.37 - 55.42  2084.79 + 80.63  2004.16 -156.38  +125.72
S&P-100  625.59 -  1.26   626.85 + 13.90   612.95 - 19.07  -  4.13
S&P-500 1210.85 -  4.83  1215.68 + 25.09  1190.59 - 33.79  -   .97
W5000  11212.37 - 59.55 11271.92 +212.36 11059.56 -347.59  + 94.70
RUT      487.93 -  2.78   490.71 +  7.45   483.26 - 29.38  + 23.99
TRAN    2965.66 + 25.31  2940.35 +191.43  2748.92 - 81.04  +153.47
VIX       24.97 +  1.10    23.87 -  1.10    24.97 +  3.34  -   .87
Put/Call    .82              .65              .90              
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===========
Market Wrap
===========

How strong is that stock versus the S&P 500? 
by Jeff Bailey

Relative strength is often mentioned in the circles of investing, 
but understanding it and using it to your advantage can be 
perplexing.  Relative strength can often times put you into a 
stock in the early stages of a major turnaround.  Often times, 
relative strength can take you out of a trade just before 
something really bad happens.

There are those that believe the market is random and it simply 
buys and sells whatever it wants at various times.  There are 
those that believe the markets are very focused on fundamentals 
and a stock's ultimate price is determined on the underlying 
profits a company can generate.

Sometimes, I think both camps have good reason for backing up 
their arguments.  Who can explain the nearly fivefold increase in 
the CBOE Internet Index ($INX.X) from late 1998 to March 2000?  
There were a lot of fundamentalists (me included) that shorted 
stocks in the group based purely on "weak fundamentals."  The 
problem I had in November of 1998 was that I couldn't take the 
heat at INX.X 300 as it moved to 350, 400 and higher.  I'm glad I 
called it quits with shorting Internets at that point in time as 
the INX.X was trading 500 two months later.  By April of 1999, I 
could no longer argue against the "random walk" theory at INX.X 
650.

Today, I'd buy the fundamentalist theory as it relates to the 
Internets.  Like I said, I "knew" back in 1998 that the stocks 
were fundamentally flawed.  Today I could claim victory based on 
my attempts to short Internet stocks at INX.X 300, just don't 
tell the grandkids that the stocks went to 900 before the group 
fell apart.

Here's a technique I think every trader will find useful as it 
relates to relative strength and make it fairly easy to 
understand.  Most people know what happened to Cisco Systems 
(NASDAQ:CSCO) in the past two years.  According to the relative 
strength chart, the first sign of trouble occurred in April of 
2000.  I'm using CSCO as an example as it shows us what to look 
for in the future as it relates to relative strength of a stock.
What relative strength also does is eliminate the excuse commonly 
used for holding on to a weak stock.  Lots of investors say, "the 
stock is down only because the market is weak."  Relative 
strength is a true test for a stock if your stated discipline as 
an investor is to only buy stocks that outperform the market and 
short those stocks that underperform the market.

Relative Strength Chart of CSCO vs. SPX - 1-box scale



First off, the scale on the above chart is that of relative 
strength.  Relative strength is derived by taking the stock or 
index price you are trading and dividing that amount by the index 
you wish to compare it too.  We then take that sum and multiply 
it by 1,000 to get a number that we can chart.  In the above 
example, we are comparing CSCO to the S&P 500.  The S&P 500 is a 
broadly based index that is generally accepted as a depiction of 
the U.S. market.  For example, today's close of CSCO was $17.99 
and the close for the SPX was 1,210.  To calculate relative 
strength, we can calculate today's relative strength closing 
value of 14.86.

While the SPX has suffered a decline in the past year, the 
decline found in the SPX is nothing compared to the carnage that 
shares of CSCO have experienced.  For CSCO to begin gaining 
strength against the SPX, one of two things have to happen.  The 
obvious one is for CSCO to jump in price RELATIVE to the SPX.  
The other is for CSCO to stay where it is at and have the SPX 
drop considerably.

As it stands right now, for CSCO to be considered a "buy" based 
on relative strength, we can calculate that value right now.  In 
order to do so, we do have to have the SPX remain a constant.  
Let's assume that the SPX is just going to sit here at 1,210 and 
do nothing.  For CSCO to be a "buy" based on relative strength, 
CSCO must trade 18 on the relative strength chart.  Therefore we 
can take the 18 number from the above chart.  Remember, we had to 
multiply by 1,000 to get that scale, so the "true" number is 
.018.  If we assume the SPX will stay at 1,210, then CSCO needs 
to trade (.018 * 1,210 = $21.78) before the stock can be 
outperforming the SPX as long as the SPX remains at 1,210.

We can do the same thing with sectors to help guide us in the 
direction of where we should be looking to buy or sell stocks.  
Sector analysis is often times crucial in stock selection.  Often 
times a particular stock you're holding will jump in price simply 
because a stock or two in the same group/sector has a positive 
news release of some kind (earnings, increasing demand for 
product or service.)

You can get free relative strength charts like those above at 
www.stockcharts.com.  Go to the point and figure charts and type 
in the symbol of the stock or index you want to measure.  Once 
you've entered in the symbol you want to compare against the S&P 
500 (or any other index) then scroll down the page in the "Price 
Plot Attributes" and click the box labeled "Show Relative 
Strength vs."  

If you just trade Internet stocks try comparing YHOO against the 
$INX.X.  What does relative strength say about YHOO vs. the 
index?  Once you've done that, what does relative strength say 
about the INX.X vs. the SPX?  See how you can build out from the 
bottom and test a stock against the sector it belongs to, and 
then test that sector against the market?  

I think it is great to establish an opinion about a stock or 
sector.  I also think it is a great idea to test it against what 
the market thinks of your stock.  If the market doesn't agree 
with you and its not buying the stock you're holding, then that 
stock must still be waiting for the catalyst to be understood or 
found by the market.

There are 500 opportunities for the market to buy in the S&P 500.  
So far, it looks like the market is still waiting for the right 
opportunity to arise in CSCO as well as a lot of other stocks in 
the Index.

Now, take a look at one of tonight's new plays on the short side.  
Perhaps it gives hint as to why we think the stock is susceptible 
to lower prices.  Just recently, shares of Abercrombie and Fitch 
(NYSE:ANF) found its relative strength chart reversing into a 
column of O's.  I'll also give some insight as to how this may 
purely be a "valuation" call by the market that says the stock 
has achieved a historical valuation high, based on the S&P 500.

Abercrombie&Fitch vs. SPX relative strength - 1 box scale



My analysis of ANF is that current stock valuations (based on 
price of ANF and price of SPX) shares of ANF are at a level where 
money has rotated out of the stock in the past.  By studying the 
chart, a trader makes the observation that ANF just recently (red 
7 is beginning of July) has been under-performing the SPX.  In 
April of 1999, the stock of ANF reached a relative strength level 
of 36 (the shares of ANF were actually trading $50 at the time) 
and that was the "top" for the stock.  This recent action gives 
hint that there may be continued weakness in the stock, but a 
trader or investor will want to monitor relative strength on an 
ongoing basis.

The fundamental trader might be able to use the above technicals 
in their analysis also.  Is ANF "fully valued" as it relates to 
the market?  Would an institution that bought the stock 18-months 
ago perhaps be willing to start getting rid of some of his/her 
position at the $40 level if their cost basis was $15 from August 
of 2000 (red 8 on chart)?  Are there some other stocks in the 
market that offer better value based on the underlying 
fundamentals and future risk/reward?  We never know for sure, but 
the relative strength gives hint that this stock may have seen 
its highs just recently.

Word of Caution!  Always monitor the trend and the individual 
security for which you have your money invested!  If the S&P 500 
were to advance 300 points in the next two months, shares of ANF 
may advance $6 or more and the MARKET moves higher.  Should 
something like that happen, the relative strength for ANF would 
drop to 30, but a lot of good that does when the stock has moved 
against a bearish trader by $6.  ALWAYS trade the underlying 
security on its own merits, but use relative strength to give 
insight as to the true strength of the stock versus the market.  
It is my widely held belief that weak stocks relative to the 
market outperform in a downward move and that strong stocks in a 
market outperform in an upward move.

Have a great weekend and I hope you can use this tool in the 
future!


================
Market Sentiment
================

Week of Wallow on Wall Street 
by Jeffrey Canavan

With the hubbub surrounding earnings, we ended the week pretty 
much where we started.  The Dow gained 2.1%, the S&P 500 lost 
0.4%, and the Nasdaq Composite lost 2.7%.  We had some surprising 
and disappointing earnings, but no significant support or 
resistance levels were broken. 

According to First Call, 60% of the S&P 500 companies that have 
reported earnings beat estimates, and 25% met.  But most of those 
estimates were already lowered, and the results were from cost 
cutting measures, not increased demand.  In general, revenues 
fell, margins were slashed, and future guidance remains cloudy.  

I'm not sure where I heard or read it, but for Cisco to sustain 
30% annual revenue growth, they would have to add revenue 
equivalent to pre-merger AOL the first year, and revenue equal to 
that of Apple in the second year.  That's a lot of revenue.

But mutual fund investors don't seem to care.  For the five-day 
period ended Wednesday, mutual fund investors ingested $9.5 
billion into stock funds.  That compares to an $11 billion 
withdraw last week.  Wednesday's inflow of $10 billion was the 
fourth largest daily inflow ever recorded.  Money also came out 
of bond and money market funds, with respective withdraws of $300 
million and $1.6 billion. 

So if new money continues to find its way into stocks next week, 
where could it end up?  The COT data below echoes this weeks 
percentage data.  Institutions favor the Dow, are getting less 
bearish on the S&P 500, and have gotten more bearish on the 
Nasdaq.  The Dow also reversed into bull alert status on Friday.

-----------------------------------------------------------------

Market Volatility  
VIX   24.97
VXN   53.64

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          Put/Call Ratio  Call Volume   Put Volume
Total           .82        937,264       771,889
Equity Only     .77        867,920       670,443
OEX            1.22         33,880        41,499
QQQ             .97         79,414        76,800

-----------------------------------------------------------------

Bullish Percent Data

*The Dow has moved to bull alert status

           Current   Change   Status
NYSE          36       -      Bear Confirmed
NASDAQ-100    26       -      Bear Confirmed
DOW           36      +6      Bull Alert
S&P 500       50       -      Bear Alert  

Readings above 70 are considered overbought, and readings below 
30 are considered oversold.

Bull Confirmed  - Aggressively long
Bull Alert      - Cautiously long
Bull Correction - pause or pullback in upward trend
Bear Alert      - Take defensive action if long
Bear Confirmed  - High risk if long, good conditions for shorting
Bear Correction - Pause or rebound in downtrend

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10-Day Arms Index  1.05  

Extreme readings above 1.5 are bullish, and readings below .85 
are bearish.  These signals don't occur often and tend be early, 
but when the do, they can signal significant market turning 
points.

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        Advancers     Decliners
NYSE      1544           1492
NASDAQ    1688           1882

        New Highs      New Lows
NYSE       87             42
NASDAQ    110             96

-----------------------------------------------------------------

Advisory Sentiment 

Bullish  Bearish  Correction   Net 
  51%     25.0%      24.0%    26.0%

A bearish reading of 25% to 30%, combined with a bullish reading 
greater than 55% is typically considered bearish by contrairians.  
A net percentage greater than 30% is also viewed as bearish. 

-----------------------------------------------------------------

Commitments Of Traders Report: 07/17/01
Weekly COT report discloses positions held by small specs
and commercial traders of index futures contracts at the 
Chicago Mercantile Exchange and Chicago Board of Trade. COT data 
can be found at www.cftc.gov.

Small specs are the general trading public with commercials being 
financial institutions. Commercials are historically on the 
correct side of future trend changes while small specs tend 
to be wrong.  

S&P 500
Institutions have lightened up on their net bearish for the second 
straight week, and the S&P 500 remains above 1,200.  Coincidence?  
The commercial sentiment is still bearish, but improving.

Commercials   Long      Short      Net     % Of OI 
7/03/01      316,543   395,410   (78,867)   (11.08%)
7/10/01      309,374   385,178   (75,804)   (10.91%)
7/17/01      336,836   403,561   (66,725)   ( 9.01%)

Most bearish reading of the year: (111,956) - 3/6/01
Most bullish reading of the year: ( 41,144) - 5/1/01

Small Traders Long      Short      Net     % of OI
7/03/01      133,098     54,865   78,233     41.62%
7/10/01      135,587     59,889   75,698     38.72%
7/17/01      122,525     50,211   72,314     41.86%

Most bearish reading of the year:  36,513 - 5/01/01
Most bullish reading of the year:  91,122 - 3/06/01
 
NASDAQ-100
About face!  After slowly reducing their net bearish position for 
seven straight weeks, institutions abruptly switched gears.  Keep 
in mind this data is from 6/17/01, before the start of earnings 
week.  Perhaps some institutions sold some futures contracts to 
limit their risk.  This change could be a one or two week 
anomaly.

Commercials   Long      Short      Net     % of OI 
7/03/01       26,544     34,880   ( 8,336)  (13.57%)
7/10/01       26,688     34,640   ( 7,952)  (12.97%)
7/17/01       26,721     37,225   (10,504)  (16.43%)

Most bearish reading of the year: (15,521) - 3/13/01
Most bullish reading of the year:  (1,825) - 1/02/01

Small Traders  Long     Short      Net     % of OI
7/03/01       10,443     7,063    3,380      19.31%
7/10/01        9,073     7,486    1,587       9.58%
7/17/01       11,680     8,183    3,497      17.61% 

Most bearish reading of the year:  (1,028) - 1/02/01
Most bullish reading of the year:   8,460  - 3/13/01


DOW JONES INDUSTRIAL
Institutions got slightly more bullish on the Dow for the second 
week in a row.  This is the only index with a commercial net 
bullish position, and the Dow was the only index to finish the 
week higher than it started.

Commercials   Long      Short      Net     % of OI
7/03/01       12,761    14,623   (1,862)    (6.8%)
7/10/01       13,743    12,999      744      2.8%
7/17/01       14,145    12,963    1,182      4.4%

Most bearish reading of the year: (8,322) - 1/16/01
Most bullish reading of the year:  8,925  - 5/22/01

Small Traders  Long      Short     Net     % of OI
7/03/01        4,708     5,715    (1,007)   ( 9.66%)
7/10/01        5,048     7,835    (2,787)   (21.63%)
7/17/01        5,255     9,144    (3,889)   (27.01%)

Most bearish reading of the year:  (7,572) - 5/08/01
Most bullish reading of the year:   1,909  - 1/16/01
-----------------------------------------------------------------


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

Take-Two Inter. Soft. - TTWO Close:$20.93 Change:+0.78 Stop:$19.00

Original Comments When Selected July 17th:

Company Description:
Take-Two Interactive Software develops and distributes games for PCs,
as well as for Sony PlayStation, Nintendo, and SEGA game consoles, 
and also for Microsoft's new Xbox product. Other titles include 
Smuggler's Run, Myth 3, Mafia and Duke Nukem.  Last Monday, the 
firm reported that it is ready to release Max Payne.  They expect 
this product to be one of the most popular PC games of the year.  
Take-Two has three development subsidiaries in the US: Mission 
Studios, PopTop Software, and Talonsoft. The firm's two Grand Theft 
Auto games account for more than 15-percent of sales.  

Fundamentals:
Last year, the company earned 88-cents per share on sales of $387 
million.  For the 2001 fiscal year ending in October, analysts 
predict the company will earn $1.01 per share in sales of $498 
million and $1.24 on $597 million in 2002.  This gives the shares 
a low forward 2001 P/E of 20 as compared to the industry average 
P/E of 33.  In early July the company reaffirmed guidance for the 
third and fourth-quarters.  Analysts forecast third-quarter 
(ends July) earnings of 4-cents per share and 61-cents for the 
fourth-quarter.  

Why We Like It:
With a holiday advertising battle royale looming between Microsoft's 
new xBox game console and Sony's Playstation 2 there is little doubt 
the big winner will be the game developers who sell across all 
platforms.  If Take-Two's Max Payne is anywhere as big as expected 
than this game developer is hitting its stride at just the right 
moment.  TTWO shares had been consolidating in the $17 to $18 range 
for the past two weeks.  On Tuesday the shares broke out in a big 
way with a high volume move to $19.96.  The MACD technical indicator 
is confirming the bullish momentum with a buy signal from deep 
oversold territory.  We believe a test of $24.36 52-week high is 
in the cards.  Given the shares strong one-day move it is possible 
some slight profit taking may set in.  Should this occur, a dip to 
$19 would present a desirable entry point.  We will set our initial 
stop to $17.50.

Updated Comments:

Friday saw these shares put in a strong day with a move off support 
at $20.00.  Bullish sentiment is on the rise as reflected in high 
volume of 1.97 million shares traded.  The normal transaction volume 
is 1.65 million.  This is particularly significant as volume is 
often lower on Fridays.  If the shares can close above $21 and 
maintain volume then a test of $24 is probable.  New entrant to 
this Bullish selection should wait for this confirmation of Bullish 
sentiment before taking a position.  We are moving our stop to 
$19.00, which is a hair below the 50-day moving average of $19.12.

Picked on July 17th at $19.96
Gain Since Picked       +0.97
Earnings Date            N/A (Not Confirmed)





==================================================================
WATCH LIST
==================================================================

Global Marine - GLM - close: 17.37 change: +1.11

WHY WE LIKE IT:  In the last three days, both the Oil Services
index and the CBOE Oil index have seen dramatic bounces.  On top
of that, GLM announced on Friday that their earnings more than
doubled for Q2.  Higher energy prices helped propel their 
revenues and demand for drilling.  If this is a true turnaround
in the sector, GLM's stock is so beat down that it could see 
some easy gains as investors move back into it.

POTENTIAL TRIGGER EVENT:  The stock was setting new 52 week lows
just last week.  Its earnings announcement really gave shares
a boost on Friday and it closed with a 6.8% gain for the day.
Our potential trigger will be a pullback and bounce off of $17
or a new close over potential resistance at $18. 




---

Lucent Tech - LU - close: 7.61 change: +0.38

WHY WE LIKE IT:  This one probably depends on whether you are an
optimist or a pessimist.  One could be excited that shares of LU
have made a 50% recovery from its low of $5 last month or you 
might feel the company is now overbought and at less than $8 still
too expensive on a P/E basis.  Lucent reports its earnings on
Tuesday, July 24th and the focus will not be on how big the 
loss has been but how fast they can finish their restructuring.

POTENTIAL TRIGGER EVENT:  We do like the recovery from its June
lows and closing over $7.50 was a key level on Friday.  We are
not recommending this as a play until we see what surprises LU
may spring on us at its earnings report this week.  Aggressive
traders should be watching the $8 level as resistance and the 
next hurdle to overcome.




---

Nextel Communications - NXTL - close: 17.72 change: +0.40

WHY WE LIKE IT:  Lehman Brothers isn't doing us any favors.  A
press release came out on Friday with a Lehman analyst cutting 
their price targets on three wireless companies.  NXTL was 
one of them and its price target was cut from $32 to $21.  But
wait, they are "still bullish" on the sector.  Despite this news
NXTL shares gained over 2% and is butting heads with resistance
at $18.

POTENTIAL TRIGGER EVENT:  We're putting NXTL on the watch list
because we want to be ready when they announce earnings this week
on Tuesday, July 24th.  The stock has been consolidating but
managed to breakout above $17 on Thursday and added to its 
position on Friday.  Above $18 shares will probably rise to $20
before hitting heavy resistance there.  Keep this one on your
radar screen for a potential mid-week play.




---

Vodafone Group - VOD - close: 19.78 change: -0.92

WHY WE LIKE IT:  We like it if you are thinking SHORT!  Shares 
of VOD have not closed on the south side of $20 since 10/05/98.
Vodafone's latest woes come from a lack of new handsets with
the proper technology to handle its GPRS networks - the next
level in wireless services.  This lack of phones is a major
decision to slow VOD's construction of these next generation 
networks.  In the NXTL write up you read that Lehman had cut
price targets on three wireless companies and the last few
days have seen analysts buzzing about Nokia's lack of guidance
for the next six months.  On a fundamental basis VOD may be
a stock worth looking into for a long-term hold but right now
the stock looks terrible and further weakness is almost assured.

POTENTIAL TRIGGER EVENT:  Normally, we don't like to short stocks
that are less than $20.  Therefore only more experienced traders
should look into this type of trade.  Another alternative would be
put options but that's another story altogether.  Shares of VOD
gapped down on Friday and the selling continued throughout the 
afternoon as it closed near its low for the day.  Traders should
take note that VOD is very prone to gapping up or down as the
parent stock trades in Britain and its ADR shares on the NYSE gap
to the appropriate value based on how trading went overseas.
As far as a potential trigger point, this is it.  Closing under
$20 is a major breakdown of support.  Our only concern is that back
in 1998 when shares closed under $20, looking equally bad as they
do today, the stock immediately gapped up the next day and never 
looked back.  We want to make sure this is not a one-day event.





-------------------------
-- Continuing to Watch --
-------------------------

Some stocks on the Watch List will be carried over from one day
to the next if they continue to show potential but have not yet
breached the trigger point.  Some stocks have met our conditions 
for a trigger point but other factors hold us back from making it
a full-time stock pick.

-------------------------

Johnson and Johnson - JNJ - close: 54.49 change: +0.29

UPDATE: JNJ was added to the Watch List on Thursday, July 19th
and we've decided to carry it again.  The Drug index managed to
eke out a small gain on Friday and drug giant, Merck, announced
earnings Friday morning.  While growth was slowing, profits still
rose for MRK.  Shares of JNJ are holding up well.  If technology
falls out of favor again investors might turn to drug stocks.

Thursday, July 19th's write up:

WHY WE LIKE IT: The Drug sector has seen a bounce the last couple
of days and JNJ is part of the reason.  On Tuesday, the drug
maker announced their earnings and everyone was happy to hear that
profits were rising on strong sales of drugs and medical devices. 
Earnings would have been even better if it wasn't for JNJ's 
$10 billion acquisition of Alza corp.  So can the stock keep up
some of its recent gains?  We hope so.  Investors have not 
witnessed any massive selling now that the earnings news is out
and if the technology sector rolls over traders will probably 
run for the safety of drugs.

POTENTIAL TRIGGER EVENT:  The stock saw some late day buying on
Thursday despite closing in negative territory.  Traders have a
choice to try and target shoot into a long position with a dip
between 53.00 and 53.50 or a higher close over 55.00.  Keep a 
close eye on the remaining big drug companies that have yet to
announce.  MRK, SGP and BMY all have earnings coming.




---

AT&T Wireless Svcs - AWE - close: 17.26 change: -0.13

UPDATE: "Please Hold"... shares of AWE went nowhere on Friday on
the lightest volume day since it was completely spun off from 
parent company AT&T a couple of weeks ago.  In the news on Friday,
AWE joined forces with Amazon to offer online shopping and more
via mobile phones (there are a dozen or more global players already
on board with AMZN for this deal).  Shares of AWE still have 
potential and we suggest traders watch how it moves before and
after the upcoming earnings report on Tuesday, July 24th.  More
conservative players should avoid the risk of holding a position
over the announcement.  FYI: Lehman cut its price target on AWE
from $44 to $33 but says they are still bullish on the sector.

Thursday, July 19th's write up:

WHY WE LIKE IT:  This AT&T spin-off is finally on its own.  Parent
company AT&T finally set its wireless division free on July 9th.
This sounds great, right?  Well the logistics behind it meant a
huge increase in the float of AWE shares - an increase from 800 
million to 2 billion.  That's a lot to swallow for a sector of the
market that hasn't been doing so hot.  To make things better for
longer-term investors, Standard and Poors added AWE to the S&P 500
index now that the spin-off is an independent.  This should help
handle some of the volume as index fund managers might need to 
purchase a few more shares of the new addition.  Through it all,
most expected the stock to consolidate lower as the extra shares
hit the market.  The last couple of weeks have seen AWE range-bound
from $15.80 to $17.20.  That is until today.

POTENTIAL TRIGGER EVENT:  The stock gapped higher today and managed
to close at the high of trading.  This put it above resistance at
$17.20 and above its 50-dma.  The stock should appreciate to $18
and beyond that a potential move to $20.  We're going to be 
watching AWE to see if today's close can hold and if the bulls can
start to push the stock higher.  Look for earnings on July 24th.




---

Qlogic Corp. - QLGC - close: 46.19 change: +0.49

UPDATE: Qlogic traded in a tight range on Friday and while it
closed positive we are still skeptical that it will be able to
reverse course.  The key will be how analysts and investors 
interpret QLGC's earnings report on this Tuesday, July 24th.
Again, we emphasize caution and suggest traders wait until 
after the report to consider a short position.

Thursday, July 19th's write up:

WHY WE LIKE IT:  Qlogic has been a recent play on PremierInvestor
so we'll keep this short.  Shares are breaking down and yester-
day's drop was on very strong volume.  Today's trading looked 
more like an oversold bounce than anything else.  With gloomy
news from tech heavyweights like MSFT and EMC, QLGC could 
quickly feel pressure as investors look for safer havens than 
tech stocks (again).  

POTENTIAL TRIGGER EVENT:  The stock price appears to have found
some support near $44.  Coincidentally, the 100-dma is below it
at $42.90.  One can argue that the stock should find support at
$40 but the question is will it hold or would it just be a speed
bump on the way down.  Our potential trigger will be a close
under $44.  Expect earnings on July 24th.




---

Bristol Myers Squibb - BMY - close: 56.04 change: +0.49

UPDATE: Still climbing, BMY managed to pad half a point to its
share price after slipping from its highs of the day.  MRK's
earnings report Friday morning could still have affect on the
sector as people take the weekend to digest the data.  Keep your 
eyes on BMY as the stock is up four days in a row and could offer 
a pullback on Monday.  We do not recommend holding over the 
earnings report on Wednesday.

Thursday, July 19th's write up:

WHY WE LIKE IT:  As we mentioned earlier, the Drug sector has
managed a bounce with the positive earnings announcements from
JNJ and PFE offering hope where other companies are lowering
guidance.  BMY's stock has responded well and is off its recent
lows near $52.  We like BMY because the stock is climbing on
stronger than average volume.  Yesterday put the stock over
resistance of its 50-dma and today put the stock over 
resistance at $55.  

POTENTIAL TRIGGER EVENT:  BMY is due to announce earnings on 
July 25th.  We are merely watching to see if the rally in the
stock can continue.  Looking at the intraday chart, BMY looks
pretty strong closing at its high for the day.  Aggressive 
traders may want to jump at the stock now with a tight stop.
Watch out for its 100-dma directly overhead at 56.54 and BMY
could see more resistance at $57.50 but if the Drug sector
continues to climb BMY bulls are probably hoping for a run up
to $60.






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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

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Copyright  2001  PremierInvestor.net. and
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Do not duplicate or redistribute in any form.

PremierInvestor.net Newsletter          Weekend Edition 07-20-2001
                                                    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/3021_2.asp
=================================================================

In section two:

Split Trader
  New Play: No new ST play
  Play Updates: Stock Split Status Report is Black 
  Closed Plays: Alliant Techsystems - ATK

Net Bulls
  New Play: BEA Systems - BEAS (Bullish)
  Bullish Play Updates: PCLN, TTWO
  Bearish Play Updates: CHKP, BRCD
  Closed Plays: No closed NB plays

Stock Bottom / Active Trader
  New Plays: APC (Bullish), ANF (Bearish)
  Long Play Updates: FLM, LH, PATH, RAIL, SGU
  Short Play Updates: CSGS, PDII
  Closed Plays: No closed plays for SB

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

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

  -----------------------
  SPLIT CANDIDATE Updates
  -----------------------

TRC Companies - TRR - close: 46.50 change: +0.51 stop: 42.00

Nothing much new to report since we launched this new play on
Thursday.  The stock is still climbing higher despite the weak
market trading on Friday.  We will reiterate that the stock is
looking pretty strong with an increasing number of higher lows.
The low on Friday was 44.80, which occurred near the open but
the stock climbed steadily higher throughout the day ending 
near its highs.  As might be expected on a summer Friday, volume
was pretty light at just 100K.

Picked on July 19th @ $45.99
Gain since picked:    + 0.51 
Earnings Date:       8/08/01 (not confirmed)




---

Cerus Corp. - CERS - close: 71.10 change: -2.18 stop: 69.50

Shares of Cerus suffered a little blood-letting on Friday as
traders took some of the recent profits off the table ahead
of the weekend.  Down almost 3%, the stock held up pretty well
through most of the day before succumbing to sellers in the
last 20 minutes of trading.  Despite the dip, the stock bounced
off potential support at $70.  This may be a new entry point
for traders looking to capture any move up to the $75-$76 area.
Both the Biotech and the Drug sector managed small gains today
and if they continue, bulls might be able to push CERS higher
ahead of its Tuesday earnings report.

Picked on July 13th @ $69.25
Gain since picked:    + 1.85
Earnings Date:       7/24/01




---

NVR, Inc. - NVR - close: 176.50 change: +1.50 stop: 174.00 *new*

Surprise!  This morning was the earnings announcement for NVR.
Typically, that can spell trouble for short-term traders but
fortunately, NVR came out with good news.  The company announced
a 60% increase in net income for Q2.  Plus, they actually offered
guidance going forward.  Something that is becoming a rarity 
recently.  NVR expects Q3 2001 to exceed last year by 30%.  
Shares of NVR saw a large $12 range today with a low at $171 and
a high at $183.  We considered dropping the play, now with a 
$10 gain, but the stock managed to stem the selling and find 
support near $175 late this afternoon.  So what are we to do?
Looking at a candlestick chart it is very clear that Friday's
trading produced a long-stemmed doji.  This typically means 
indecision on where the stock is heading next.  It has already 
seen a strong move up from its recent lows of $150 a couple
of weeks ago and from $140 a month ago.  Is the play over?
Was it all an earnings run?  No one knows the future but we're
going to try and protect as much of our gains as possible.
We're moving our stop up very tight to $174.  This way if buyers
step in on Monday morning we might be able to squeeze several 
more points out of this play.  The next hurdle will be resistance
at $180.  Our one concern would be the stock gaps down on Monday
which would make our stop less effective.  It is our hope that 
buyers will continue to step in as they digest the positive 
earnings report.  

Picked on July 10th @ $166.30
Gain since picked:    + 10.20
Earnings Date:        7/20/01





  -----------------------
  ST Closed Play
  -----------------------

Alliant Techsystems - ATK - close: 94.23 change: -0.67 stop: 93.45

You've probably heard the term "discretion is the better part of
valor".  We are choosing to close our play on Alliant and leave 
like a winner.  We picked ATK on June 29th as it was about to 
break out above $90.  Unfortunately for us the stock consolidated
back to $85 before moving higher.  This was a great entry for any
new traders to the play and the stock saw several positive days
in a row.  Shares of ATK have now come face to face with overhead
resistance at $95.  As we have mentioned before there is a ton
of congestion between 95 and 100 and the stock could be stuck here
for the foreseeable future.  That is until their August earnings
date which should offer a better reading on ATK's future direction.

Picked on June 29th @ $ 89.90
Gain since picked:    +  4.33
Earnings Date:        8/09/01





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

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

  ----------------
  New Bullish Play
  ----------------

BEA Systems - BEAS Close: $23.01 Change:+1.56 Stop:$19.50

Company Profile:
BEA Systems, Inc is a provider of e-commerce infrastructure 
software that helps companies of all sizes build e-commerce 
systems. For the 3 months ended 4/30/01, revenues rose 67% to 
$257.2M. Net income totaled $20.6M vs. a loss of $12.4M. Revenues 
reflect the continued adoption of software solutions, the addition 
of new customer accounts and increased product & service 
offerings.  Earnings reflect the absence of a $2.2M acquisition 
charge.

Fundamentals:
On a fundamental basis, the company stock is expensive.  It has 
a current P/E of 115 and a forward one P/E of 55.  However, 
this is the price you pay for companies with dominate positions 
in high growth markets.  Last year, the company earned 25-cents 
per share on sales of $820 million.  Despite the weak economy, 
this year, analysts forecast a 68-percent increase in earnings 
to 42-cents per share on a 46-percent pop in sales to $1.2 billion. 
Next year, analysts project the growth will continue unabated 
with an additional 48-percent rise in profits to 61-cents per 
share and a 33-percent in sales to $1.6 billion.  The company 
has a strong balance sheet with $700 million in cash and $564 
million in long-term debt.

Strategy:
BEAS has trended south along with the Nasdaq Composite ever since 
gapping down in the middle of June on negative news.  Over the 
last four trading sessions, the stock has teetered just above its 
52 week low set in April with no impetus for a breakout.  This 
week has been a period of consolidation with the stock testing 
minor resistance just under $24.00 while maintaining support just 
under $21.00.

The short-term price target just under $26.00 represents the first 
level of viable resistance.  However, with the bullish price 
objective resting close to $30.00 those in for the longer haul may 
wish to hold until that price level is reached.  A warning from 
Microsoft and an advance in BEAS suggests that current levels 
might represent the best entry point.  However, with solid support 
at the double bottom, a low volume decline could present a better 
entry point at about $22.00.  Our entry price will be at tonight's 
close.  Either way, significant support exists at the double 
bottom and we'll select a price just under this level to avoid 
getting whip-sawed out of the position.  Set your stop at $19.50. 
At current levels, BEAS offers a very persuasive argument for 
limited downside risk with a strong reward potential.

Picked on July 20th $23.01
Earnings Date          8/14 (Unconfirmed)





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

  -----------------------
  NB Bullish Play Updates
  -----------------------

PriceLine.com - PCLN - Close:$8.38 Change: -0.04 Stop:$7.45 

The shares initial reaction to the solid earnings from rival 
Travelocity was negative.  We raised our stop in anticipation that 
bearish sentiment could pick up.  Fortunately for our Bullish 
selection, the sentiment may be short-lived.  The shares opened 
Friday to the weak side and trended to the session low of $8.04 at
about 1:30 pm EST.  Buying sentiment then set in and drove the 
shares nicely to the session high of $8.50.  We are hopeful that 
the slide was as temporary as it was slight and the shares will 
resume their Bullish bias.

Picked on July 13th @ $ 8.70
Gain since picked:    - 0.42
Earnings Date:          7/31 (not confirmed)




===

Take-Two Interactive - TTWO - Close:$20.93 Change:+0.78 Stop:$19.00 new

Friday saw these shares put in a strong day with a move off support 
at $20.00.  Bullish sentiment is on the rise as reflected in high 
volume of 1.97 million shares traded.  The normal transaction volume 
is 1.65 million.  This is particularly significant as volume is 
often lower on Fridays.  If the shares can close above $21 and 
maintain volume then a test of $24 is probable.  New entrants to 
this Bullish selection should wait for this confirmation of Bullish 
sentiment before taking a position.  We are moving our stop to 
$19.00, which is a hair below the 50-day moving average of $19.12.

Picked on July 17th at $19.96
Gain Since Picked       +0.97
Earnings Date            N/A (Not Confirmed)





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

Check Point Software - CHKP Close:$35.42 Change:-4.49 Stop:$41.00

Checkpoint shares fell off the teeter-totter today.  Our patience 
in this Bearish selection was rewarded when the stock plunged 
through significant support Friday to lose $4.49 on the way to 
setting a new 18-month low.  We see support at $30 as being a 
reasonable price objective.  We don't want to get whipsawed out 
so we are moving our stop to $41.00.  However, more conservative 
traders may want to protect the +10-percent gain with snugger stop.  

Picked on July 18th at $40.09
Gain Since Picked       +4.67
Earnings Date            7/23 (Not Confirmed)




===

Brocade - BRCD Closed:$31.39 Change:-0.71 Stop:$35.00

The candlestick chart shows a doji pattern formed on Friday.  This 
happens when both bulls and bears take their shot at moving the 
shares, and when the day is done the tug of war ends fairly even.  
This is indicative of indecision on the part of traders.  Our 
Bearish outlook remains the same; a move through $30 should 
attract sellers and set up a test of support at $30 and possibly 
$25.  

Picked on July 16 at   $34.06
Gain/loss since picked: +2.67
Earnings Date            8/14 (Not Confirmed)





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

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

  --------------
  New Long Play
  --------------

Anadarko Petroleum - APC Close:$51.51 Change:+2.26 Stop:$47.50

Company Description:
Anadarko is one of the world's largest independent oil and natural 
gas exploration and production companies.  The firm has expanded 
significantly with the acquisition of fellow independent Union 
Pacific Resources that increased Anadarko's proved reserves to more 
than 2 billion barrels of oil equivalent, evenly divided between 
crude oil and natural gas.  Although more than half of the company's 
reserves are in the US, the company also has major operations in 
Algeria, western Canada, Guatemala, and Venezuela.

Fundamentals: 
On a relative or actual basis these shares are cheap.  APC shares 
have a low current PC of 12 and a forward one of 9 for 2001.  The 
industry average P/E is 13 and the average S&P 500 company sports 
a P/E of 24.  The company also has a microscopic Price/Earnings 
Growth (PEG) ratio of 0.46 against the industry average of 1.15 
and S&P 500 average of 1.80. For its earnings report on Thursday, 
July 26th analysts expect the company to report earnings of $1.30 
per share, for the same period last year they earned 56-cents per 
share.  On an annual basis, the firm earned $4.16 per share last 
year and is forecast by analysts to earn $5.82 in the 2001 fiscal 
year. 

Why We Like It: 
Declining prices for crude and natural gas have driven most oil 
company shares sharply lower.  Since topping out near $69 in mid-
May, the shares dropped until they bounced strongly off of the 
session low of $46.52 last Wednesday.  Since then they have managed 
to tack on $4.99, or 11-percent into Friday's close.  These were 
the most positive three days since just prior to the mid-May top. 
 It is beginning to appear the market has said enough is enough and 
is recognizing the oversold nature of these shares.  The next levels
 of upside resistance are at $55, $57.50, $60 and $62.50.  The shares 
clearly have enough momentum to tackle $55, if they can maintain this 
momentum, as evidenced by solid levels of volume, $62.50 is a 
reasonable shorter-term target.  Gut check time will occur next 
Thursday when a decision needs to made as whether to hold these 
shares over earnings.  At least until then the bulls are likely to 
maintain control.  

Picked on July 20th at $51.51
Earnings Date            7/26 (Confirmed)




  --------------
  New Short Play
  --------------

Abercrombie & Fitch - ANF Close:$40.46 Change:-0.04 Stop:$42.50

Company Description:
Abercrombie & Finch used to outfit Teddy Roosevelt for safaris,
today through about 350 mostly mall located stores the company 
targets college students for upscale casual clothing.  Most items 
are emblazoned with the A&F logo.  The company also sells merchandise 
through its subscription catalog, A&F Quarterly, which doubles as a 
youth-oriented magazine featuring sometimes racy and raucous models.  
Its products are available on its Web site as well.  It also has 85 
childrens' stores (simply called Abercrombie) and will open 25 teen 
concept stores called Hollister Co. that is based on the California 
lifestyle.  The company's preppy image has some calling their 
customers, "Aber-Snobbies." 

Fundamentals: 
At its second-quarter earnings report on August 14th, analysts 
expect the retailer to earn 23-cents per share on sales of $288 
million.  For the same quarter last year the company earned 21-cents 
the on sales of $231.5 million.  For the fiscal year ended last 
January the company earned $1.55 per share on sales of 1.2 billion. 
Analysts forecast the company will earn $1.87 per share on revenue 
of $1.6 billion in the current fiscal year.  The company has a 
current P/E of 26 and a forward one of 22.  The average P/E for the 
apparel industry is 23.  The company has a strong balance sheet with 
no debt and $123 million in cash.  The shares are pricey on a 
valuation basis, as compared to industry averages the company has a 
Price/Sales ratio of 3.11 (industry 1.01), Price/Book ration of 9.0 
(industry 4.18) and Price/Cash Flow ratio of 20.66 (industry 13.11).

Why We Like It: 
Declining interest rates, tax refunds and solid consumer spending 
has driven the shares of most retailers up sharply.  The S&P Retail 
Index has risen 11-percent since July 11th.  During that same period 
of time ANF shares have increased 6-percent.  Absent some unforeseen 
news to drive the index up, retail shares are looking tired and 
subject to a pullback.  Two additional factors are having a negative 
impact on ANF shares, one is their high relative valuation as 
discussed in the fundamental section, and the other is a sense that 
fickle youth fashion tastes are beginning to swing against the 
company's generic preppy offerings.  Recently, the company reported 
a 4-percent drop in same store sales in June from the same period 
the previous year.  

Abercrombie shares are mirroring the tired look of the retail index.
The last two trading sessions have seen the bulls push the shares to 
significant session highs only to lose most or all of the gains 
prior to the close.  With ANF shares hovering above significant 
support at $40, almost any kind of bearish move, will make likely 
a test of weak support of $37.50 and a probable test of stronger 
support at $35.00.  If the selling really picks up steam a test 
of $30 would not be unreasonable.  This sets up decent low 
risk/high reward scenario as upside resistance is nearby in the 
$41 to $42 range.  We will start this Bearish selection with a 
stop at $42.50.

Picked on July 20th at $40.46
Earnings Date            8/14 (Not Confirmed)





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

  -----------------
  Long (Bullish) Play Updates
  -----------------

Flemming FLM Close:$37.28 Gain:-0.20 Stop:$35.50

Flemming traded in a tight 33-cent range, and closed down 20 
cents.  This should be just a brief pause in the long up trend.

Picked on July 19th at $37.30
Gain since picked:      -0.02
Earnings Date           8/1/01 (not confirmed)




===

Laboratory Corporation LH Close:$86.50 Gain:+1.40 Stop:$82.00

LH was able to shrug off Thursday's late-day weakness, and gain 
$1.40 today.  Wednesday's high of $88 might present some mild 
resistance for this stock.  LH ANNOUNCES EARNINGS MONDAY.  We 
will continue to keep this stock our bullish play list, but less 
adventures readers may want to consider exiting before the close 
on Monday.

Picked on July 13th at $83.98
Gain since picked:      +2.17
Earnings Date           7/23/01




===

AmeriPath PATH Close:$36.00 Gain:+2.11 Stop:$33.25 NEW

AmeriPath's break is over.  This stock only needed a two-day 
break before moving $2.11 higher.  Volume was surprisingly light, 
but we'll still take it.  We are going to ratchet our stop up to 
$33.25.

Picked on July 11th at $30.95
Gain since picked:      +5.05
Earnings Date           7/31/01




===

RailAmerica RAIL Close:$12.67 Gain:+0.02 Stop:$10.25

Rail made a run at resistance at $12.90, but was turned back.  As 
resistance and the 50-day moving average continue to converge, RAIL is 
going to have to pop one way or another.

Picked on June 14th at $11.41
Gain since picked:      +1.44
Earnings Date            N/A




===

Star Gas Partners SGU Close:$21.24 Gain:+0.48 Stop:$19.50

Star Gas got moving in the right direction, but today's 48-cent gain 
wasn't enough to break it out of its trading range.  The stock closed 
strong, which suggests some follow through on Monday.  The rising 50-
day moving average continues to support prices.

Picked on June 17th at $21.18
Gain since picked:      -0.03
Earnings Date           7/26/01




  -----------------
  Short (Bearish) Play Updates
  -----------------

CSG Systems CSGS Close:$53.54 Gain:+0.78 Stop:$55.00

CSG refuses to breakdown, but isn't exactly rallying.  Resistance 
looks strong around $55, but we need a break below $52.10 to get 
things moving to the downside.

Picked on July 12th at $54.07
Gain since picked:      +0.53
Earnings Date           7/30/01




===

Professional Detailing PDII Close:$68.39 Gain:-1.60 Stop:$74.25

Professional Detailing had a wild day after Pfizer announced they 
were severing their contract.  The stock dropped as low as $46, 
but recovered to $68.39.  A close below $67.7, the 61.8% 
retracement level, would have been nice, but this stock still 
looks like it wants to head lower.  

Picked on July 18th at $70.00
Gain since picked:      +1.61
Earnings Date            N/A





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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:
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Copyright  2001  PremierInvestor.net. and
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Do not duplicate or redistribute in any form.


PremierInvestor.net Newsletter         Weekend Edition 07-20-2001
                                                   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/3021_3.asp
=================================================================

In section three:
Long Term Tech Play: Internet Standard
Split Announcement: No splits were announced
Expected/Likely Split Announcements For The Coming Week 
New Split Candidates: No new split candidates were added
Market Watch for Week of July 23rd
   - Major Earnings
   - Board of Directors Meetings
   - Stock Splits
   - Economic Reports

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

===================
Long Term Tech Play
===================

BEA Systems - BEAS Close:$23.01 Change:+1.56 

Even as evolution continues to weed out the weakest dot-coms, the 
overall Internet is enjoying strong growth fueled by software 
vendors instituting web functionality into their products and the 
aggressive entry of traditional companies into e-commerce.  
Longer-term, the big winners in this trend are companies whose 
products make up the infrastructure of the Internet.  One of the 
infrastructure firms pulling away from the pack is BEA Systems.  
BEA Tuxedo has become the platform of choice for the big boys 
with sites processing millions of transactions daily.  Customers 
include Amazon.com, United Airlines and FedEx.  Their WebLogic 
application server software enables web applications to work 
with legacy systems and older networks.  A recent agreement with 
Dell will have the PC giant pre-installing WebLogic on their 
servers.  With BEA products becoming standards in their respective 
arena, the company becomes a solid choice for long-term 
investors.  In addition, an attractive technical picture for the 
shares makes it worthy of its selection as one of our Bullish 
short-term play.

On a fundamental basis, the company stock is expensive.  It has 
a current P/E of 115 and a forward one P/E of 55.  However, 
this is the price you pay for companies with dominate positions 
in high growth markets.  Last year, the company earned 25-cents 
per share on sales of $820 million.  Despite the weak economy, 
this year, analysts forecast a 68-percent increase in earnings 
to 42-cents per share on a 46-percent pop in sales to $1.2 billion. 
Next year, analysts project the growth will continue unabated 
with an additional 48-percent rise in profits to 61-cents per 
share and a 33-percent in sales to $1.6 billion.  The company 
has a strong balance sheet with $700 million in cash and $564 
million in long-term debt.

BEAS shares put in a strong day on Friday after bouncing off of a 
test of 52-week lows set last April.  We feel this represents a 
good entry point for longer-term investors, as it may represent a 
true bottom.  Short-term traders may decide to finesse a more 
attractive entry with a dip to $22.00.  In either case a stop 
should be placed at $19.50, which is just below the 52-week low 
of $20.19.  We have a 12-month price objective of $40.  





==================
Split Announcement
==================

No splits were announced

=================================================
Expected/Likely Announcements For The Coming Week
=================================================
                                    Date Expected 
Symbol         Company              To Announce*
=================================================
BZH            Beazer Homes USA         7/23
FISV           Fiserv, Inc.             7/23
MMM            3M Corporation           7/23
RYL            Ryland Group             7/23
CEFT           Concord EFS, Inc.        7/26
JEC            Jacobs Engineering       7/26
====================================================

BZH - Beazer Homes USA

Beazer Homes continues to churn out new highs this year with 52-
week gains totaling 263 percent. At prices of over $70 per share, 
we expect the company to be thinking in terms of a split. There 
are 30 million shares authorized for issuance and only 8.6 
million outstanding; plenty of room for a 2-for-1. If the Board 
chooses to announce with their earnings on the 23rd, it will be 
the first in the Company's history. 

chart = 

===

FISV - Fiserv Inc.

Fiserv has split its stock on a 3:2 basis five times in the 
company's history, the last two announced when the stock was 
trading between $50 and $60 per share. Well folks, here we are 
again.  June 29 marked a new 52-week high of $64.63 and recent 
trading is hanging on to nearby levels of $60. There are enough 
authorized shares for another 3:2 and we're anticipating a 
possible announcement with the Company's earnings on Monday.

chart = 

===

MMM - 3M Corporation

3M has seen a tough year so far, cutting its earnings forecast 
twice in three months, including statements from company 
officials citing that the next five years are likely to be worse 
than the last five years.  Nonetheless, we're going to mention  
MMM as an expected split candidate due to historical split 
levels.  The last 2:1 was announced when shares were trading at 
the $100 level in 1994.  Prior to that, a 2:1 was announced back 
in 1987 at $125.  Considering the current range of $110 - $125 we 
could be looking at the Board's next split announcement with 
earnings on 7/23, bringing the stock back to more appealing 
levels. 

chart = 

===

RYL - Ryland Group        

Ryland's stock has skyrocketed this year with 52-weeks gains of 
168 percent on strengthening volume. The new highs made last week 
has us anticipating a stock split when we consider the company's 
prior history. The last 2-for-1 announcement was back in 1986 at 
the $50 level and again at similar levels three years prior.  
There are currently 79 million shares authorized and just 13 
million outstanding giving ample room for a 2:1. Once again, look 
to Monday's earnings announcement for a trigger. 

chart = 

===

CEFT - Concord EFS, Inc.    

This financial services provider has an extensive split history.  
There were six splits just in the last seven years, all were 
ratios of 3:2 and they were announced when shares traded at 
$30-$35. The stock has traded well above that level all this year 
and is continuing to reach for new highs on a daily basis, 
therefore, it would appear that we could expect the next split to 
be announced with earnings on Thursday.

chart = 

===

JEC - Jacobs Engineering       

Jacobs is beautifully poised for a split announcement.  First 
off, the last two announcements were at levels of about $40 per 
share. As of this writing, prices are hovering at the $70 level. 
Secondly, shareholders approved an increase of the company's 
authorized shares to 100 million in February, allowing room for a 
future split. Furthermore, earnings were released on Wednesday, 
revealing a strong fiscal third quarter and positive outlook. 
With the Board's meeting on Thursday we could get our anticipated 
split announcement.

chart = 


==================================================
Market Watch for the week of July 23rd
==================================================

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

Symbol  Company       Date                 Comment       EPS Est   
      
ACXM    ACXIOM CORP     Mon, JUL 23    After the Close     -0.08 
ALB     ALBEMARLE       Mon, JUL 23    ----- n/a -----      0.59 
LNT     ALLIANT ENERGY  Mon, JUL 23    ----- n/a -----      0.26 
ALTR    ALTERA CORP     Mon, JUL 23    After the Close      0.08 
AMZN    AMAZON COM      Mon, JUL 23    After the Close     -0.22 
AXP     AMER EXPRESS CO Mon, JUL 23    ----- n/a -----      0.53 
AME     AMETEK INC      Mon, JUL 23    After the Close      0.56 
ANAD    ANADIGICS INC   Mon, JUL 23    Before the Bell     -0.44 
AOT     APOGENT TECH    Mon, JUL 23    After the Close      0.26 
ADM     ARCHER-DANIELS  Mon, JUL 23    ----- n/a -----      0.17 
ARMHY   ARM HOLDINGS    Mon, JUL 23    Before the Bell      0.03 
ASH     ASHLAND INC     Mon, JUL 23    ----- n/a -----      2.12 
T       AT & T          Mon, JUL 23    4:30 pm ET           0.03 
AVB     AVALONBAY COMM  Mon, JUL 23    ----- n/a -----      1.01 
BRS     BANCO RIO       Mon, JUL 23    ----- n/a -----       N/A 
BSB     BANCO SANTANDER Mon, JUL 23    ----- n/a -----      0.34 
BKNG    BANKNORTH GRP   Mon, JUL 23    ----- n/a -----      0.43 
BLS     BELLSOUTH CORP  Mon, JUL 23    08:00 am ET          0.53 
BMC     BMC SOFTWARE    Mon, JUL 23    After the Close      0.07 
CHKP    CHECK PT SFTWRE Mon, JUL 23    ----- n/a -----      0.32 
CRUS    CIRRUS LOGIC    Mon, JUL 23    After the Close      0.11 
CGNX    COGNEX CORP     Mon, JUL 23    After the Close      0.04 
CL      COLGATE PALMOLIVMon, JUL 23    Before the Bell      0.47
CA      COMPUTER ASSOC  Mon, JUL 23    After the Close      0.48
COCb    CONOCO CL B     Mon, JUL 23    Before the Bell      0.85
COX     COX COMMUNICA   Mon, JUL 23    Before the Bell     -0.21
XRAY    DENTSPLY INTL   Mon, JUL 23    After the Close      0.51
ECLP    ECLIPSYS CORP   Mon, JUL 23    Before the Bell      0.09
RE      EVEREST RE GP   Mon, JUL 23    5:00 pm ET           1.17
FCNCA   FIRST CITIZEN   Mon, JUL 23    After the Close       N/A 
FISV    FISERV INC      Mon, JUL 23    ----- n/a -----      0.40
GLC     GALILEO INTL    Mon, JUL 23    After the Close      0.80
GT      GOODYEAR TIRE   Mon, JUL 23    Before the Bell      0.05
HAS     HASBRO INC      Mon, JUL 23    Before the Bell     -0.13
HE      HAWAIIAN ELEC   Mon, JUL 23    After the Close      0.70
HCA     HCA INC         Mon, JUL 23    ----- n/a -----      0.46
ROOM    HTL RESERVATNS  Mon, JUL 23    Before the Bell      0.23
IFX     INFINEON TECHS  Mon, JUL 23    Before the Bell     -0.67
SFI     ISTAR FINL      Mon, JUL 23    ----- n/a -----       N/A 
JKHY    JACK HENRY ASO  Mon, JUL 23    Before the Bell      0.17
KEM     KEMET CORP      Mon, JUL 23    After the Close      0.14
KG      KING PHARM      Mon, JUL 23    Before the Bell      0.30
LH      LAB CRP OF AMER Mon, JUL 23    After the Close      0.70
LAB     LABRANCHE & CO  Mon, JUL 23    ----- n/a -----      0.28
LXK     LEXMARK INTL    Mon, JUL 23    Before the Bell      0.64
LRY     LIBERTY PROP    Mon, JUL 23    After the Close      0.85
LPNT    LIFEPOINT HOSP  Mon, JUL 23    After the Close      0.17
LNCR    LINCARE HOLD    Mon, JUL 23    ----- n/a -----      0.32
MCRL    MICREL SEMICON  Mon, JUL 23    After the Close      0.00
MMM     MINNESOTA MIN   Mon, JUL 23    Before the Bell      1.11
MOLX    MOLEX INC       Mon, JUL 23    After the Close      0.22
MCO     MOODY'S CORP    Mon, JUL 23    After the Close      0.30
ORLY    O REILLY AUTO   Mon, JUL 23    After the Close      0.32
ONIS    ONI SYSTEMS CP  Mon, JUL 23    After the Close     -0.05
OPWV    OPENWAVE SYS    Mon, JUL 23    After the Close      0.10
BOH     PACIFIC CENTURY Mon, JUL 23    Before the Bell      0.36
PDG     PLACER DOME INC Mon, JUL 23    After the Close      0.08
PX      PRAXAIR INC     Mon, JUL 23    Before the Bell      0.78
RYN     RAYONIER        Mon, JUL 23    After the Close      1.10
RNR     RENAISSANCE     Mon, JUL 23    After the Close      1.84
ROH     ROHM & HAAS CO  Mon, JUL 23    After the Close      0.28
SAFC    SAFECO CORP     Mon, JUL 23    Before the Bell     -0.27
SEPR    SEPRACOR INC    Mon, JUL 23    Before the Bell     -0.89
SLAB    SILICON LABS    Mon, JUL 23    5:05 pm ET          -0.03
SNRA    SONERA CORP     Mon, JUL 23    Before the Bell     -0.06
SO      SOUTHERN CO     Mon, JUL 23    Before the Bell      0.40
TSD     TELE SUDESTE    Mon, JUL 23    After the Close       N/A 
TXN     TEXAS INST      Mon, JUL 23    3:30 pm ET           0.02
MRO     USX-MARATHON    Mon, JUL 23    Before the Bell      1.51
X       USX US STEEL GP Mon, JUL 23    Before the Bell     -0.55
            
ABGX    ABGENIX INC     Tue, JUL 24    After the Close     -0.14
ATVI    ACTIVISION INC  Tue, JUL 24    ----- n/a -----     -0.05
AFL     AFLAC INC       Tue, JUL 24    ----- n/a -----      0.33
ALGX    ALLEGIANCE TELE Tue, JUL 24    After the Close     -0.95
ALD     ALLIED CAPITAL  Tue, JUL 24    Before the Bell      0.53
DOX     AMDOCS LTD      Tue, JUL 24    After the Close      0.32
AEE     AMEREN CORP     Tue, JUL 24    ----- n/a -----      0.79
AMX     AMERICA MOVIL   Tue, JUL 24    ----- n/a -----      0.02
AEP     AMER ELEC PWR   Tue, JUL 24    Before the Bell      0.70
AHP     AMER HOME PRODS Tue, JUL 24    07:00 am ET          0.37
AMTD    AMERITRAD HLD A Tue, JUL 24    Before the Bell     -0.01
AMKR    AMKOR TECH INC  Tue, JUL 24    After the Close     -0.58
AXE     ANIXTER INTL    Tue, JUL 24    Before the Bell      0.50
ARW     ARROW ELE       Tue, JUL 24    Before the Bell      0.02
ASCL    ASCENTIAL SFTWR Tue, JUL 24    After the Close      0.03
AWE     AT&T WIRELS     Tue, JUL 24    08:00 am ET         -0.01
AVY     AVERY DENNISON  Tue, JUL 24    11:00 am ET          0.61
SAN     BANCO SANTIAGO  Tue, JUL 24    ----- n/a -----      0.51
BJS     BJ SERVICES CO  Tue, JUL 24    Before the Bell      0.49
BBI     BLOCKBUSTER INC Tue, JUL 24    Before the Bell      0.10
BNI     BURL NTHN SANTA Tue, JUL 24    Before the Bell      0.51
EMS     C-MAC INDUST    Tue, JUL 24    ----- n/a -----      0.29
CBM     CAMBREX CORP    Tue, JUL 24    After the Close      0.58
CNI     CDN NATL RR     Tue, JUL 24    Before the Bell      0.80
CBL     CBL & ASSOC     Tue, JUL 24    After the Close      0.94
CEC     CEC ENT         Tue, JUL 24    ----- n/a -----      0.50
CERS    CERUS CORP      Tue, JUL 24    After the Close     -0.78
CHV     CHEVRON CORP    Tue, JUL 24    Before the Bell      2.06
CPS     CHOICEPOINT     Tue, JUL 24    After the Close      0.31
CINF    CINCINNATI FIN  Tue, JUL 24    ----- n/a -----      0.30
CNET    CNET NETWORKS   Tue, JUL 24    After the Close     -0.17
CNH     CNH GLOBAL NV   Tue, JUL 24    Before the Bell      0.04
CTV     COMMSCOPE       Tue, JUL 24    After the Close      0.27
BVN     BUENAVENTURA    Tue, JUL 24    ----- n/a -----      0.26
CBE     COOPER INDS INC Tue, JUL 24    Before the Bell      0.72
CREE    CREE INC        Tue, JUL 24    After the Close      0.12
DASTY   DASSAULT ADR    Tue, JUL 24    Before the Bell      0.26
DLTR    DOLLAR TREE STR Tue, JUL 24    After the Close      0.18
DYN     DYNEGY INC      Tue, JUL 24    Before the Bell      0.40
ELN     ELAN CORP PLC   Tue, JUL 24    Before the Bell      0.44
EMT     EMBRATEL PAR    Tue, JUL 24    ----- n/a -----      0.06
EXC     EXELON CORP     Tue, JUL 24    Before the Bell      0.90
FCS     FAIRCHILD SEMI  Tue, JUL 24    After the Close      0.05
FII     FED INVESTORS   Tue, JUL 24    4:15 pm ET           0.36
FEIC    FEI COMPANY     Tue, JUL 24    Before the Bell      0.34
GMT     GATX CORP       Tue, JUL 24    ----- n/a -----      0.55
GSK     GLAXOSMITHKLINE Tue, JUL 24    07:30 am ET          0.57
HHS     HARTE-HANKS     Tue, JUL 24    After the Close      0.32
HMA     HEALTH MGMT     Tue, JUL 24    Before the Bell      0.21
HLT     HILTON HOTELS   Tue, JUL 24    Before the Bell      0.19
HNI     HON INDS        Tue, JUL 24    Before the Bell      0.33
HON     HONEYWELL INTL  Tue, JUL 24    Before the Bell      0.53
HMT     HOST MARRIOT CP Tue, JUL 24    10:00 am ET          0.54
IMPH    IMPATH INC      Tue, JUL 24    After the Close      0.26
N       INCO LTD        Tue, JUL 24    ----- n/a -----      0.24
ICBC    INDEP COMM BK   Tue, JUL 24    4:00 pm ET           0.30
INSP    INFOSPACE INC   Tue, JUL 24    After the Close     -0.02
INET    INSTINET GROUP  Tue, JUL 24    ----- n/a -----       N/A
ISIL    INTERSIL CORP   Tue, JUL 24    ----- n/a -----      0.07
KMB     KIMBERLY-CLARK  Tue, JUL 24    Before the Bell      0.81
KQIP    KPNQWEST NV     Tue, JUL 24    ----- n/a -----       N/A
LLL     L-3 COMMS HLDGS Tue, JUL 24    ----- n/a -----      0.57
LAF     LAFARGE CORP    Tue, JUL 24    After the Close      1.26
LRCX    LAM RESEARCH    Tue, JUL 24    After the Close      0.14
LSCC    LATTICE SEMIC   Tue, JUL 24    Before the Bell      0.13
LEA     LEAR CORP       Tue, JUL 24    Before the Bell      0.69
LGTO    LEGATO SYSTEMS  Tue, JUL 24    Before the Bell     -0.02
LNC     LINCOLN NATL    Tue, JUL 24    07:00 am ET          0.88
LLTC    LINEAR TECH     Tue, JUL 24    After the Close      0.26
LOGIY   LOGITECH INTL   Tue, JUL 24    11:00 am ET          0.08
LU      LUCENT TECH     Tue, JUL 24    Before the Bell     -0.21
MCD     MCDONALDS CORP  Tue, JUL 24    ----- n/a -----      0.34
MHP     MCGRAW HILL COS Tue, JUL 24    Before the Bell      0.59
MCK     MCKESSON HBOC   Tue, JUL 24    Before the Bell      0.28
MTON    METRO ONE TELEC Tue, JUL 24    After the Close      0.27
MGG     MGM MIRAGE      Tue, JUL 24    ----- n/a -----      0.42
MSCC    MICROSEMI CP    Tue, JUL 24    After the Close      0.32
MND     MITCHELL ENER   Tue, JUL 24    After the Close      1.40
MKSI    MKS INSTRUMENTS Tue, JUL 24    After the Close      0.01
MLTC    MULTILINK TECH  Tue, JUL 24    4:00 pm ET           0.01
NBR     NABORS INDS INC Tue, JUL 24    Before the Bell      0.59
NOI     NATL OILWELL    Tue, JUL 24    Before the Bell      0.30
NEU     NEUBERGER BERMANTue, JUL 24    Before the Bell      0.70
NXTL    NEXTEL COMMS A  Tue, JUL 24    Before the Bell     -0.53
NU      NORTHEAST UTILS Tue, JUL 24    ----- n/a -----      0.21
NBP     NORTH BORDER    Tue, JUL 24    After the Close      0.64
OMG     OM GROUP        Tue, JUL 24    ----- n/a -----      0.83
OMC     OMNICOM GP INC  Tue, JUL 24    Before the Bell      0.81
OI      OWENS-ILLINOIS  Tue, JUL 24    After the Close      0.43
PTV     PACTIV CORP     Tue, JUL 24    After the Close      0.27
PTEN    PATTERSON-UTI   Tue, JUL 24    ----- n/a -----      0.51
PSFT    PEOPLESOFT INC  Tue, JUL 24    After the Close      0.12
PRGN    PEREGRINE SYS   Tue, JUL 24    After the Close      0.12
PCZ     PETRO-CANADA    Tue, JUL 24    ----- n/a -----       N/A
PPL     PPL CORP        Tue, JUL 24    ----- n/a -----      0.70
PEG     PUBL SVC ENTER  Tue, JUL 24    08:00 am ET          0.72
PHM     PULTE HOMES INC Tue, JUL 24    Before the Bell      1.30
QLGC    QLOGIC CORP     Tue, JUL 24    After the Close      0.23
DGX     QUEST DIAG      Tue, JUL 24    08:00 am ET          0.48
Q       QWEST COMMS     Tue, JUL 24    Before the Bell      0.09
RSH     RADIOSHACK      Tue, JUL 24    Before the Bell      0.25
RBK     REEBOK INTL     Tue, JUL 24    Before the Bell      0.21
RTRSY   REUTERS GROUP   Tue, JUL 24    Before the Bell       N/A
RGS     RGS ENERGY GRP  Tue, JUL 24    Before the Bell       N/A
RIT     RIGHTCHOICE MNG Tue, JUL 24    Before the Bell      0.77
ROK     ROCKWELL INTL   Tue, JUL 24    Before the Bell      0.06
SRA     SERONO S.A.     Tue, JUL 24    Before the Bell      0.13
SJR     SHAW COMMUNICA  Tue, JUL 24    ----- n/a -----       N/A
SIAL    SIGMA ALDRICH   Tue, JUL 24    After the Close      0.48
SNA     SNAP-ON INC     Tue, JUL 24    Before the Bell      0.40
SPGLA   SPIEGEL INC     Tue, JUL 24    ----- n/a -----      0.04
SPC     ST PAUL COS     Tue, JUL 24    Before the Bell      0.40
SUN     SUNOCO INC      Tue, JUL 24    ----- n/a -----      1.99
SWMAY   SWEDISH MAT ADR Tue, JUL 24    ----- n/a -----       N/A
TNB     THOMAS & BETTS  Tue, JUL 24    Before the Bell      0.00
THOR    THORATEC CORP   Tue, JUL 24    ----- n/a -----      0.03
TMCS    TICKETMASTER B  Tue, JUL 24    After the Close      0.09
UDS     ULTRAMAR DIAMONDTue, JUL 24    ----- n/a -----      2.99
URI     UNITED RENTAL   Tue, JUL 24    ----- n/a -----      0.52
VLO     VALERO ENERGY   Tue, JUL 24    ----- n/a -----      4.19
VARI    VARIAN INC      Tue, JUL 24    Before the Bell      0.37
VSEA    VARIAN SEMI     Tue, JUL 24    After the Close      0.12
VOLVY   VOLVO AB        Tue, JUL 24    ----- n/a -----       N/A
WDR     WADDELL & REED  Tue, JUL 24    Before the Bell      0.36
WCNX    WASTE CONNECT   Tue, JUL 24    After the Close      0.36
WAT     WATERS CORP     Tue, JUL 24    Before the Bell      0.29
WSTC    WEST CORP       Tue, JUL 24    After the Close      0.28
WY      WEYERHAEUSER CO Tue, JUL 24    Before the Bell      0.72
            
ADPT    ADAPTEC INC     Wed, JUL 25    After the Close      0.02
AMG     AFFIL MANAGER   Wed, JUL 25    Before the Bell      0.93
AFFX    AFFYMETRIX      Wed, JUL 25    After the Close     -0.13
AGRa    AGERE SYSTEMS   Wed, JUL 25    ----- n/a -----     -0.08
AKZOY   AKZO NOBEL ADR  Wed, JUL 25    ----- n/a -----       N/A
AHC     AMERADA HESS    Wed, JUL 25    ----- n/a -----      3.49
AAS     AMERISRCE HLTH  Wed, JUL 25    Before the Bell      0.57
ASN     ARCHSTONE COMM  Wed, JUL 25    Before the Bell      0.55
ACAI    ATLANTIC COAST  Wed, JUL 25    ----- n/a -----      0.27
ACLS    AXCELIS TECHS   Wed, JUL 25    After the Close     -0.01
BPC     BANCO COMERCIAL Wed, JUL 25    ----- n/a -----       N/A
BARZ    BARRA INC       Wed, JUL 25    Before the Bell      0.41
BCE     BCE INC         Wed, JUL 25    Before the Bell      0.25
BWA     BORG WARNER     Wed, JUL 25    ----- n/a -----      0.88
BMY     BRISTOL MYERS   Wed, JUL 25    Before the Bell      0.56
BSY     BRITSH SKY BRD  Wed, JUL 25    ----- n/a -----       N/A
BVSN    BROADVISION     Wed, JUL 25    After the Close     -0.19
BC      BRUNSWICK CORP  Wed, JUL 25    Before the Bell      0.51
CCMP    CABOT MICROELE  Wed, JUL 25    Before the Bell      0.31
CSG     CADBURY SCHWEPP Wed, JUL 25    ----- n/a -----       N/A
ELY     CALLAWAY GOLF   Wed, JUL 25    After the Close      0.36
CFFN    CAPITOL FED     Wed, JUL 25    ----- n/a -----      0.26
CYCL    CENTENNIAL COMM Wed, JUL 25    06:30 am ET         -0.12
CHIR    CHIRON CORP     Wed, JUL 25    After the Close      0.19
CLT     COMINCO LTD     Wed, JUL 25    Before the Bell       N/A
CPQ     COMPAQ COMPUTER Wed, JUL 25    After the Close      0.04
CVG     CONVERGYS CP    Wed, JUL 25    ----- n/a -----      0.33
GLW     CORNING INC     Wed, JUL 25    After the Close      0.18
CVD     COVANCE INC     Wed, JUL 25    4:00 pm ET           0.14
CK      CROMPTON CORP   Wed, JUL 25    After the Close      0.10
CFR     CULLEN FROST    Wed, JUL 25    Before the Bell      0.53
CYTC    CYTYC CORP      Wed, JUL 25    ----- n/a -----      0.10
DL      DIAL CORP       Wed, JUL 25    ----- n/a -----      0.14
DBD     DIEBOLD INC     Wed, JUL 25    Before the Bell      0.46
DST     DST SYSTEMS     Wed, JUL 25    After the Close      0.41
DRE     DUKE REALTY     Wed, JUL 25    5:00 pm ET           0.67
DD      DU PONT CO      Wed, JUL 25    Before the Bell      0.40
EPG     EL PASO CORP    Wed, JUL 25    ----- n/a -----      0.77
EDS     ELECTR DATA     Wed, JUL 25    ----- n/a -----      0.62
ENBR    ENBRIDGE INC    Wed, JUL 25    ----- n/a -----       N/A
FIA     FIAT SPA ADR    Wed, JUL 25    ----- n/a -----       N/A
FNF     FID NATL FINAN  Wed, JUL 25    Before the Bell      0.96
FR      FIRST INDUST    Wed, JUL 25    After the Close      1.00
FDRY    FOUNDRY NETWRKS Wed, JUL 25    After the Close      0.05
FBN     FURN BRANDS     Wed, JUL 25    After the Close      0.27
GOTO    GOTO.COM INC    Wed, JUL 25    After the Close     -0.17
DA      GROUPE DANONE   Wed, JUL 25    ----- n/a -----       N/A
HAL     HALLIBURTON CO  Wed, JUL 25    After the Close      0.30
HRS     HARRIS CORP     Wed, JUL 25    ----- n/a -----      0.36
HOMS    HOMESTORE.COM   Wed, JUL 25    ----- n/a -----      0.11
IMO     IMPERIAL OIL LTDWed, JUL 25    ----- n/a -----       N/A
INRG    INRANGE TECHS   Wed, JUL 25    ----- n/a -----      0.05
IMA     INVERNESS MED   Wed, JUL 25    ----- n/a -----      0.11
KMG     KERR MCGEE CORP Wed, JUL 25    ----- n/a -----      1.66
LWIN    LEAP WIRELESS   Wed, JUL 25    Before the Bell     -3.97
MLM     M MARIETTA      Wed, JUL 25    Before the Bell      0.83
MDU     MDU RESOURCES   Wed, JUL 25    ----- n/a -----      0.55
MEDI    MEDIMMUNE INC   Wed, JUL 25    ----- n/a -----     -0.04
MEDQ    MEDQUIST        Wed, JUL 25    Before the Bell      0.28
MON     MONSANTO CO     Wed, JUL 25    Before the Bell      1.54
MUR     MURPHY OIL CORP Wed, JUL 25    After the Close      2.02
MYL     MYLAN LABS      Wed, JUL 25    ----- n/a -----      0.31
NTIQ    NETIQ CORP      Wed, JUL 25    After the Close      0.12
NSC     NORFOLK SOUTH   Wed, JUL 25    Before the Bell      0.28
NOC     NORTHROP GRUM   Wed, JUL 25    ----- n/a -----      1.48
NCX     NOVA CHEMICALS  Wed, JUL 25    Before the Bell     -0.27
NRG     NRG ENERGY INC  Wed, JUL 25    ----- n/a -----      0.23
ORI     OLD REPUBLIC    Wed, JUL 25    ----- n/a -----      0.65
PCAR    PACCAR INC      Wed, JUL 25    Before the Bell      0.51
PPE     PARK PLACE      Wed, JUL 25    Before the Bell      0.17
PHA     PHARMACIA CORP  Wed, JUL 25    Before the Bell      0.63
PMI     PMI GROUP       Wed, JUL 25    Before the Bell      1.67
PWER    POWER ONE       Wed, JUL 25    Before the Bell     -0.01
PGN     PROGRESS ENERGY Wed, JUL 25    Before the Bell      0.75
PLD     PROLOGIS TRUST  Wed, JUL 25    Before the Bell      0.58
PRHC    PROVINCE HLTH   Wed, JUL 25    ----- n/a -----      0.22
QLTI    QLT INC         Wed, JUL 25    After the Close      0.06
QSFT    QUEST SOFTWARE  Wed, JUL 25    After the Close      0.07
RDN     RADIAN GROUP    Wed, JUL 25    ----- n/a -----      0.93
REY     REYNOLDS & REY  Wed, JUL 25    Before the Bell      0.33
COL     ROCKWELL COLL   Wed, JUL 25    Before the Bell       N/A
RCL     ROYAL CARIBBEAN Wed, JUL 25    Before the Bell      0.32
RYG     ROYAL GP TECH   Wed, JUL 25    ----- n/a -----      0.34
DNY     DONNELLEY & SONSWed, JUL 25    ----- n/a -----      0.21
R       RYDER SYSTEM    Wed, JUL 25    09:00 am ET          0.36
STOSY   SANTOS LTD ADR  Wed, JUL 25    ----- n/a -----       N/A
SBC     SBC COMMS       Wed, JUL 25    10:00 am ET          0.57
SGP     SCHERING-PLOUGH Wed, JUL 25    Before the Bell      0.43
SLB     SCHLUMBERGER    Wed, JUL 25    Before the Bell      0.38
SEE     SEALED AIR CP   Wed, JUL 25    ----- n/a -----      0.39
SHW     SHERWIN-WILLIAMSWed, JUL 25    Before the Bell      0.58
SI      SIEMENS AKTIEN  Wed, JUL 25    Before the Bell       N/A
SU      SUNCOR ENERGY   Wed, JUL 25    ----- n/a -----       N/A
TU      TELUS CORP      Wed, JUL 25    ----- n/a -----       N/A
TEVA    TEVA PHARM      Wed, JUL 25    ----- n/a -----      0.42
TX      TEXACO INC      Wed, JUL 25    Before the Bell      1.26
EXBD    CORP EXEC BOARD Wed, JUL 25    After the Close      0.14
TMO     THERMO ELECTRON Wed, JUL 25    After the Close      0.23
TMS     THOMSON MULTIMEDWed, JUL 25    Before the Bell       N/A
TLRK    TULARIK INC     Wed, JUL 25    Before the Bell     -0.31
UCL     UNOCAL CORP DEL Wed, JUL 25    Before the Bell      0.80
USAI    USA NETWORKS    Wed, JUL 25    Before the Bell     -0.13
VAR     VARIAN MEDICAL  Wed, JUL 25    After the Close      0.50
VVC     VECTREN CORP    Wed, JUL 25    After the Close      0.19
VIGN    VIGNETTE CORP   Wed, JUL 25    After the Close     -0.04
VRTA    VIRATA CORP     Wed, JUL 25    After the Close     -0.15
VMC     VULCAN MATRLS   Wed, JUL 25    After the Close      0.79
WEBM    WEBMETHODS INC  Wed, JUL 25    After the Close     -0.09
WWY     WM WRIGLEY JR   Wed, JUL 25    ----- n/a -----      0.45
XEL     XCEL ENERGY     Wed, JUL 25    ----- n/a -----      0.45
XRX     XEROX CORP      Wed, JUL 25    Before the Bell     -0.10
MLT     MITEL CORP      Wed, JUL 25    Before the Bell     -0.06
            
TW      21ST CENTURY    Thu, JUL 26    Before the Bell      0.10
SE      7-ELEVEN INC    Thu, JUL 26    ----- n/a -----      0.27
ABY     ABITIBI-CONSOL  Thu, JUL 26    Before the Bell      0.18
ADO     ADECCO SA       Thu, JUL 26    ----- n/a -----      N/A
RKY     ADOLPH COORS    Thu, JUL 26    Before the Bell      1.42
AFCI    ADV FIBRE COMM  Thu, JUL 26    After the Close      0.02
AES     THE AES CORP    Thu, JUL 26    After the Close      0.29
ATG     AGL RESOURCES   Thu, JUL 26    Before the Bell      0.16
ACV     ALBERTO CULVER  Thu, JUL 26    10:00 am ET          0.50
ALA     ALCATEL         Thu, JUL 26    ----- n/a -----      N/A
AYE     ALLEGHENY ENERGYThu, JUL 26    After the Close      0.76
AGN     ALLERGAN INC    Thu, JUL 26    Before the Bell      0.46
AC      ALLIANCE CAP    Thu, JUL 26    ----- n/a -----      0.68
AIG     AMER INTL GROUP Thu, JUL 26    Before the Bell      0.70
APCC    AMER POWR CONV  Thu, JUL 26    After the Close      0.18
AMGN    AMGEN           Thu, JUL 26    After the Close      0.28
APC     ANADARKO PETE   Thu, JUL 26    Before the Bell      1.30
APA     APACHE CORP     Thu, JUL 26    Before the Bell      1.72
AIV     APT INV MANAGE  Thu, JUL 26    ----- n/a -----      1.34
ABI     APPLERA APPL    Thu, JUL 26    Before the Bell      0.23
AZN     ASTRAZENECA     Thu, JUL 26    ----- n/a -----      0.41
ALV     AUTOLIV         Thu, JUL 26    Before the Bell      0.42
AV      AVAYA INC       Thu, JUL 26    Before the Bell      0.20
BHI     BAKER HUGHES    Thu, JUL 26    Before the Bell      0.27
BLL     BALL CORP       Thu, JUL 26    Before the Bell      1.12
BLC     BELO CORP       Thu, JUL 26    Before the Bell      0.13
BMS     BEMIS CO INC    Thu, JUL 26    Before the Bell      0.67
BBC     BERGEN BRUNSWIG Thu, JUL 26    Before the Bell      0.23
BRG     BG GROUP        Thu, JUL 26    Before the Bell      N/A
BTY     BRITISH TELECOMMThu, JUL 26    ----- n/a -----      N/A
CPN     CALPINE CORP    Thu, JUL 26    Before the Bell      0.31
CPT     CAMDEN PROPERTY Thu, JUL 26    After the Close      0.93
CRA     APPLERA CELERA  Thu, JUL 26    Before the Bell     -0.54
CELG    CELGENE CORP    Thu, JUL 26    Before the Bell      0.00
CTL     CENTURYTEL INC  Thu, JUL 26    Before the Bell      0.36
CHK     CHESAPEAKE ENER Thu, JUL 26    After the Close      0.26
CB      CHUBB CORP      Thu, JUL 26    Before the Bell      0.77
CIN     CINERGY CORP    Thu, JUL 26    ----- n/a -----      0.50
COLM    COLUMBIA SPTSWR Thu, JUL 26    After the Close      0.13
CFB     COMM FEDERAL    Thu, JUL 26    Before the Bell      0.44
CYH     CMNTY HLTH SYS  Thu, JUL 26    ----- n/a -----      0.10
CEFT    CONCORD EFS INC Thu, JUL 26    Before the Bell      0.28
CNX     CONSOL ENERGY   Thu, JUL 26    Before the Bell      0.63
CORV    CORVIS CORP     Thu, JUL 26    After the Close     -0.08
CSX     CSX CORP        Thu, JUL 26    ----- n/a -----      0.51
CRGN    CURAGEN CORP    Thu, JUL 26    Before the Bell     -0.15
DOW     DOW CHEMICAL CO Thu, JUL 26    Before the Bell      0.30
EMN     EASTMAN CHEM    Thu, JUL 26    After the Close      0.55
ERTS    ELECTRONIC ART  Thu, JUL 26    After the Close     -0.34
EMRG    EMERGE INTERACT Thu, JUL 26    ----- n/a -----     -0.12
ENR     ENERGIZER       Thu, JUL 26    Before the Bell      0.28
EPC     EPCOS AG        Thu, JUL 26    ----- n/a -----      N/A
FIC     FAIR ISAAC & CP Thu, JUL 26    After the Close      0.50
FMX     FOMENTO MEXICANOThu, JUL 26    After the Close      0.80
FTE     FRANCE TELECOM  Thu, JUL 26    ----- n/a -----      N/A
BEN     FRANKLIN RES    Thu, JUL 26    Before the Bell      0.48
GPU     GPU INC         Thu, JUL 26    Before the Bell      0.61
GLK     GREAT LAKES CHEMThu, JUL 26    After the Close      0.34
TV      GRUPO TELEVISA  Thu, JUL 26    ----- n/a -----      0.23
HSE     HS RES INC      Thu, JUL 26    ----- n/a -----      1.15
ICOS    ICOS CORP       Thu, JUL 26    After the Close     -0.43
IKN     IKON OFFICE     Thu, JUL 26    Before the Bell      0.16
IGL     IMC GLOBAL INC  Thu, JUL 26    Before the Bell      0.03
ICI     IMP CHEMICAL NEWThu, JUL 26    ----- n/a -----      N/A
ITMN    INTERMUNE INC   Thu, JUL 26    Before the Bell     -0.48
IFF     INTL FLAV & FRAGThu, JUL 26    Before the Bell      0.40
IRF     INTL RECTIFIER  Thu, JUL 26    After the Close      0.21
IVGN    INVITROGEN CORP Thu, JUL 26    After the Close      0.38
JDSU    JDS UNIPHASE CP Thu, JUL 26    After the Close      0.03
K       KELLOGG CO      Thu, JUL 26    ----- n/a -----      0.28
KSE     KEYSPAN CORP    Thu, JUL 26    Before the Bell      0.18
LMT     LOCKHEED MARTIN Thu, JUL 26    ----- n/a -----      0.29
LSI     LSI LOGIC       Thu, JUL 26    After the Close     -0.07
LYO     LYONDELL CHEM   Thu, JUL 26    Before the Bell      0.04
MENT    MENTOR GRAPHIC  Thu, JUL 26    After the Close      0.25
MTD     METTLER-TOLEDO  Thu, JUL 26    After the Close      0.49
NFX     NEWFIELD EXPL   Thu, JUL 26    ----- n/a -----      0.91
NXTP    NEXTEL PARTNRS  Thu, JUL 26    Before the Bell     -0.31
NE      NOBLE DRILLING  Thu, JUL 26    ----- n/a -----      0.50
NST     NSTAR           Thu, JUL 26    ----- n/a -----      0.58
NLI     NTL INC         Thu, JUL 26    Before the Bell     -3.39
OLDB    OLD NATL BNCP   Thu, JUL 26    ----- n/a -----      0.39
OCA     ORTHODONTIC CNTRThu, JUL 26    Before the Bell      0.30
POC     P&O PRINCESS    Thu, JUL 26    ----- n/a -----      0.48
PY      PECHINEY AMER   Thu, JUL 26    ----- n/a -----      N/A
PAS     PEPSIAMERICAS   Thu, JUL 26    Before the Bell      0.23
PRX     PHARM RES INC   Thu, JUL 26    ----- n/a -----      0.05
PD      PHELPS DODGE CP Thu, JUL 26    ----- n/a -----     -1.36
P       PHILLIPS PETRO  Thu, JUL 26    08:30 am ET          1.90
PXD     PIONEER NAT     Thu, JUL 26    ----- n/a -----      0.39
POT     POTASH CORP     Thu, JUL 26    ----- n/a -----      0.84
PDE     PRIDE INTL      Thu, JUL 26    After the Close      0.24
PRM     PRIMEDIA INC    Thu, JUL 26    ----- n/a -----     -0.30
PUK     PRUDENTIAL PLC  Thu, JUL 26    ----- n/a -----      N/A
QCOM    QUALCOMM INC    Thu, JUL 26    After the Close      0.21
DSS     QUANTUM DLT     Thu, JUL 26    After the Close      0.11
IQW     QUEBECOR WORLD  Thu, JUL 26    ----- n/a -----      0.42
RGA     REINSURANCE GRP Thu, JUL 26    After the Close      0.71
RHA     RHODIA          Thu, JUL 26    ----- n/a -----      N/A
RG      ROGERS COMM     Thu, JUL 26    Before the Bell      N/A
RCN     ROGERS WIRELESS Thu, JUL 26    Before the Bell     -0.27
SMG     SCOTTS CO       Thu, JUL 26    Before the Bell      1.91
SRE     SEMPRA ENERGY   Thu, JUL 26    ----- n/a -----      0.66
SCRI    SICOR INC       Thu, JUL 26    Before the Bell      0.14
SNE     SONY CORP       Thu, JUL 26    ----- n/a -----      N/A
SFG     STANCORP FINCL  Thu, JUL 26    Before the Bell      0.85
SBUX    STARBUCKS CORP  Thu, JUL 26    After the Close      0.12
HOT     STARWOOD HOTELS Thu, JUL 26    Before the Bell      0.55
SV      STILWELL FINL   Thu, JUL 26    Before the Bell      0.45
SY      SYBASE INC      Thu, JUL 26    After the Close      0.23
SLVN    SYLVAN LEARNING Thu, JUL 26    Before the Bell      0.21
SBL     SYMBOL TECH     Thu, JUL 26    After the Close      0.03
TSM     TAIWAN SEMI     Thu, JUL 26    Before the Bell      0.00
TKLC    TEKELEC         Thu, JUL 26    ----- n/a -----      0.02
IPG     INTERPUBLIC GRP Thu, JUL 26    After the Close      0.32
PZB     PITTSTON CO     Thu, JUL 26    Before the Bell      0.05
TDW     TIDEWATER INC   Thu, JUL 26    ----- n/a -----      0.62
TRH     TANS ATL HLDS   Thu, JUL 26    ----- n/a -----      1.45
YUM     TRICON GLOBAL   Thu, JUL 26    4:30 pm ET           0.71
TXU     TXU CORP        Thu, JUL 26    Before the Bell      0.73
VCI     VALASSIS COMM   Thu, JUL 26    Before the Bell      0.62
VRC     VARCO INTL INC  Thu, JUL 26    Before the Bell      0.22
VRSN    VERISIGN INC    Thu, JUL 26    After the Close      0.14
VRTX    VERTEX PHARM    Thu, JUL 26    4:00 pm ET          -0.27
VIAb    VIACOM CL B     Thu, JUL 26    07:00 am ET          0.00
WLP     WELLPNT HLTH    Thu, JUL 26    Before the Bell      1.49
WE      WSTCOAST ENERGY Thu, JUL 26    After the Close      N/A
WFMI    WHOLE FOODS MKT Thu, JUL 26    After the Close      0.28
WEC     WISCONSIN ENER  Thu, JUL 26    Before the Bell      0.29
WCOM    WORLDCOM GRP    Thu, JUL 26    Before the Bell      0.20
XTO     XTO ENERGY INC  Thu, JUL 26    ----- n/a -----      0.46
            
ATTC    AT&T CANADA B   Fri, JUL 27    ----- n/a -----     -1.15
ABX     BARRICK GOLD    Fri, JUL 27    Before the Bell      0.18
BEC     BECKMAN COULTER Fri, JUL 27    Before the Bell      0.58
CIV     CONECTIV        Fri, JUL 27    Before the Bell      0.34
EFDS    EFUNDS CORP     Fri, JUL 27    ----- n/a -----      0.18
EAS     ENERGY EAST CP  Fri, JUL 27    ----- n/a -----      0.26
HCR     MANOR CARE INC  Fri, JUL 27    Before the Bell      0.26
PGL     PEOPLES ENERGY  Fri, JUL 27    Before the Bell      0.28
REI     RELIANT ENER    Fri, JUL 27    Before the Bell      0.77
SCG     SCANA CORP WI   Fri, JUL 27    Before the Bell      0.30
SHR     SCHERING AKTIEN Fri, JUL 27    ----- n/a -----      N/A
UNH     UNITEDHEALTH GP Wed, JUL 25    Before the Bell      0.66


  ------------------------------------
  Board of Director Meetings This Week
  ------------------------------------
Symbol     Company                 Date   
AAS       Amerisource Health      7/23
 ALFA      Alfa Corporation        7/23
 AWR       American States Water   7/23
 APMC      Applied Microsystems    7/23
 EMS       C-MAC Industries, Inc.  7/23
 CNBF      CNB Financial Corp      7/23
 CGX       Consolidated Graphics   7/23
 CBSA      Coastal Bancorp Inc     7/23
 HIL       Dot Hill Systems        7/23
 DTEC      Delano Technology       7/23
 WIRE      Encore Wire Corporation 7/23
 LION      Fidelity National       7/23
 FCNCA     First Citizens Banc     7/23
 FDEF      First Defiance          7/23
 FFHS      First Franklin Corp     7/23
 CASH      First Midwest Fin       7/23
 HU        Hudson United Bancorp   7/23
 MCO       Moody's Corp            7/23
 RCBK      Richmond County Fin     7/23
 UIL       United Illuminating     7/23
 WFSL      Washington Federal Inc  7/23
 ABAX      ABAXIS Inc              7/24
 AMLJ      AML Communications Inc  7/24
 AXTI      AXT Inc                 7/24
 ARTW      Art                     7/24
 ASIA      AsiaInfo Holdings Inc   7/24
 BOL       Bausch & Lomb           7/24
 BPO       Brookfield Properties   7/24
 BMI       Badger Meter Inc        7/24
 CNI       Canadian Natl Rail      7/24
 CBL       CBL and Associates      7/24
 CMA       Comerica                7/24
 CRD/B     Crawford & Co           7/24
 CPKI      California Pizza Kitchn 7/24
 CTBI      Community Trust Bncp    7/24
 EDS       Electronic Data Sys     7/24
 EAC       Encore Acquisition Corp 7/24
 EXAP      Exchange Applications   7/24
 FII       Federated Investors     7/24
 FLIR      FLIR Systems Inc        7/24
 FCFN      First Community Fin     7/24
 FTFC      First Federal Capital   7/24
 FFKY      First Fed of Kentucky   7/24
 HGGR      Haggar Corp             7/24
 N         INCO LTD                7/24
 JDAS      JDA Software Group Inc  7/24
 LM        Legg Mason              7/24
 PAB       PAB Bancshares Inc      7/24
 PFDC      Peoples Bancorp         7/24
 PFNC      Progress Financial Corp 7/24
 QUIK      QuickLogic Corporation  7/24
 ROL       Rollins                 7/24
 RBMG      Resource Bancshares     7/24
 SLS       Selas Corp Of America   7/24
 SLFI      Sterling Financial      7/24
 VRGE      Virage Inc              7/24
 WTS       Watts Industries        7/24
 WGBC      Willow Grove            7/24
 AMFC      AMB Financial Corp      7/25
 AMFH      American Financial      7/25
 ASBC      Associated Banc-Corp    7/25
 ASTE      Astec Industries Inc    7/25
 ACAI      Atlantic Coast Airlines 7/25
 BAC       Bank of America Corp    7/25
 BS        Bethlehem Steel Corp    7/25
 BHL       Berkshire Hills Bancorp 7/25
 CHV       Chevron Corp            7/25
 CN        Call-Net Enterprises    7/25
 CTEC      Cholestech Corporation  7/25
 CRUS      Cirrus Logic Inc        7/25
 CFFC      Community Financial     7/25
 XRAY      DENTSPLY International  7/25
 DRE       Duke-Weeks Realty       7/25
 DD        Dupont                  7/25
 DKEY      Datakey Inc             7/25
 DRCO      Dynamics Research       7/25
 EGN       Energen Corp            7/25
 EQT       Equitable Resources     7/25
 ELNT      Elantec Semiconductor   7/25
 ENBRF     Enbridge                7/25
 FFBZ      First Federal Bancorp   7/25
 FFSL      First Independence Corp 7/25
 FKFS      First Keystone Fin      7/25
 GAF       Ga Financial Inc        7/25
 HWL       Howell Corp             7/25
 HOTJ      HotJobscom Ltd          7/25
 JEF       Jefferies Group         7/25
 KEM       K E M E T CORP          7/25
 KIM       Kimco Realty Corp       7/25
 KFBI      Klamath First Bancorp   7/25
 PNN       Penn Engr & Manu Corp   7/25
 PAE       Peace Arch Ent          7/25
 PRFC      Promistar Financial     7/25
 RML       Russell Corp            7/25
 RGA       Reinsurance Group       7/25
 THMC      Tokheim Corp            7/25
 UFI       Unifi Corp              7/25
 UB        Unionbancal Corp        7/25
 UMPQ      Umpqua Holdings Corp    7/25
 UFPI      Universal Forest Prod   7/25
 WEC       Wisconsin Energy Corp   7/25
 WDHD      Woodhead Industries Inc 7/25
 WGOV      Woodward Governor Co    7/25
 CAS       A.M. Castle & Co.       7/26
 MKT       Advanced Marketing Serv 7/26
 ANAT      American National Ins   7/26
 AMSC      American Superconductor 7/26
 ANLY      Analysts International  7/26
 AVNX      Avanex Corporation      7/26
 BANR      Banner Corporation      7/26
 CBM       Cambrex Corp            7/26
 CPT       Camden Property Trust   7/26
 CLP       Colonial Ppty Trust     7/26
 CALM      Cal-Maine Foods Inc     7/26
 CIX       CompX International     7/26
 CJR       Corus Entm Cl B         7/26
 DTL       Dal Tile Intl           7/26
 ECCS      ECCS Inc                7/26
 EDE       Empire District Ele     7/26
 ETR       Entergy                 7/26
 EE        El Paso Electric        7/26
 FBN       Furniture Brands        7/26
 FFCH      First Financial Hold    7/26
 FMKT      FreeMarkets Inc         7/26
 GHM       Graham Corp             7/26
 HET       Harrahs Entertainment   7/26
 HCT       Hector Communications   7/26
 IMSC      Integrated Measurement  7/26
 JEC       Jacob Engr Group        7/26
 KSE       Keyspan                 7/26
 OS        Oregon Steel Mills      7/26
 PKD       Parker Drilling         7/26
 PDG       Placer Dome             7/26
 PTZ       Pulitzer                7/26
 PBIX      Patriot Bank Corp       7/26
 PFI       Pelican Financial       7/26
 RCN       Rogers Wireless Corp    7/26
 RDC       Rowan Cos               7/26
 TSCC      Technology Solutions Co 7/26
 UIC       United Indl             7/26
 VECO      Veeco Instruments Inc   7/26
 WE        Westcoast Energy        7/26
 ZOOM      Zoom Telephonics Inc    7/26
 ACVa      Alberto Culver Co       7/27
 AMSY      American Management Sys 7/27
 CNL       Cleco Corp              7/27
 CAFI      Camco Financial Corp    7/27
 DNEX      Dionex Corporation      7/27
 ESH       Earl Scheib Inc         7/27
 ENSI      EnergySouth Inc         7/27
 GDW       Golden West Fincl       7/27
 LSCO      LESCO Inc               7/27
 RPM       R P M Inc               7/27
 RKT       Rock Tenn Co            7/27
 SCG       Scana Corp              7/27
 STTX      Steel Technologies Inc  7/27


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

Symbol  Company Name            Payable Date      Ratio

TRH  - Transatlantic Holdings   07/20/2001        3:2  
UOPX - University of Phoenix    07/20/2001        3:2
WTSLA- The Wet Seal             07/24/2001        3:2
TARO - Taro Pharmaceutical      07/26/2001        2:1
MSCC - Microsemi Corp           PENDING           2:1


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

Major economic data will continue to recede to the commotion 
of earnings during the coming week.  Reports due out include 
Existing Home Sales on Wednesday; Jobless Claims, Durable 
Orders, and the Employment Cost Index on Thursday; GDP and New 
Home Sales will close the week on Friday.
==============================================================

Date                                Forecast     Previous

Monday, 07/23/01
None


Tuesday, 07/24/01
None


Wednesday, 07/25/01
Existing Home Sales    Jun          5.26M          5.37M


Thursday, 07/26/01
Initial Claims         7/21            NA           414K
Employment Cost Index  Q2             1.0%          1.1%
Durable Orders         Jun           -1.0%          2.9%
Help-Wanted Index      Jun              NA            60
Online Help Wanted     Jul              NA          96.1


Friday, 07/27/01
GDP-Adv                 Q2              NA          1.2%
Chain Deflator-Adv      Q2              NA          3.2%
Mich sentiment-Rev     Jul              NA          93.7
New Home Sales         Jun            923K          928K


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