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Daily Newsletter, Wednesday, 04/10/2002

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PremierInvestor.net Newsletter              Wednesday 04-10-2002
                                                  section 1 of 2
Copyright  2001, All rights reserved.
Redistribution in any form is strictly prohibited.

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In section one:

Market Wrap:      Cyclicals and Transports lead stocks higher
Watch List:       ABF, ACE, CAT, GM, and more...
Play of the Day:  Copper hoppers revisited


************************************************************
MARKET WRAP  (view in courier font for table alignment)
************************************************************             
04-10-2002        High      Low     Volume   Advance/Decline
DJIA    10381.73 +173.06 10394.67 10210.40 1443 mln   2261/ 887	
NASDAQ   1767.07 + 24.50  1772.00  1733.69 1762 mln   2116/1411
S&P 100   565.35 +  6.52   566.22   558.50   totals   4377/2298
S&P 500  1130.47 + 12.67  1131.76  1117.80           
RUS 2000  511.30 +  8.29   511.30   503.01
DJ TRANS 2843.44 + 75.48  2843.64  2765.60
VIX        20.20 -  0.85    21.92    20.20
Put/Call Ratio      0.80
************************************************************

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

Cyclicals and Transports lead stocks higher

It was a rather interesting session today as gains in certain 
sectors were tentative in the first half of the session, but as 
the trading day matured, the bullish action in the deeper 
cyclicals and transportation stocks looked to pull many sector up 
by their bootstraps to finish in positive territory.

Perhaps "proof" of how tough those deeper cyclicals are trading 
is where we left off in last night's wrap.  Last night I thought 
every trader/investor should at least monitor shares of Dow 
Chemical (NYSE:DOW) $33.50 +2.76% after Moody's downgraded the 
company's longer-term debt rating from A3 to A1.  While debt 
downgrades in the some technology stocks have been severe, 
today's more bullish outcome after a downgrade in a deeper 
cyclical perhaps hints at the underlying bullishness and hunger 
that exists among the deeper cyclicals.  While I'm not currently 
interested in attempting to trade shares of Dow Chemical, today's 
observation after a debt downgrade from Moody's looks bullish.

Morgan Stanley Cyclical Index Chart - Daily Interval

 

Friday evening, we thought "economic bulls" wanted to see the 
deeper cyclicals hold above trend and that sure looks to have 
taken place.  Today's bold move higher has the CYC.X now breaking 
the short-term downward trend.  With MACD starting to hook around 
just above the zero level, all heck could break loose to the 
upside if the sector breaks above the 598 level and MACD gets 
some "big momentum" and turns higher too.  I've added a couple of 
little "wedges" from the 555 and now the 598 level.  Notice too 
the similarities of the shorter-term downward trends.

Now, lets take a quick look at the point and figure chart.  I 
think there may also be a potential "short squeeze" coming in the 
cyclicals if they trade the 590 level.  Check this out.

Cyclical Index Point/Figure Chart - $5 box

 

The point and figure chart removes some of the noise of the bar 
chart.  I've tried to color code in "purple" similar levels on 
the bar chart as that found in the point and figure chart.  What 
the point and figure chart above hints at is that there may have 
recently been a "bear trap" at the $560 level, similar to that 
found back at the $510 and $515 levels.  When the CYC.X broke 
above $545, we can almost envision bearish traders that were 
trying to short stocks in this index run for cover and close 
their positions.  That covering activity along with bulls buying 
drove the CYC.X to the $595 level.  Now a bull in the cyclicals 
looks to try and inflict the same pain with a trade at $590 and 
perhaps $600.

If you don't think there are still some cyclical bears out there, 
then I've got some e-mails you'd enjoy reading.  How much 
conviction they have should be answered soon.  There's very 
little overhead supply in the way and if bulls believe that the 
cyclicals are going to lead in a recovering economic environment, 
all heck could break loose to the upside.

Check out our play list tonight.  We're adding shares of deep 
cyclical Phelps Dodge (NYSE:PD) $40.24 +2.39% as a bullish play.

AT&T announces reverse stock split!

Dow component AT&T (NYSE:T) $14.42 -3.93% announced it plans to 
ask shareholders to vote on a 1 for 5 reverse stock split once 
the sale of the telecom giant's cable business to Comcast 
(NASDAQ:CMCSK) $29.47 -3.47% is completed.

If approved, stockholders would receive one share for every five 
shares they currently own.  While the value of each shareholder's 
holdings wouldn't change (unless the stock keeps falling) the 
reverse split will create a higher stock price.

Shares of T currently trade at $14.42.  If the Comcast deal were 
to be completed today, that would reduce the value of T's 
remaining phone business to about $5.00 a share.  Investors 
currently value the company's cable business at about double the 
value of its phone operations.  

The reverse split, based on today's close, would put the value of 
AT&T's shares at about $25.

Yahoo! Inc. reports earnings and edges lower

Internet portal Yahoo! Inc. (NASDAQ:YHOO) $18.44 -0.1% said it 
lost $53.6 million or $-0.09 a share, in the first quarter.  
Excluding a one-time charge for the write-off of goodwill from 
prior acquisitions, the company earned $10.5 million, or $0.02 a 
share.  The $0.02 a share earnings met Wall Street's 
expectations.

Yahoo said it generated $193 million in revenue for the quarter 
including recently acquired HotJobs, which had roughly $100 
million in sales last year.  Analysts had expected Yahoo to 
generate roughly $175 million, plus about $11 million from the 
addition of HotJobs.

Yahoo raised its outlook for 2002 even though sales outside the 
U.S., which accounts for 14% of total revenue, appear "tenuous."  
Yahoo's CFO Sue Decker said that international sales dropped 13% 
to $26 million from the fourth quarter.

With the HotJobs job recruiting business, Yahoo now believes it 
can generate sales between $870 million and $890 million.  This 
is up from the estimated $725-$750 million guidance given in 
January.  The higher outlook for revenues includes HotJobs, which 
Yahoo estimates could generate between $90 million and $100 
million in sales for the full year.

Shares of Yahoo were active in after-hours trading at the $18.01 
level, down approximately -2.3% from its 04:00 PM EST close.

I just don't know

I'll admit that I'm having a tough time trying to figure out the 
Yahoo's (YHOO), AOL's (AOL) and even the TMP Worldwide's (TMPW) 
out.  You've got "Internet portal" and you've got "cable" and 
you've got an "Internet job posting" combination mix and match 
that brings so many dynamics into things, how the heck can you 
put a finger on any type of "synergy" to really drive things?

While I may have trouble figure it out, I think this same type of 
thinking among institutions has them somewhat hesitant to really 
cast a vote from the bullish or bearish side of things either.

For instance, I would sure think that a rebounding economic 
backdrop would have demand building down the road for job 
postings.  That type of thinking would have me thinking "bullish" 
on shares of TMP Worldwide (TMPW) $31.65 -0.72%, which owns 
Monster.com.

TMP Worldwide Chart - $1 box

 

With Yahoo saying they're a little bullish on future revenues due 
to the acquisition of HotJobs.com, the perhaps a purer play on 
the "Internet jobs" business would be in TMP Worldwide 
(NASDAQ:TMPW).  

I thought this before I pulled up a chart of TMPW to check and 
see what the MARKET thought of my idea.  Well... the only thing 
vaguely "bullish" is that the stock is sitting right on a very 
"young" bullish support trend.  The length of the trend is very 
short, therefore I label is as "young" and it may not have too 
much of an impact on trading.

However, an AGGRESSIVE bull that like to take a shot at a 
technology stock every now and then has a bit of a "preview" from 
Yahoo's earnings and thoughts on the "Internet job" business and 
might be willing to risk a stop to $30, or even just risk a stop 
to this week's low of $30.75 tomorrow morning.  Why?

Jobless claims are due out tomorrow morning before the bell and 
this too will give traders a bit of a "heads up" and potential 
bullishness in a TMPW trade right at bullish support trend.  If 
the jobless data is better than expected of 425,000 (meaning a 
number below 425,000 would be better than expected) then that 
could spark a rally in TMPW.

I will note, that after tonight's Yahoo earnings and comments, 
share of TMPW edged higher at $31.75, after finishing the session 
at $31.65.

This is a slight "difference" than the after-hours action in 
Yahoo (YHOO) which edged lower.  The "difference" may just be the 
"Internet jobs" theme compared to the "Internet portal" that 
Yahoo also represents.

What am I?

AOL Time Warner (NYSE:AOL).  How would you classify this company?  
"Internet portal" or media giant/cable TV giant?

Whatever it is, somebody sold 18.4 million shares of AOL between 
$20.00 and $20.50 earlier today.  The name of the seller wasn't 
disclosed, but the trade evidently was run through Credit Suisse 
Boston.

"Rumor" of a potential seller surfaced at around 12:30 PM EST and 
seller seemed to front run the selling, driving the stock to a 
new 52-week low and levels not seen since November 1998.  While 
the 18.4 million shares seems like a lot, the daily volume 
totaled a whopping 80.6 million shares.

AOL Time Warner Chart - Daily Interval

 

Whenever I come across a stock I just can't "define" or can't 
create some type of scenario to trade against, I usually AVOID 
trading that stock.  Risk/reward is also very difficult to assess 
in AOL at this point.  If I short, the stock could rally after 
such a large volume day.  Conversely, today's HUGE volume could 
be "smart money" just learning about something very negative and 
cutting a loss.  Who knows?  I can't figure it out, but we'll 
make note today.

Who knows?  Maybe Adelphia Communications (NASDAQ:ADLAC) $9.90 
-5.8% has found a buyer for its cable TV operations!

Jeff Bailey
Senior Market Technician


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

The PremierInvestor.net watch list is not designed to be read
as full fledged stock picks.  Rather we would prefer to offer
it as an extra tool in today's investor toolbox.  Think of it
as a radar screen with your own radar operator pointing out
interesting developments, technical patterns or potential plays
that you may or may not have seen on your own.  Due to time
constraints we do glance at the news but rarely do we have 
time to fully read pertinent news stories, due background 
research and other necessary screens that investors should do
before making a decision.  A common exercise is to read the
entry, glance at the sector and other stocks in that industry
and then compare what's happening in the stock to what's 
happening in the broader market indices.  We hope you enjoy
the Watch List and that it proves to be a useful tool for your
own trading success.

STOCKS WORTH WATCHING
---------------------------------

Airborne Inc - ABF - close: 17.96 change: +0.84

WHAT TO WATCH: Don't count those transports out just yet!  The 
Dow Transportation index (TRAN) declined sharply in March on a 
potent combination of profit-taking and Mid East-related oil 
worries.  The sellers finally stepped aside after taking the 
index down to 2750 and after today's 2.72 percent it looks like 
buyers may be back in control.  Much like the TRAN, ABF saw some 
steep selling from its March highs and has bounced higher in 
recent sessions.  Shares are actually looking a bit overbought 
after moving up almost 8% in just two days, but if the sector 
continues to be strong a near-term move to $19 isn't out of the 
question.  Given a bit more time, ABF could once again see the 
upside of $20 or even $21.  Traders could consider an entry 
either at current levels or on a dip to today's low of $17.35.  
Note that due to the uncertainty in the Mid East and how that 
affects the price of oil, we'd consider this a "high-risk/high-
reward" play.




---

ACE Ltd - ACE - close: 44.82 change: +0.62

WHAT TO WATCH: Insurance stocks have been soaring higher 
recently.  We're hesitant to try to chase the strongest stocks 
(PGR and ALL come to mind), but they just keep rising.  We like 
ACE because it doesn't look as overextended, and also offers a 
clear-cut action point.  Shares closed just under resistance at 
$45 today, and a move over this level might be a good time to 
evaluate bullish positions.  A trade at $45 would also create a 
triple-top breakout on the p-n-f chart.  With no overhead supply 
(ACE is currently at an all-time high), its easy to imagine a 
quick move up to psychological resistance at $50.




---

Caterpillar Inc - CAT - close: 59.49 change: +1.61

WHAT TO WATCH: Cyclical stocks have performed well in recent 
sessions, and CAT is no exception.  After consolidating for most 
of March, the stock bounced sharply from its 50-dma and is now 
threatening to break above resistance at $60.  This level 
repelled the stock on two previous attempts, but we think the 
third time may be the charm.  The MACD looks like it's about to 
signal a bullish crossover just above the baseline.  The CYC.X 
cyclical index is also showing a bullish MACD, and may be headed 
for a test of resistance near 600.  Traders can consider entries 
on an intraday move over $60, while those who are more cautious 
may want to wait for CAT to close above that level.  P-n-f 
enthusiasts may be interested to know that a trade at $60 will 
create a double-top buy signal.  Note that CAT has earnings on 
April 16th.  Traders may want to consider closing out positions 
ahead of the announcement.




---

General Motors - GM - close: 62.48 change: +2.03

WHAT TO WATCH: GM broke to the upside today after consolidating 
in a narrow range (roughly $60-$62) for almost a month.  The 
close above $62 may portend a move to last year's highs near $68.  
There is some historical congestion directly overhead, but the 
stock looks like it may be strong enough to work its way higher.  
In addition to GM's close over resistance, we like how the MACD 
is curling higher above the baseline.  Furthermore, GM will 
create a double-top p-n-f signal if it trades $63. 





=============
MORE TO WATCH
=============

DE   - Much like CAT, DE has performed nicely in recent sessions.
       The bullish oscillators suggest it may be headed for 
       another test of resistance at $50.  We also like the 
       bounce from bullish support on the p-n-f chart.

USFC - Shares have benefited from the recent bounce in the TRAN,      
       and successfully tested bullish p-n-f support.  MACD
       and daily stochastics are looking bullish as well.  Could
       be in the early stages of a move to $39.


===============
Play-of-the-Day  (new bullish play)
===============

Phelps Dodge - PD - close: 40.24 change: +0.94 stop: 38.49

Company Description:
Phelps Dodge Corp. is the world's second largest producer of 
copper. The company also is the world's largest producer of 
continuous-cast copper rod, a world leader in the production of 
molybdenum, the largest producer of molybdenum-based chemicals 
and continuous-cast copper rod and among the leading producers of 
magnet wire and carbon black. (source: company press release)

Why We Like It:
Cyclical stocks have been strong in recent sessions, but really 
caught a bid today.  The CYC.X cyclical index added 2.46 percent 
and led the Dow Jones to a 173-point gain.  This was sufficient 
to break a three-week downtrend, and the index is now threatening 
to break over resistance at 595-600.  We think PD is an 
attractive bullish candidate because in addition to being a 
component of the cyclical index, it looks technically strong on 
its own merits.  Much like the CYC, it recently bounced near its 
50-dma.  The stochastics are emerging from oversold, and the p-n-
f chart also shows an interesting pattern of trading higher after 
a 3-box reversal.  A trade at $42 will create a column of X's, 
while a trade at $43 will create a double-top buy signal.  In 
case you were wondering, copper futures also look due for a move 
higher.  The April copper futures (hg02k) have pulled back to 
their ascending trendline and currently lie just above the 100-
day and 200-day MA's.  Our initial profit target for PD is 
$44.25, which would be a 10 percent gain.  Shares will first have 
to conquer the $42 resistance level, but we think the bears will 
yield in the face of continued sector strength.  As far as 
targeting entries, traders can consider jumping on at current 
levels.  We're initiating this play with a stop at $38.49, just 
below the 50-dma.

Picked on April 10th at $40.24 
Gain since picked:       +0.00
Earnings Date         04/24/02 (unconfirmed)
 




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Do not duplicate or redistribute in any form.




PremierInvestor.net Newsletter                Wednesday 04-10-2002
                                                   section 2 of 2
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/d10b_2.asp
=================================================================

In section two:

NetBulls Tech Stocks
  Stop Adjustments:    ISSX (short)
  Closed Bearish Play: CSCO
  
Active Trader Non-Tech Stocks
  Stop Adjustments:    OHP (long)
  New Bullish Play:    PD
  Closed Bullish Play: MHK
  Closed Bearish Play: AGN
 
Long-Term Plays
  Stop Adjustments:    PETM, SPLS (long)


Split Trader Stock Splits
  Split Announcement:  PNRA:  2-for-1 split announcement
                       STZ:   2-for-1 split announcement
                       TJX:   2-for-1 split announcement
                       VLY:   5-for-4 split announcement
                       WTSLA: 3-for-2 split announcement

Trading Ideas
  Value Plays With Bullish Signals
  Breakout to Upside (Stocks $5 to $20)
  Breakout to Upside (Stocks over $20)
  Breakout to Downside (Stocks over $20)
  Recently Overbought With Bearish Signals (Stocks over $20)


==================================================================
Net Bulls - Tech Stocks (NB) section
==================================================================

NB Bearish Play Stop Adjustments
--------------------------------

Internet Security - ISSX - cls: 19.64 chg: -0.38 stop: 20.75*new*

We like today's close under $20, but don't want to see our gains 
get vaporized if the NASDAQ follows the Dow Jones higher 
tomorrow.  We're setting a new stop at $20.75, just above 
Monday's high.
 



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

  --------------
  Closed Bearish
  --------------

Cisco Systems - CSCO - close: 15.55 change: +0.73 stop: 15.35

Subsiding worries about a looming earnings warning gave CSCO a 
boost today.  Needham & CO weighed in with an upgrade on the 
stock, while analysts from Merrill Lynch and CSFB also came out 
with positive comments.  Although it wasn't able to recoup all of 
yesterday's losses, the stock did tack on nearly 5%.  This move 
violated our stop at $15.35, which took us out for a hypothetical 
2.48 percent gain.  Traders who still have bearish aspirations 
may want to look for a rollover between $15.75-$16.00.  The IBM 
warning is still fresh in the minds of investors, and it seems 
unlikely that CSCO will find a lot of buyers above previous 
support at $16.

Picked on April 8th at $15.74 
Gain since picked:      +0.39
Earnings Date        05/07/02 (unconfirmed)
 





=================================================================
Active Trader/Non-tech Stocks (AT) section
=================================================================

AT Bullish Play Stop Adjustments
--------------------------------

Oxford Health - OHP - close: 43.02 change: +0.62 stop: 42.20

OHP continued higher today after breaking over resistance at $42.  
We love those all-time highs on both OHP and HMO.X health 
provider index, but we're going to inch our stop up to $42.20 
tonight in order to protect gains.





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

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

Phelps Dodge - PD - close: 40.24 change: +0.94 stop: 38.49

Company Description:
Phelps Dodge Corp. is the world's second largest producer of 
copper. The company also is the world's largest producer of 
continuous-cast copper rod, a world leader in the production of 
molybdenum, the largest producer of molybdenum-based chemicals 
and continuous-cast copper rod and among the leading producers of 
magnet wire and carbon black. (source: company press release)

Why We Like It:
Cyclical stocks have been strong in recent sessions, but really 
caught a bid today.  The CYC.X cyclical index added 2.46 percent 
and led the Dow Jones to a 173-point gain.  This was sufficient 
to break a three-week downtrend, and the index is now threatening 
to break over resistance at 595-600.  We think PD is an 
attractive bullish candidate because in addition to being a 
component of the cyclical index, it looks technically strong on 
its own merits.  Much like the CYC, it recently bounced near its 
50-dma.  The stochastics are emerging from oversold, and the p-n-
f chart also shows an interesting pattern of trading higher after 
a 3-box reversal.  A trade at $42 will create a column of X's, 
while a trade at $43 will create a double-top buy signal.  In 
case you were wondering, copper futures also look due for a move 
higher.  The April copper futures (hg02k) have pulled back to 
their ascending trendline and currently lie just above the 100-
day and 200-day MA's.  Our initial profit target for PD is 
$44.25, which would be a 10 percent gain.  Shares will first have 
to conquer the $42 resistance level, but we think the bears will 
yield in the face of continued sector strength.  As far as 
targeting entries, traders can consider jumping on at current 
levels.  We're initiating this play with a stop at $38.49, just 
below the 50-dma.

Picked on April 10th at $40.24 
Gain since picked:       +0.00
Earnings Date         04/24/02 (unconfirmed)
 




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

  --------------
  Closed Bullish
  --------------

Mohawk Industries - MHK - close: 58.90 change: -3.30 stop: 58.49

Ouch!  While yesterday's orderly pullback wasn't out of the 
ordinary, today's 5.3% decline certainly was.  Volume was very 
brisk (2.2M versus the average of 537K), and we couldn't find any 
specific news to explain the decline.  There was a slight 
negative bias in the homebuilding sector today, but the DJUSHB 
only shed 1.5%.  It's possible that investors may have been 
taking profits before earnings next Monday.  Whatever the reason 
for the decline, MHK hit an intraday low of $57.25 and traded 
under our stop at $58.49.  This took us out with a 5.36% loss.  
Shares should find support at the 100-dma, but with earnings 
coming up on Monday we wouldn't recommend trying to buy the dip.

Picked on April 5th at $61.80 
Gain since picked:      -3.31
Earnings Date        02/06/02 (confirmed)




  --------------
  Closed Bearish
  --------------

Allergan - AGN - close: 62.61 change: +3.91 stop: 61.00

The support AGN had found near the bottom of its descending 
channel was confirmed today.  Shares shot up 6.66 percent after 
UBS Warburg upgraded the stock on the basis that it was 
undervalued.  The stock actually gapped above our stop at $60.76 
and opened at $61.00, which closed out this play for a 4.45 
percent loss.  In hindsight, this is one of those times where the 
high-odds bearish p-n-f triangle breakdown fails to deliver 
gains.  However, the trend is still down, and we may revisit this 
stock if it rolls over at the top of the aforementioned channel 
near $65.  This level is bolstered by the 50-dma.  Until that 
occurs, we'll step aside and let the bulls have their way. 

Picked on April 5th at $58.40 
Gain since picked:      -2.60
Earnings Date        04/22/02 (unconfirmed)





=================================================================
Long-term Stocks (LT) section
=================================================================

===============
LT Play Updates
===============

Stop Adjustments
----------------

PETsMART - PETM - close: 14.27 change: -0.05 stop: 13.59*new*

The stock continues to itch and scratch its way higher.  We are 
going to inch our stop up to $13.59, which is about six cents 
below where we see very short-term trading support.  Shares are 
still very overbought.  We are resorting to short-term stop 
strategies now that the play is so successful.  Remember, if PETM 
trades to $14.90 we'll close the play.  Premier is up almost 40 
percent in the play.




---

Staples, Inc. - SPLS - close: 22.14 change: +0.05 stop: 19.99*new*

The recent rally in SPLS has really been exciting for the bulls.  
Investors who have been in the play since we started are looking 
at 20 percent gains.  This is not a bad place to consider taking 
some money off the table.  Alternatively you could tighten your 
stops.  One place to put your stop would be $20.89, which would 
protect a 13.25% move.  We are moving our stop to $19.99, which 
protects an 8.4% move.  Our target is still $25.00 so we need to 
give the stock some room to move.  The time frame remaining for 
the move is June 2002.  






=================================================================
Split Trader Stock Splits (ST) section
=================================================================

Split Announcements
-------------------

Panera Bread Slices Stock 2-for-1

Panera Bread Company (NASDAQ: PNRA) announced today that its
Board of Directors had approved a 2-for-1 stock split.  The split
will take the form of a 100% stock dividend, subject to
shareholder approval.

Shareholders will vote on whether to increase the authorized
number of Class A and Class B shares.  The vote will take place
on June 6th, 2002, in conjunction with Panera's annual
shareholder meeting.  If the increase is approved, the dividend
will be distributed to stockholders of record on June 10th, 2002,
with a payable date of June 24th, 2002.

Although the company's stock has more than doubled over the past
year, this marks its first split since it began trading in 1999.

PNRA closed at $62.14 on Tuesday. For a current quote, click
here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=PNRA

About the company
Panera Bread Company owns and franchises bakery-cafes under the
Panera Bread and Saint Louis Bread Co. names. The company is a
leader in the emerging specialty bread/cafe category due to its
unique bread combined with a quick, casual dining experience.
(source: company press release)


------

Constellation Stirs Up 2:1 Split

After the bell this afternoon, Constellation Brands, Inc. 
(NYSE:STZ) reported earnings and announced a 2-for-1 stock split.  
STZ's Q4 numbers were 31 percent higher than the same period the 
year before and the stock appears to have been coiling ahead of 
tonight's report.

The shareholder record date for the stock split will be April 
30th, 2002 and payable on May 13th, 2002.  Company management 
claims the stock split underscores their confidence in their 
ability to deliver and told analysts that they expect double-digit 
earnings growth to continue.

The stock has split twice in the last ten years with the previous 
split a 2-for-1 in May of 2001.  We would keep our eyes on this one 
for a potential bullish play.

Shares closed at $55.31 on Wednesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=STZ


About the company
Constellation Brands, Inc. is a leader in the production and 
marketing of beverage alcohol brands in North America and the 
United Kingdom and is a leading independent drinks wholesaler in 
the United Kingdom. As the second largest supplier of wine, the 
second largest importer of beer and the fourth largest supplier of 
distilled spirits, Constellation is the largest single-source 
supplier of these products in the United States. In the United 
Kingdom, Constellation is a leading marketer of wine and the 
second largest producer and marketer of cider. (source: company 
press release)

---

TJX raises dividend and announces 2-for-1 split

The TJX Companies, Inc. (NYSE: TJX) announced today that a 2-for-
1 stock split had been approved by its Board of Directors.  The
split will come in the form of a 100% stock dividend, and will be
payable on May 8th, 2002 to stockholders of record as of April
25th, 2002.

Furthermore, the Board of Directors also boosted the quarter
dividend on its common stock to $.03 per post-split share from
$.0225 per post-split share basis.  This represents a 33%
increase, and will be payable on May 30th, 2002 to stockholders
of record on May 20th, 2002.

TJX previously split 2-for-1 in 1997, and again in 1998.

The stock closed at $40.69 on Tuesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=TJX

About the company
The TJX Companies, Inc. is the leading off-price retailer of
apparel and home fashions in the U.S. and worldwide. The Company
operates 692 T.J. Maxx, 587 Marshalls, 120 HomeGoods and 48 A.J.
Wright stores in the United States. (source: company press
release)


------

Valley National Bancorp sets 5-for-4 
stock split and increases dividend

Valley National Bancorp announced today that its Board of 
Directors had approved a 5-for-4 stock split.

The split will be payable on May 17th, 2002 to stockholders of 
record on May 3rd, 2002.  In conjunction with the split, the Board 
of Directors also agreed to increase its regular annual dividend 
by 6.1%.  The rate will go from $0.848 per share (after-split 
basis) to $0.90 per share.  The next quarterly cash dividend is 
scheduled to be paid on July 1st, 2002.

VLY last split 5:4 in 1998, and also split 21:20 in 1999, 2000, 
and 2001.

Shares closed at $35.26 on Tuesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=VLY


About the company
Valley National Bancorp is a regional bank holding company with 
$8.6 billion in assets, headquartered in Wayne, New Jersey. Its 
principal subsidiary, Valley National Bank, including its 
Merchants Bank of New York Division, currently operates 127 branch 
offices located in 81 communities serving 10 counties in northern 
New Jersey and Manhattan (source: company press release)

---

Wet Seal announces 3-for-2 stock split

The Wet Seal, Inc. (NASDAQ: WTSLA) announced today that its Board
of Directors, at a special meeting, had set a 3-for-2 split of
its Class A and Class B Common Stock.

The split will take the form of a 50 percent Common Stock
dividend, and will be payable on May 9th, 2002 to shareholders of
record as of April 25th, 2002.

WTSLA also split 3-for-2 in July of 2001.  The stock has mirrored
the steady rise of many other retailers, and is up 59% YTD.

Shares closed at $37.51 on Tuesday.  For a current quote,
click here:
http://user.financialcontent.com/pin1/quote.cgi?account=pin1&ticker=WTSLA

About the company
The Wet Seal, Inc., a specialty retailer of fashionable and
contemporary apparel and accessory items is headquartered in
Foothill Ranch, California. The Company currently operates a
total of 578 stores in 44 states, the District of Columbia and
Puerto Rico, of which 460 are Wet Seal/Contempo Casuals stores
which cater to the junior customer, 86 are Arden B. stores which
focus on a fashionable, sophisticated, contemporary customer and
32 are Zutopia stores for the 'tween' customer.
(source: company press release)



==================
  Trading Ideas
==================

This section contains stocks that meet criteria which may make
them of interest to long and short side traders.  These are not
recommendations, nor have they been reviewed by PremierInvestor
editors for investment potential.  However, each of them has
technical and fundamental characteristics that make them worthy
of further review by traders and investors looking for fresh ideas.
New stocks will appear daily following the market close.


Value Plays With Bullish Signals 
--------------------------------- 
Ticker  Company Name               Close     Change 

RY      Royal Bank of Canada       34.99     +1.01
DYN     Dynegy Inc                 30.03     +1.36
LTD     The Limited Inc            19.64     +0.79
JCI     Johnson Controls Inc       93.05     +2.93
UPC     Union Planters Corp        49.10     +0.60

--------------------------------------- 
Breakout to Upside (Stocks $5 to $20) 
--------------------------------------- 
Ticker  Company Name               Close     Change 

TOM     Tommy Hilfiger Corp        15.90     +1.40
SBSA    Spanish Broadcasting       15.76     +1.82
EAGL    EGL Inc                    16.11     +1.17
CTS     CTS Corp                   19.35     +1.66
CKR     CKE Restaurants Inc        11.55     +1.30
CKP     Checkpoint Systems Inc     17.85     +1.95

--------------------------------------- 
Breakout to Upside (Stocks over $20) 
--------------------------------------- 
Ticker  Company Name               Close     Change 

G       Gillette Company           36.09     +1.16
LMT     Lockheed Martin Corp       61.03     +1.43
KSS     Kohl's Corp                75.00     +1.03
CCL     Carnival Corp              32.97     +1.26
CX      Cemex                      31.14     +1.44
UBB     Unibanco Uniao De Bancos   27.05     +1.28

------------------------------------------- 
Breakout to Downside (Stocks over $20) 
------------------------------------------- 
Ticker  Company Name               Close     Change 

AOL     AOL Time Warner            20.70     -1.15
MER     Merrill Lynch & Co         50.92     -1.17
SEBL    Siebel Systems Inc         25.44     -2.12
CSC     Computer Sciences Corp     44.82     -1.80
NVDA    NVIDIA Corp                38.51     -2.25

----------------------------------------- 
Recently Overbought With Bearish Signals (Stocks over $20)
------------------------------------------- 
Ticker  Company Name               Close     Change 

        .. none ..	



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