PremierInvestor.net Newsletter Wednesday 09-12-2001 section 1 of 1 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/252_1.asp ================================================================= Market Wrap: A New Day In A New World Market Sentiment: Sentiment is Somber but Resolute Special Report: World Markets Coverage & Reaction Special Report: Brokers Ready To Roll - But Check Your Orders! Special Report: Options Issues - Lost Time! ----------------------------------------------------------------- =========== Market Wrap =========== A New Day In A New World by Eric Utley Life and freedom go on. But the beat feels a little different today. It's incredibly difficult to write about financial goings on following the terrible acts of sub-human nature Tuesday morning. My best guess is that whoever is responsible for the atrocities wanted to paralyze Americans with fear. And not only Americans, but the rest of the free world. But I refuse to accept the fear; I refuse to stop living; I will walk on. Anything less, in my opinion, would be a concession to those responsible for Tuesday's horrid acts of terror. While I refuse to live paralyzed in fear, at the same time, I grieve for those families who lost loved ones Tuesday morning. I can only send my thoughts and prayers. But in the spirit of living in freedom, I think we can begin to look-forward to the rebuilding of lives, buildings, and confidence. That way, the terrorists don't win. Financial market regulators met Wednesday afternoon to report that trading in U.S. equity markets would remain halted at least through Thursday. New York Stock Exchange Chairman, Richard Grasso, reported that equity markets could reopen as early as Friday or as late as Monday. While a decision was not yet reached, Grasso and others told reporters that further details would be provided Thursday. While the U.S. equity markets will remain closed for at least another day, futures and commodities markets will reopen Thursday morning. Trading on the Chicago Board of Trade and the Chicago Mercantile Exchange will resume, which means bonds will be trading. Bond market traders are expecting to see a flood of capital move into treasuries and out of other relatively riskier areas of the debt market, such as corporate bonds. While the influx of capital into treasuries makes sense at this point, it will be more difficult to discern the overall condition of the market without the simultaneous trading in equities. Insofar as the equity market is concerned, the overwhelming consensus is calling for a sharp sell-off once trading finally opens. But, there seems to be a patriotic theme developing in that buyers are expected to step in to prop up any slump in stocks. Indeed, some hedge fund managers have been reported as saying they would hold off from short-selling strategies, which may exacerbate any weakness in stocks. But weakness is exactly what was prevalent across the Asian markets that were open Wednesday. Japan's Nikkei shed more than 6 percent and Hong Kong's Hang Seng lost 8.9 percent. The weakness in Asia, however, was in stark contrast with the mood in European markets. After precipitously dropping early in its trading day, Germany's DAX finished the session 2 percent higher. France's CAC index finished higher by 1.3 percent and London's FTSE 100 closed higher by about 3 percent. Although the green across Europe was encouraging, it should be noted that trading was extremely illiquid, with many market participants sitting on the sidelines, waiting for trading to resume across the Atlantic. It should be somewhat telling to see how the Asian markets respond in their Thursday sessions after the rebound across the European bourses. A follow-through by the Asian markets might signal a favorable outcome for U.S. equities once the initial sell-off has run its course. Perhaps part of the reason for the rebound in European equities was because of government intervention. Although it's difficult to intelligently quantify just how much buying was related to European governments, central banks across the globe made it clear that the global financial system would be flush with liquidity. The Federal Reserve alone injected some $38 billion worth of reserves into the U.S. banking system Wednesday. And some economists are still predicting an early rate cut from the Fed. Even if the Fed does cut rates as early as tomorrow, there's still a lot of pent up emotion that has yet to work its way through the markets. There are myriad scenarios and issues to contend with between now and the time the U.S. stock market finally does reopen. Here at Option Investor, we're trying to tackle some of those issues through our Special Reports. We'll continue publishing those reports into Thursday and readers might find some very useful information contained within them. In the meantime, my best wishes to all! Eric ================ Market Sentiment ================ Sentiment is Somber but Resolute by Jeffrey Canavan Yesterday's tragic events will undoubtedly leave lasting psychological scars, but instead of responding with panic and fear, American's have responded with unyielding resolve. Long lines are not found at found at banks, gas stations, or grocery stores, but rather at blood banks. People calling into talk shows have heavy hearts, but speak of how we will persevere, not gloom. While driving into work today, a man was standing at an overpass holding an American flag. But how will already shaken investors respond? Reports of customers zipping their wallets, catastrophic losses, and turbulent trading overseas will weigh heavy on investors minds. The Fed and the rest of the world have stepped up to ease any worries over a global financial crisis by injecting $118 billion into the international financial system. Calming words from corporate leaders and mutual funds have also helped to assuage financial concerns. European markets have stabilized after yesterday's losses. The FTSE 100 in the United Kingdom was able to climb 2.87% today, with advancers leading decliners three to one. The French CAC gained 1.34%. Oil and gold prices have pulled back after yesterday's panic buying, and the dollar has stabilized. While the equity markets will remain closed at least until Friday, we will have trading at the Chicago Board of Trade and Chicago Mercantile Exchange tomorrow. Trading in bonds, gold, and currencies should give us a glimpse of what to expect when stocks begin trading again. During the initial hours or days, volatility should be expected in both commodities and equities, making entry and exit difficult. Sitting on the sidelines for a few days looks like a good idea unless defensive action is needed to protect your portfolio. The longer-term outlook has also been clouded. We were fixed in a downtrend before Tuesday's horrifying events, but starting to show signs of improvement. Now hopes economic and equity recovering has been put on hold. When we the picture might become clearer in unknown. ========================= Special Report ========================= WORLD MARKETS COVERAGE & REACTION by Jeff Bailey Foreign markets mixed U.S. markets remain closed today, but many foreign markets were trading after yesterday's attacks on the World Trade Center and the Pentagon. In brief, Gold, Oil and the Swiss Franc rose in price during and after yesterday's World Trade Center attack, as investors turned toward more defensive assets. The Americas In Argentina, officials there said the markets in that region would remain closed today and the Central Bank suspended all foreign transactions in the wake of events set off on Tuesday. The leading index in Argentina (MerVal) finished trading on Tuesday at 272.34. On Tuesday, the MerVal fell 14.87 points. In Brazil, the Bovespa has gained nearly 2.71% to 11,121.74 on Wednesday. At one point during the trading session, the Bovespa fell to a 23-month low, only to bounce back. On Tuesday, the Bovespa had fallen 9.2% in a 75-minute time period, before trading was halted. State oil giant Petrobras (NYSE:PBR), the second heaviest weighted issue in the index gained 2.6%. Also helping the Bovespa bounce back were battered telecommunication stocks like Telemar (NYSE:TNE). Brazil's largest phone company and Bovespa heavyweight had gained 3.9%. In Canada, the Toronto Stock Exchange, said it would remain closed on Wednesday, showing partnership with U.S. markets. "We want to allow market participants to assess any damage, and assess their own situations so we are going to continue to monitor the situation," said TSE Spokesman Steve Kee. Many of Canada's largest stocks such as BCE Inc. (NYSE:BCE), Nortel (NYSE:NT) and Royal Bank of Canada (NYSE:RY) are cross listed in New York and most of Canada's large brokerage houses maintain offices and close communications in both cities. Some Canadian institutions also operate trading floors, market-making activities and computer systems on Wall Street, but reports are not clear if any of the firms were affected by yesterday's World Trade Center attack. In Mexico, trading remained halted on Wednesday. On Tuesday, the benchmark IPC index fell 5.55%. "There was a lot of confusion and panic Tuesday morning," said Hector Trigos, director of the $1 billion closed-end Mexico Fund (NYSE:MXF). "Under this extraordinary situation, everyone was looking for a safe haven." Mexico's peso (MEX01) fell 18.55 centavos to 9.58 per US$, its lowest level since March of 2001. Many Latin American bond traders ceased trading as they were forced to evacuate their offices in New York. In Venezuela, the Caracas IBC stock index officially closed after one hour of trading on Tuesday in what was described as stable trading. At the time of suspension, the IBC index had fallen 2.02% to 7,332.07. The exchange announced that any prior trades would be annulled and the close would be registered as the same as Monday's close. Asia Pacific Markets There are many markets in the Asian Pacific region. For the most part, this part of the worlds markets are having a difficult time. Subscribers should note that today's trading is really the first day this part of the world has had an opportunity to trade after the World Trade Center and Pentagon events. We will discuss the potential reasons for Wednesday's activity, but first impression is that many of these markets reside in or near areas that are "less stable" politically and are actually farther from the United States, one of most politically stable parts of the world. In Australia, the benchmark ASX 200 index fell 133.5 points on Wednesday (-4.1%) to 3,108.50. Breadth was negative with seven stocks falling for every stock that advanced. Investors in that part of the region fled to the safer havens of cash, bonds, and a minority of equity sectors such as oil and gold stocks. One observation made by Joseph Paliaro of Wilson HTM was that Wednesday's Australian market action was more responsive to the potential worsening of the U.S. economy due to the World Trade Center and Pentagon attacks, than the attacks themselves. Among the heaviest hit stocks was media giant News Corp (NYSE:NWS), which gets about 70% of its earnings from the United States. Shares of NWS fell 10.6% to A$13.50, their lowest close since November, 1999. Also suffering declines was that region's airline heavyweight Qantas Airways (Australia:QAN.AX), which cancelled flights to the United States for the time being. Shares of Qantas lost 9.3% to A$3.12. Another stock that fell sharply was Westfield Holdings (NYSE:WEA), which traded down 5.1% in Australian markets trading (Australia:WSF.AX). Westfield has a multi-billion dollar lease for New York's World Trade center. The company did note it was fully insured (insurance included acts of terrorism) against loss of income and did not expect the attack to have a material impact on its earnings. In my call to the company, their spokesperson declined comment on their insurance carrier. In July of this year, Westfield America executed an agreement with the Port Authority of New York and New Jersey to lease the retail component of the twin towers for 99 years. Westfield Holdings was responsible for the management, leasing and development of the retail component of the Center. Stocks showing strength in Australian trading included oil and gas stocks along with gold stocks. In China, the Hang Seng Index fell 8.87%. The 923 point decline to 9.493.62 was the biggest one-day percentage drop since the 1997-98 Asian financial crisis. Shares of Hong Kong's most dominant airline carrier, Cathaway Pacific Airways fell 19.16%. Analysts in the region said the recent events in New York could hurt people's perception of airline safety. The rise in prices for oil and jet fuel were also sighted as reason's for Cathaway's decline. In Japan, stocks were mostly lower across the board. Japan's Nikkei average fell well below its psychological support level of 10,000 for the first time in 17 years. The Nikkei 225 fell 682 points and finished the trading session at 9,610, a loss of 6.63%. The capital-weighted TOPIX index lost 67 points or 6.36% percent to 990.80. Traders in Tokyo said that the Tokyo Stock Exchange's decision to cut price limits by half for today's trading session helped buffer the market from wilder fluctuations, but also mentioned that there may be many sell orders that were not executed that may roll over into Thursday's trading. Stocks like high-tech bellwether Sony Corp. (NYSE:SNE) finished limit-down, as the shares lost 5.02% at 4,730 yen, while NEC fell 8 percent and Toyota traded lower by 6.85%. Airline stocks also came under pressure as Japan Airlines fell 11.43%. One of the worlds biggest banking groups, Mizuho Holdings Inc , dove 9.52%. In other parts of Asia, Singapore's Straits Times index fell 7.42% to 1,450 and South Korea's Seoul Composite fell 12.02% to 475.60. European Markets As of today's close of trading, subscribers might note that many of these markets were actually winding down their trading session on Tuesday when the events here in the U.S. unfolded. Yesterday, many European markets came under selling pressure, but today's trading seemed to have many of the indices in the region recovering some of Tuesday's late session losses. The FTSE-100 managed to close 2.87% higher in London after Tuesday's 287-point drop. The emotional and volatile trading lacked conviction due to the uncertainty of Wall Street's reaction. Pharmaceutical stocks Glaxo SmithKline and AstraZeneca attracted the most buying, and food retailers like Safeway also rose. Telecom stocks British Telecom and Vodafone jumped on prospects for increase service, and data recovery company Guardian IT rose 14%. Airlines, leisure, and insurance stocks continued to sell off, and oil stocks Shell and BP also gave back most of yesterday's gains. Frankfurt's DAX 30 rose 2.2% and the French CAC gained 1.34%, which helped to erase some of Tuesday's losses. The general feeling was that the sell off was overdone, and today helped to correct some of that. Summary of sectors Fear is an emotion that can adversely affect an investors decision process. It can be a very difficult emotion to control. You and I can understand fear as it relates to yesterday's activity. When watching yesterday's events unfold on television, I could see the fear on many citizens face as they ran from locations near the World Trade Center. Today, the look of fear has perhaps turned toward that of concern. In some aspects, the world markets seem to be depicting this very type of progression. Yesterday when European markets were trading, the immediate knee- jerk reaction was to sell! That reaction was based on fear. 24- hours later, European markets seemed to have calmed down and have seemingly entered the concern phase. As the markets get more information, it makes sense that trading activity should become calmer and more rational. We saw some of this today in European trading. Today was the first day for Asian markets to trade after yesterday's WTC and Pentagon events. By the reaction of markets there, today was "fear day." Today, there has been little new insight into yesterday's terrorist activities, but time has passed and it will be important to see how Asian markets trade. I will be looking to see if a similar pattern of "fear to concern" presents itself and how things play out in that part of the region. We now have a time line to follow and this may help us understand how U.S. market trade when they open. Yesterday, across the Premier Investor Network, Jon Farnloff wrote an article titled "Historical Reaction to Terrorist Attacks" as it relates to how the Dow Industrials have traded after four major events. The historical information there certainly depicts the initial reaction of "fear" that turns to "concern" and once the markets were able to digest the events, the markets became more rational. We've talked before how investor psychology plays into things, and it is relatively apparent from past history how human emotions are sometimes patterned when it comes to stock market activity. Airlines: It's fairly evident from world market's trading that airline stocks were perhaps the most adversely affected groups of stocks. I've mentioned before that fuel prices are the second highest cost of doing business next to labor for this group. When yesterday's events took place, investors in airlines stocks immediately drew the conclusion that the consumer's "fear of flying" would adversely impact the group. When oil prices jumped in foreign market trading, this then created a double-negative for the group. The visions of the twin towers of the World Trade Center being struck by airplanes will not soon be forgotten. Look for this sector of stocks to find a lot of activity when equity markets resume trading here in the U.S. (Tomorrow we will discuss some hedge strategies for subscribers that may be holding some airlines stocks) When we look at the December 21, 1988 Pan Am #103 disaster near Lockerbie, Scotland we can get an idea of how United Airlines (NYSE:UAL) traded the day before and just after those events. While past history is no guarantee of the future, it does give us an idea of what to expect. On December 20, 1988 (day before explosion) shares of UAL closed at $27.12. On December 21st (day of explosion) shares of UAL fell to a session low of $26.56 (-2.06%) before recovering and finishing the session at $26.75 and traded just 268,000 shares. On December 22nd, volume jumped to 1.2 million shares and shares of UAL dropped to a session low of $25.93 (-3.06%), and once again recovered some of those losses to finish the session at $26.56. From the December 22nd low of $25.93, shares of UAL then climbed steadily. By January 18th of 1999 (just 17 trading sessions later) shares of UAL closed at $28.96. All was not lost. Notice the pattern of how the stock traded. Down on the initial reaction of "fear", then a recovery phase most likely during a period of concern for airline travel. My initial thought process is that airline companies that have more international flights like American Airlines (NYSE:AMR), United Airlines (UAL) and a host of others may be more adversely impacted than some of the regional carriers like a Frontier Airlines (NASDAQ:FRNT). I mention these three only because I've done some fundamental research in the past and have a general understanding of their markets and where revenues are derived. We all understand that the Lockerbie tragedy is different than yesterday's terrorist activities, but the historical trading does resemble past market activity. Good example too of what we often times talk about regarding MARKET, SECTOR and STOCK analysis. Real Estate: Here's an interesting sector as it relates to yesterday's events. This will be the most difficult and research intensive sector to address. There are so many things that can happen here, good and bad. Much of the activity in these stocks will be very dependent on a multitude of rulings that have yet to be determined. Here are the quandaries to consider, and it will take extensive fundamental research to try and uncover all of the possibilities. One thing leads to another. First.... What real estate firms have involvement in the area involved with the WTC and areas in close proximity? Those that are damaged should be covered by insurance. This brings into play several questions of insurance. Are they covered under current conditions. Many types of insurance carry a multitude of what is known as "riders." Is the real estate covered under acts of terrorism? Were yesterday's acts those of terrorism or an act of war? These "definitions" can determine where liability falls. There are many questions yet to be asked and answered here, but something to start thinking about for those investors holding both real estate investments (perhaps REITS or management companies). Second.... Where will all the tenants go that occupied the WTC locations. There are many companies now looking for new office space in the district. Will they keep locations there in the heart of the financial district, or will a new pattern emerge? As it relates to supply/demand, there is now a sudden emergence of demand and there is renewed optimism for some real estate stocks that have space available for occupancy. Ongoing analysis I've run out of time and deadlines call. Stock markets will be closed here in the U.S. again tomorrow so this gives us one more day to try and sort through all the information and ideas of what to be looking for. We'll cover some more ideas tomorrow. The foreign markets will be watched closely and will perhaps give us a better idea of what to expect near-term in the U.S. Things we may never think of It's really amazing how integrated the world has become. As I scan news item after news item there are so many things that seem to have been affected by yesterday's events. It becomes very apparent that yesterday's terrorist events were not only an attack on America, but perhaps many other companies located in other parts of North America and the world. Ford Motor (NYSE:F) had to close 2 of its 30 U.S. and Canada plants due to supply problems. Tight security at border crossings and the shutdown in air transportation prevented key supplies from reaching plants in Wixom, Michigan and Oakville, Ontario. ========================= Special Report ========================= Brokers Ready To Roll - But Check Your Orders! by Jon Farnlof Lower Manhattan will be spending many months, if not years rebuilding the financial and city infrastructure damaged by the destruction of the World Trade Center. One of the benefits of the large investments in technology by the brokerage industry was that they had disaster recovery plans and equipment in place for this kind of event. As a result, even firms directly affected by the attack have announced that all records are safe and they will be fully operational when the markets reopen. However, investors should contact their brokers to verify their readiness and perhaps more importantly, to understand how will they handle orders that were pending when the markets closed. It is likely the resumption of trading will encounter extreme volatility. Investors with market orders pending may find themselves getting filled at prices that are difficult to predict. The safest route would be to check with your broker. In Thursday's PremierInvestor.net newsletter Eric Utley, the editor of OptionInvestor.com and myself will address the expected volatility and methods of coping with it. In the meantime, traders and investors need to know where they stand. Following are the results of an informal survey of some of the more popular full service and electronic brokers to check their readiness. Thus far, the following full-service brokers have said they are functioning and ready to resume operations: Bear Stearns, Goldman Sachs, ABN Ambro, Merrill Lynch, SG Cowen, Salomon Smith Barney, UBS PaineWebber and Morgan Stanley. Morgan Stanley was significantly impacted by the tragedy as it had operations and over 3,700 employees in the World Trade Center. Our review of the major electronic brokers found a similar level of confidence. Some of the brokers indicated how they would handle orders that existed prior to the market close. We have included direct quotes from their web sites: www.fidelity.com - Because the markets are not open, Fidelity will not be processing market orders for equities and options at this time. – Any market orders placed after 4 p.m. ET on September 10, 2001, will be canceled. – Customers may enter limit orders to buy or sell securities, which will be executed as soon as practicable when the exchanges reopen, in accordance with exchange rules and regulations. - Most long-term mutual funds are closed on days when the New York Stock Exchange is closed. – Customers can continue to place mutual fund orders through this Web site – although volume and general Internet congestion may slow response times – and through other normal channels. – In compliance with SEC rules, orders for the purchase or redemption of mutual funds will be executed at the next available price when the New York Stock Exchange reopens. www.etrade.com - Market orders will be accepted when the exchanges re-open - Day limit orders will be canceled at the end of each day. - Good-till-canceled orders will be left open. You may cancel these orders, if desired, prior to market re-opening. www.datek.com - All premarket executed orders on September 11 will stand. - All unexecuted day orders placed on September 11 will be cancelled. - All GTC orders will remain good orders until you cancel them. - All margin calls due on September 10 will be due when the market reopens. - Any checks written against Datek Accounts will be honored. - All valid check, wire, or Funds Now requests made after 2:00PM EST September 10 will be paid. - If you have any questions, please call us (Datek) at 1-800-U2- Datek (1-800-823-2835) or e-mail us at firstname.lastname@example.org www.schwab.com - Equity/Option Day-only orders placed Tuesday, September 11th prior to 11 AM ET have been cancelled. - Equity/Option Day-only orders placed Tuesday, September 11th after 11 AM ET will be held for the next market open date. - The Wednesday, September 12th Pre-Market session has been cancelled. - If you wish to place a Mutual Fund trade, please call 800-435- 4000 or your Signature Services Team. www.brownco.com - All Day orders and cancellations of Day orders placed for Tuesday, Sept. 11 or Wednesday, Sept. 12 have expired. - All Good-Til-Cancelled orders, modifications and cancellations of Good-Til-Cancelled orders placed after the close of business on Monday, Sept. 10 are in the queue and will be released to the exchanges when they resume operations. - All new order entry is suspended at this time. Brown & Company will not accept new orders until further information is received from the exchanges regarding their operations. - Modifications and Cancellations of existing Good-Til-Cancelled orders will continue as usual, via our web, broker-assisted, DirectLine and PCLine channels. - All other functions and services will continue to operate as normal. - Should you have any questions, Customer Service will be available during our normal business hours of 8:00 AM to 8:00 PM ET at 1-800-822-2021. www.tdwaterhouse.com - We will enable customer trading abilities on our web site at approximately 9:00 pm ET on Tuesday, September 11th. It is important to note that orders placed since the market close on Monday, September 10th and while the exchanges and market centers are closed, will be active for market handling once trading resumes. ========================= Special Report ========================= Options Issues: Lost Time! By Eric Utley The markets' closures over the past two days have brought up several important questions. Specifically, what's going to happen with open options positions? After all, options are, of course, wasting assets. In other words, the passing of time decreases the premium of a contract. The time element in an options pricing formula is known as theta. And the loss of that time value is known as time decay, or theta decay. Options that are out-of-the-money lose time value as the contract approaches expiration because the probability of that option expiring in-the-money declines with the passing of time. Appropriately, the closer the option moves towards expiration, the faster it loses its time value, which is also known as extrinsic value. Options that have higher deltas, that is, deep-in-the-money, lose time value faster than contracts with lower deltas as expiration is approached. The reason for that is because the intrinsic value of deep-in-the-money contracts is more accurately known relative to out-of-the-money contracts. As such, less time value is incorporated into the pricing formula for deep-in-the-money contracts. In either case - in-the-money or out-of-the-money - options positions lose increasingly larger amounts of time value as they approach expiration. And for that matter, at-the-money contracts, too. Time decay really speeds up in the final 30 days of a contract's life ahead of its expiration. The diagram below depicts time decay. Traders with open positions are currently faced with the dilemma of at least three days (possibly more) worth of lost time value, especially in September contracts. I have contacted several traders on the floor of the Chicago Board Options Exchange (CBOE) as well as spokespersons from the Pacific Stock Exchange and the Options Clearing Corp. (OCC). The spokespersons I contacted didn't offer any insight into what the options regulatory body would be doing concerning this dilemma. However, it was the "sense" of the floor traders I spoke with that there would NOT be any adjustments to compensate for the lost days of trading. (That was only their speculation, I should point out.) Further, there's not much in the way of precedent for these events we're experiencing. So, anything is possible in the coming days. My best advice for readers is to either call the OCC and/or CBOE Thursday or frequently check the CBOE Web site for updates. Here's the link to the CBOE site: http://www.cboe.com/AboutCBOE/WhatsNew.asp Here are the two phone numbers: OCC: 1-800-678-4667 CBOE: 1-877-THE-CBOE I truly wish I could offer more insight into this dilemma at this time. But, I can't. However, one of the floor traders on the CBOE I spoke with speculated that implied volatility would see a big spike when the markets finally do open. A big spike in volatility would, in turn, help to offset the loss in time value while the markets have been closed, which would mitigate any losses in premium during that time. Jon Farnlof and I will collaborate on a piece Thursday concerning the issue of volatility in both equities and options. ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. 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