PremierInvestor.net Newsletter Wednesday 08-20-2003 section 1 of 2 Copyright (c) 2003, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= In section one: -------------- Market Wrap: Gone Fishing 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) ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 08-20-2003 High Low Volume Advance/Decline DJIA 9397.51 - 31.39 9423.26 9364.03 1.49 bln 1721/1443 NASDAQ 1760.54 - 0.57 1768.52 1747.01 1.51 bln 1637/1565 S&P 100 501.89 - 2.03 503.92 500.54 Totals 3358/3008 S&P 500 1000.30 - 2.05 1003.54 996.62 RUS 2000 489.46 + 0.76 490.24 485.31 DJ TRANS 2661.90 - 2.05 2669.87 2656.49 VIX 19.71 + 0.48 20.18 19.35 VXN 27.64 + 1.14 28.66 27.36 Total Volume 3,250M Total UpVol 1,484M Total DnVol 1,697M 52wk Highs 665 52wk Lows 47 TRIN 1.19 PUT/CALL 0.62 ================================================================= =========== Market Wrap =========== Gone Fishing Jonathan Levinson That's what the smart money did today, with the Nasdaq closing lower by 0.57 of one point and the Dow losing 31. Volatility remained low, and the question remains whether trades at the current level are consolidation near the highs, or distribution of shares ahead of a drop. Weekly COMPX Both the Nasdaq and the Dow weekly candles are at cyclical tops on their oscillators, and the 10 week stochastics issued buy signals in July. The downphases have hiccupped on this week's gains in the Nasdaq and the Dow, and a truncation of those downphases this early in their runs would have very bullish implications. Weekly INDU 6 month daily COMPX The daily Nasdaq and Dow have yet to abandon their uptrends, with the Nasdaq trading just below it while the Dow is just above. The 10 day stochastic and MacD are both on buy signals, which is causing the upticks we saw above on the weekly oscillators. 6 month daily INDU 20 day 30 minute COMPX The lack of upward momentum today gave us sell signals on the 300 minute stochastic, with both indices trading within bear flags. A breakdown from these formations should pack sufficient power to abort the buy signals on the daily oscillators and allow the ongoing downphases on the weekly to resume. However, for the moment, the upphase on the daily appears to be dominant, causing the short cycles on the 30 minute charts to trend in overbought territory and the downphasing daily cycles to pause early within their runs. 20 day 30 minute INDU On the economic front, the Mortgage Bankers Association (MBA) announced this morning that seasonally-adjusted demand for mortgage refinancings, the MBA refi index, dropped 14.9% for the past week following the previous week's 16.1% drop, bringing the the index to its lowest level since July 12, 2002. Demand for loans with which to buy homes, the Purchase index, fell 4.9%. The Application index fell 10.7% for the week, following last week's 10.3% drop. The average interest rate for a 30-year fixed rate mortgage rose to 6.22% from 6%, now 123 basis points above its June 13 low. Recall that John Snow talked down the negative impact of rising rates: "When an economy is recovering, it is normal to see interest rates rise some. So I would point to the rising interest rates as an indication that the economy is coming back." Without a strong pickup in employment to cover this extreme increase in the cost of money to the average home borrower, I don't see how far the economy can get. Note, as Jane reported on Monday, that personal bankruptcies rose 10.2% from last year, setting a new record on both a quarterly and per household basis, reaching new record levels. One year daily chart of the thirty year note yield It's worth spending a moment to discuss the concept of the Kondratieff Cycle. I will not be able to do it justice in this limited space, but it's worth noting the concept in light of the ongoing developments we follow here on a daily and weekly basis. Nikolai Kondratieff, whose work was carried forward by Joseph Schumpeter, posited that there's a long term cycle of credit expansion and contraction, and tied the cycle in with wars, booms and busts. Briefly, economic seeds are planted following periods of credit contraction. Businesses are built, investments are made (the "spring"). As the cycle progresses, the investments mature and prosperity grows, and the economy begins to incur debt against its assets (summer). Expansion slows, but debt continues to be incurred to extend the "good" times. Debt begins to peak, at which point it becomes unsupportable. At this point, credit begins to contract, with bankruptcies increasing and economic activity slowing (the Kondratieff Winter). After debt has been cleansed from the system by these mechanisms, the economy is ripe for the new round of investments to herald the spring. Without quoting Chauncey Gardiner from "Being There", the contraction is a necessary part of the cycle. Kondratieff and Schumpeter and others have linked the major wars to the cycle's peaks and troughs, and this is fascinating work to review for the cost of a quick Google search. Reputedly, Allan Greenspan during the late 1960s said that he'd like to be Chairman of the Fed during the 1990s, because he felt he could overcome the K-Wave Winter by flooding the financial system with liquidity. Why one would wish to do so is beyond me, but this appears to have been the case. Unfortunately, as we have seen during the past Wednesday market wraps, the Fed has succeeded not in averting a period of necessary economic contraction, but merely in creating asset bubbles in discrete sectors, first in the Nasdaq during the Dotcom boom, then in the credit and mortgage markets, with the price of real estate following along, and possibly in the Chinese manufacturing sector as well. Given the explosion in the money supply, it is my guess that commodities and particularly the precious metals sector are in the process of becoming the next asset bubble. Disclosure: I am long this sector, as it seems obvious to me that if dollars are being printed at a rapid rate, the price of all things that cannot be created at the same rate should rise. Weekly chart of MZM money supply Weekly chart of December 2003 gold In any event, to conclude our musings on the Kondratieff Winter, the recent record-setting corporate bankruptcies such as Enron, Worldcom, K-Mart, Global Crossing and others, the soaring level of personal bankruptcies and the proliferation of offers of credit, including zero-down, zero-payment, cash-back deals, all fit perfectly into this century-old theory. Apparently there's talk of interest-only home mortgages resurfacing, a concept I've heard was last popular during the 1920s. As the Winter cycle progresses, we can expect to witness the last gasp of credit expansion. I believe that the uptick in rates marks the peak of the current Winter cycle. In other news, it was reported by the American Petroleum Institute (API) that crude oil inventories dropped by 1.6 million barrels to 278.8M barrels, while the Department of Energy recorded a loss of 2.03M barrels to 279.M barrels total. Either way, analysts managed to get it wrong for another week, predicting an increase in supply. The API and Energy Department data reported unleaded gasoline inventories down on the week, and distillate supplies higher during the week. It was an otherwise quiet day, and the lack of movement in the indices reflected that. We have the following economic data due tomorrow: Report Briefing Market Prior Expects Expects Aug 21 8:30 AM Initial Claims 08/16 - 395K 395K 398K Aug 21 10:00 AM Leading Indicators Jul - 0.5% 0.4% 0.1% Aug 21 12:00 PM Philadelphia Fed Aug - 11.0 10.0 8.3 I expect to see the markets react to the initial claims data before the bell. I noticed that some writers were attributing the selloff in bonds today to expectations of a bullish showing on the employment data. If that's the case, which I personally doubt, then we can expect that anything less than a downside surprise in new unemployment claims will disappoint the market. My feeling is that the conflicting cyclicality portrayed in the charts above is what's causing the market to chop sideways, and whatever the spark, we should see a resolution, and hopefully soon. Until that happens and the market shows its hand, trade safely and ride your stops. No trade beats a bad trade. ================= 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 KB Kookmin Bank 34.25 +0.65 MGA Magna Intl Inc 81.35 +0.63 HIB Hibernia Corp 20.73 +0.57 PPP Pogo Producing 45.48 +0.68 TLB Talbots Inc 35.55 +1.15 FBN Furniture Brands Intl 25.25 +0.86 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- GDYS Goody's Family Clothing 9.91 +1.61 SINT SI Intl 16.45 +1.69 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- NTAP Network Appliance 20.88 +2.83 PETM PetsMart Inc 20.68 +1.10 FSH Fisher Scientific 39.15 +1.40 RYN Rayonier Inc 39.41 +4.22 PETC Petco Animal Supplies 27.94 +3.41 THO Thor Industries 49.85 +2.12 TUES Tuesday Morning 33.36 +1.96 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- MRK Merck & Co 52.12 -1.60 CEP CenterPulse Ltd 24.52 -1.78 HOC Holly Corp 26.40 -1.86 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- BDX Becton Dickinson & Co 37.80 -0.60 ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright (c) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form
PremierInvestor.net Newsletter Wednesday 08-20-2003 section 2 of 2 Copyright ) 2003, All rights reserved. Redistribution in any form is strictly prohibited. The entire newsletter is best viewed in COURIER 10 for alignment ================================================================= Tech Stocks Bullish Play Updates: IRF Active Trader (Non-tech) New Bearish Plays: ABC Bullish Play Updates: HELE Bearish Play Updates: HCA Closed Bullish Plays: NEM Closed Bearish Plays: JPM High Risk/Reward New Bullish Plays: TWR Bullish Play Updates: LSI Bearish Play Updates: SOHU, AGIX SplitTrader/Announcements Split Announcement: BKST, SNPS ================================================================== Net Bulls (NB) Tech Stock section ================================================================== ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Int'l Rectifier - IRF - close: 35.86 change: -0.48 stop: 33.60 After steaming sharply higher on Monday and Tuesday, our IRF play was overdue for a day of rest and Wednesday turned out to be the day, with the Semiconductor index (SOX.X) finally taking a pause from the sharp rise that has lifted it nearly 15% since August 8th. IRF dipped back to just above $35 at the open and that was all the weakness the bears could muster, with the stock rebounding and then consolidating for the remainder of the day just below $36. The stock is still in the middle of that 'fast move' area left behind by last June's downward gap and that should enable it to climb to the top of the gap near $37.40. Beyond there, we'll have to see if the bulls have the strength to push up towards $40 resistance. Make no mistake, the stock is still extended at its current level and may need to consolidate a bit more before the bulls charge forth again. Look for new entries on intraday pullbacks and rebounds from above the $34 level, looking for confirmation of that strength from the SOX. We're maintaining our stop at $33.60, just below Friday's afternoon consolidation zone. Picked on August 13th at $32.99 Change since picked +2.87 Earnings Date 10/30/03 (unconfirmed) Average Daily Volume = 896 K ================================================================== Stock Bottom / Active Trader (AT) section ================================================================== ========= NEW PLAYS ========= AmerisourceBergen - ABC - close: 60.00 change: -0.91 stop: 62.05 Company Description: AmerisourceBergen is a pharmaceutical services company dedicated solely to the pharmaceutical supply chain. The company markets its products and services to hospital systems (hospitals and acute care facilities), alternate care customers (mail order facilities, physicians' offices, long-term care institutions and clinics), independent community pharmacies, and regional drugstore and food merchandising chains. ABC also provides outsourced pharmacies to long-term care and workers' compensation programs. ABC perates in two segments: Pharmaceutical Distribution and PharMerica. The Pharmaceutical Distribution division is primarily the company's wholesale and specialty drug distribution business, and PharMerica is the company's institutional pharmacy business. Why we like it: There's nothing complicated about our view for ABC, as the stock had a weak rebound from the July selloff, and after spending a week trying to poke through the $62 resistance level, finally caved in over the past two days. From the looks of things, the bears aren't done wreaking havoc here either. From the PnF chart perspective, ABC has been looking bearish since falling below $65 and generating a fresh Sell signal. The vertical count from that Sell signal currently projects to the $54 level and when support breaks, that level could be achieved very quickly. The early August rebound got underway from $58 and we have the 200-dma ($59.29) just below today's $60.00 close. So that defines our support levels, with resistance clearly marked by the solid barrier at $62. That resistance is reinforced by the 20-dma (currently at $62.02). Because of the proximity of the $58 support and 200-dma, we'd obviously prefer to enter the play on a failed rebound below resistance, ideally near $61. But for those that want to enter on weakness, there are a few points that can be used to trigger entries. First would be a break under $60, then a drop under the 200-dma and finally a break below the $58 level. When that last support level gives way, it should have the $56 level coming into play as the next potential level of support. Note that $56 could actually present some challenges for the bears, as it is also the site of the PnF chart's bullish support line. Conservative traders may want to harvest some partial gains near that level, but we're going to go for the gusto and target that $54 level, hinted at by the bearish vertical count. Due to the solid resistance last week, we can place a tight stop on the play at $62.05, just above both the intraday highs and the 20-dma. Annotated Chart of ABC: Picked on August 10th at $60.00 Change since picked +0.00 Earnings Date 10/23/03 (unconfirmed) Average Daily Volume = 1.40 mln ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Helen of Troy - HELE - cls: 21.41 change: -0.28 stop: 20.89*new* This chart's no beauty any longer. We don't like the look of the bearish engulfing candle printed during Wednesday's trading. We note that the decline came on half average daily volume, but we also observe that HELE dropped 1.29 percent on a day when the retail index $RLX gained 0.52 percent. RSI has been signaling possible bearish divergence and now shows the slightest hint of turning down out of territory indicating overbought conditions. MACD and stochastics have not yet turned down, however. It's possible that HELE will recline here a while and then resume its upward movement, but we've decided to raise the stop to take us out on a move below the 10-dma. We would not suggest new entries at this time. Annotated Chart for HELE: Picked on Aug 10 at 21.03 Change since picked: +0.38 Earnings Date: 07/09/03 (confirmed) Average Daily Volume: 432 thousand -------------------- Bearish Play Updates -------------------- The Healthcare Company - HCA - cls: 36.60 chng: -0.59 stop: 38.05 HCA and its parent index, the Health Care Select Sector Index $IVX, declined Wednesday. HCA's 1.64 percent drop even trumped the index's 0.30 percent drop. Other notable components such as UNH, BAX, MDT, ABC, and CAH dropped, too. While not a component of the index, HCA peer Select Medical (SEM) also dropped. While there's always the possibility that HCA's tight pattern of lower highs and lower lows is a bull flag, the play behaves just as we had hoped. HCA's 200-dma continues to pressure the price. Today, HCA closed below its 10-dma at $36.84, with this being the first close beneath the 10-dma since August 6, just before HCA began the recent climb. MACD and stochastics flatten, but RSI turns down, giving a first hint possible weakness. Traders seeking a new momentum entry might key on a fall through $36.30, the bottom of the current consolidation pattern. Our target remains $33.50, although some interim support can be expected between $34.75-35.00. Annotated Chart for HCA: Picked on Aug 15 at 36.64 Change since picked: -0.04 Earnings Date: 07/22/03 (confirmed) Average Daily Volume: 4.3 million ============ CLOSED PLAYS ============ -------------------- Closed Bullish Plays -------------------- Newmont Mining - NEM - close: 39.58 change: +0.67 stop: 37.40 All things considered, the action in shares of NEM over the past few weeks has actually been pretty enjoyable. Sure there's been some intraday volatility, but the stock has obeyed price patterns and on Wednesday managed to achieve the price objective we set out for it upon the initial breakout over $34. NEM has been threatening to break above the $39 resistance level for over a week now and today's action did the trick with the stock closing near its high of the day, smack in the middle of strong resistance in the $39-40 area. This was our target when we started the play and we're going to stick to the discipline and harvest our gains here. Could NEM be headed higher? Certainly, and quite probably much higher. But after rising more than 25% in the past month, we think it's time for a rest. We'll book our gains tonight after capturing just under half of that rise from our picked price. Picked on July 23rd at $35.28 Change since picked +4.30 Earnings Date 7/31/03 (confirmed) Average Daily Volume = 4.60 mln -------------------- Closed Bearish Plays -------------------- J.P. Morgan Chase - JPM - close: 34.83 change: +0.64 stop: 34.75 It has been maddening in recent weeks to see one bearish price pattern after another set up and then be violated. We can add JPM to that list of offenders, as the stock finally stopped us out of our bearish play today, breaking above both its 2-week bear flag pattern and the 50-dma in one swift move. First we had the breakdown below the neckline of the H&S pattern with no followthrough and then a bullish resolution to the bear flag pattern on rising volume. That's what stops are for though and since ours was triggered today, we'll bid farewell to JPM, a play that never really worked in our favor. Picked on July 30th at $33.36 Change since picked +1.47 Earnings Date 10/15/03 (unconfirmed) Average Daily Volume = 9.38 mln ================================================================== HIGH RISK/HIGH REWARD (HR) section ================================================================== ========= NEW PLAYS ========= ----------------- New Bullish Plays ----------------- Tower Automotive - TWR - close: 4.10 change: +0.00 stop: 3.65 Company Description: Tower Automotive is engaged in the design and production of structural components and assemblies used by automotive original equipment manufacturers (OEMs). The company's current products include automotive body structural stampings and assemblies, including exposed sheet metal (Class A) components, lower vehicle structural stampings and assemblies, lower vehicle structures, suspension and powertrain modules and suspension components. Why we like it: It seems almost ludicrous that shares of TWR are trading for a paltry 6.8 P/E ratio, especially with last quarters blowout revenue and earnings numbers, but the market's oversight is our delight. It seems the entire automotive-related sector has been in the bulls' sights lately with numerous stocks like AZO, AN, AAP breaking out or nearing all-time highs recently. We won't have TWR boasting about new highs anytime soon though, as the stock is trading closer to its lows than its highs. But after a very constructive and gradual recovery off the March lows, TWR finally dropped back, found support (rather than resistance) at its 200-dma ($3.77), has now rebounded above the 50-dma ($4.03), also above the 200-dma. Clearly, when we're dealing with a stock below $5, it becomes a higher risk play, because the institutions are reluctant to consider the stock. But that's actually nice as it means they shouldn't be a dominant factor in the stock's price action either. We actually like new entries near current levels, or on a slight pullback near the $4.00 level. More conservative traders could wait for confirmation of continued strength, with a breakout over the 20-dma ($4.17) before playing. Volume has been spotty lately, as should be expected in the latter two weeks of August. If buying on strength, make sure there is solid volume backing the move. Our initial target for the play will be a return to the July highs near $4.80, although there is the potential for a push up to strong resistance at $5.00. Set initial stops at $3.65, which is below both the 200-dma and the early August intraday low of $3.70. Annotated Chart of TWR: Picked on August 10th at $4.10 Change since picked +0.00 Earnings Date 10/21/03 (unconfirmed) Average Daily Volume = 1.40 mln ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- LSI Logic - LSI - close: 10.81 change: +0.36 stop: 9.50 A 14 percent climb in a week: we wish all our plays performed so well. LSI tacked on another 3.44 percent on Wednesday despite a 0.66 percent decline in the $SOX. We also note that the gains were made on 7.2 million shares, significantly above LSI's typical 4.4 million shares per day. The LSI media department did its part in supporting those gains, announcing a new chipset and other developments. In addition, LSI called for the redemption of 4.25 percent convertible notes due in 2004. While we're happy about the gains made in LSI, we wish the SOX had participated. Wednesday, the SOX printed a small-bodied candle at the top of the previous day's candle. That pattern could be the beginning of a reversal signal or a more bullish "p" accumulation pattern. We vote for the second possibility. Our stop at $9.50 protects us and we'll keep a watch on the SOX, but conservative traders might want to take at least partial profit if LSI continues to climb while the SOX starts a decline. Since LSI has risen so near our $12.00 target, we would not suggest new momentum entries at this level, but entries on a pullback and bounce anywhere above $10.00 might be appropriate. Annotated Chart for LSI: Picked on August 13 at 9.46 Change since picked: +1.35 Earnings Date: 07/23/03 (confirmed) Average Daily Volume: 4.5 million -------------------- Bearish Play Updates -------------------- SOHU.com - SOHU - close: 33.20 change: +2.46 stop: 34.30 When we looked at SOHU's chart at Wednesday's open, we couldn't have been more pleased. SOHU dropped beneath its latest regression channel, opening beneath $30.00. Something happened between the open and the close, however, and that something printed a big white candle on SOHU's chart, as well as that of other Chinese Internet-related stocks SINA and NTES. The CBOE Internet Index climbed, too, but more modestly than the Chinese stocks. While SOHU's ascent still might be a climb to the right- shoulder level of a possible head-and-shoulder formation, peer NTES looks close to a breakout and that worries us. We're not sure what produced Wednesday's climb, but that ascent also turned the stochastics up again. Both RSI and stochastics head for a test of their descending trendlines. We predict that the trendlines will likely be tested about the time SOHU tests the shoulder level of its potential H&S. Both the 21- and 50- dma's have now risen and both lie above our current $34.30 stop. Aggressive traders can seek new entries on a rollover beneath $34.00 but the apparent strong support building at $29.00 might make such an entry too risky for most. Annotated Chart for SOHU: Picked on August 6 at 32.27 Change since picked: +0.93 Earnings Date: 07/23/03 (confirmed) Average Daily Volume: 4.6 million ---- AtheroGenics - AGIX - close: 12.89 change: +0.07 stop: 13.30 We came within a penny of being stopped out of our AGIX play on Wednesday, but the price retreated and closed again below its 10- dma. Sector peers GERN and AMEV also gained, with GERN rising on news that of the successful engraftment of human heart cells in rat hearts. Tuesday, AGIX completed the sale of $100 million of its convertible notes due in 2008. The stock had been sinking on news of its plans to sell those notes. We're not sure whether enthusiasm over drugs for the treatment of heart disease carried AGIX higher along with its peers or whether the completion of the sales of those notes proved responsible. Whatever the reason for the rise on Tuesday and Wednesday, it has not yet been accompanied by a rising RSI. MACD remains bearish. Stochastics turn up, however, giving the same picture of indecision presented by Wednesday's high-wave candle. Volume decreases as AGIX climbs, not confirming any bullish sentiment in the stock. New entries might be found on a rollover beneath Tuesday's 12.50 low. Annotated Chart for AGIX: Picked on Aug 17 at 12.12 Change since picked: +0.77 Earnings Date: 07/24/03 (confirmed) Average Daily Volume: 251 thousand ================================================================== Split Trader - Split Announcements ================================================================== Announcements ------------- BKST bargains out a 3-for-2 split Before the opening bell, Brookstone Inc's (NASDAQ:BKST) Board of Directors declared a 3-for-2 stock split of its common shares. The stock split will be payable on September 23rd, 2003 to shareholders on record as of September 2nd. This is the BKST's first stock split since being listed on the NASDAQ in 1993. About the company: Brookstone, Inc. is a specialty retailer that operates 260 Brookstone Brand stores nationwide and in Puerto Rico. Typically located in high-traffic regional shopping malls and airports, the stores feature unique and innovative consumer products. The Company also operates three stores under the Gardeners Eden Brand, and a direct marketing business that consists of three catalogs -- Brookstone, Hard-to-Find Tools and Gardeners Eden – as well as an e-commerce web site at http://www.Brookstone.com. (Source: Company Press Release) --- SNPS verifies a 2-for-1 split After the closing bell, Synopsys Inc's (NASDAQ:SNPS) Board of Directors declared a 2-for-1 stock split of its common shares. The stock split will be payable on September 23rd, 2003 to shareholders on record as of September 2nd. This is the SNPS's first stock split since the third quarter of 1995. About the company: Synopsys, Inc. (Nasdaq:SNPS - News) is the world leader in electronic design automation (EDA) software for semiconductor design. The company delivers technology-leading semiconductor design and verification platforms to the global electronics market, enabling the development of complex systems-on-chips (SoCs). Synopsys also provides intellectual property and design services to simplify the design process and accelerate time-to- market for its customers. Synopsys is headquartered in Mountain View, California and is located in more than 60 offices throughout North America, Europe, Japan and Asia. Visit Synopsys online at http://www.synopsys.com/. (Source: Company Press Release) ================================================================= To stop receiving this PremierInvestor.net Newsletter, send email to Contact Support ================================================================= DISCLAIMER ================================================================= This newsletter is a publication dedicated to the education of stock traders. The newsletter is an information service only. The information provided herein is not to be construed as an offer to buy or sell securities of any kind. The newsletter picks are not to be considered a recommendation of any stock but an information resource to aid the investor in making an informed decision regarding trading in stocks. It is possible at this or some subsequent date, the editors and staff of PremierInvestor.net may own, buy or sell securities presented. All investors should consult a qualified professional before trading in any security. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. PremierInvestor.net staff makes every effort to provide timely information to its subscribers but cannot guarantee specific delivery times due to factors beyond our control. Please read our disclaimer at: http://www.optioninvestor.com/page/oin/aboutus/disclaimer.html ***************************************************************** ADVERTISING INFORMATION For more information on advertising in PremierInvestor.net Newsletter, or any Premier Investor Network newsletter please contact Contact Support. ***************************************************************** Copyright (c) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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