PremierInvestor.net Newsletter Wednesday 12-17-2003 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: The Home Stretch 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) ================================================================= 12-17-2003 High Low Volume Advance/Decline DJIA 10145.26 + 15.70 10146.38 10094.75 1.70 bln 1658/1141 NASDAQ 1921.33 - 2.96 1926.00 1910.24 1.48 bln 1379/1688 S&P 100 535.20 + 0.45 535.20 532.65 Totals 3037/2829 S&P 500 1076.48 + 1.35 1076.54 1071.14 RUS 2000 538.72 + 0.98 539.08 533.10 DJ TRANS 2966.30 - 0.98 2970.97 2924.52 VIX 15.58 - 0.35 16.27 15.52 VXO 15.35 - 0.35 16.20 14.97 VXN 25.12 - 1.03 26.61 25.12 Total Volume 3,518M Total UpVol 1,731M Total DnVol 1,742M 52wk Highs 408 52wk Lows 35 TRIN 1.13 PUT/CALL 0.69 ================================================================= =========== Market Wrap =========== The Home Stretch by James Brown There are only 8 1/2 trading days left in 2003 and the DJIA looks determined to finish strong. After a decent, triple-digit CPI- fueled rally on Tuesday the Dow managed to etch yet another new 19-month high. Struggling to keep up is the NASDAQ. The tech- heavy NASDAQ, which has strongly outpaced the Industrials all year, seems tired. Investors are selling into strength and taking gains as they approach year's end. However, don't count the NASDAQ out just yet. There are still plenty of investors willing to buy the dip and we saw that again today as the NASDAQ overcame a 35-point decline by the closing bell. Jim's comments yesterday about fund managers rotating our smaller cap stocks and into large cap, more liquid equities is playing out before our eyes. Yet another drop in the U.S. dollar and the re-emergence of SARS has put global markets on the defensive. The Japanese NIKKEI fell 178 points to close at 10,092. The Hong Kong Hang Seng followed suit with a 67-point drop to 12,193. European markets were generally lower but the British FTSE out performed the group with a 21-point gain to 4354. The German DAX lost 18 points to close at 3847. U.S. stocks were a mixed bag. After Tuesday's big gain it would be normal to see some profit taking. Add to the mix this Friday's quadruple-witching expiration and I'm surprised we didn't see more volatility. The pockets of selling that did show up today were relatively shallow. Hardest hit was the semiconductor sector after yesterday's downgrade from Merrill Lynch. Internet stocks and networking stocks also took a step back. Airlines stocks paused again after the SARS news came out yesterday. Wednesday's best performers were the homebuilders, after new mortgage data showed an increase in applications. Retail stocks also produced a strong bounce after two days of declines. Gold stocks marched higher as gold futures added another $4.30 to close at $412.70 an ounce. Defense stocks were strong again and oil issues gushed higher with crude oil hitting new highs at $33.39 a barrel. Market internals continued to paint a mixed picture. Bulls lead the way on the NYSE with advancers out numbering decliners 16 to 11 and up volume outweighing down volume 931 million to 741 million shares. The profit taking in the NASDAQ was easy to see with declining stocks pushing past advancers almost 17 to 14 and new highs evaporating to a lowly 78. Down volume of 907 million significantly overshadowed up volume at 550 million. Chart of the DJIA: Chart of the NASDAQ: We had several stocks making headlines today. There were widespread expectations for Wall Street brokers to turn in a strong quarter and Bear Stearns and Lehman Brothers did not disappoint. Bear Stearns (BSC) reported net income of $2.19 per share, well above estimates of $1.81. Revenues jumped almost 36% to $1.53 billion, besting the $1.38 billion estimate. Lehman brothers (LEH) also turned in a strong performance. Earnings were $1.71 a share compared to estimates of $1.57. Outstanding results in its bond trading activities and underwriting lead to a 49% jump in revenues at $2.3 billion for the quarter. Investors will get to hear from Goldman Sachs (GS) and Morgan Stanley (MWD) tomorrow. Estimates are $1.54 for GS and $0.90 for MWD. Overall 2003 has been an impressive year for the securities industry. Profits are expected to be the second best on record, above the 1999 levels at $16.3 billion. Contributing to the impressive results for the major brokers has been a flood of IPO activity. Today alone we had four IPOs. The biggest IPO of the year was China Life (LFC). LFC is the biggest Chinese insurance company; of course it doesn't hurt being run by the government. The IPO brought in $3 billion with an IPO price of $18.68. By the close of business LFC had added more than $5 settling at $23.72. Orbitz.com, the online travel destination, went public today. The Orbitz.com (ORBZ) IPO, while highly anticipated, failed to deliver. The company priced about 12 million shares at $26 for the open today. The stock soared to $30.75 intraday but actually closed for a loss at $24.98. It was not the most glamorous first day of trading. Struggling for their own time in the spotlight were IPOs for Universal Technical Institute (UTI) and Falcon Financial Investment Trust (FLCN). UTI is an Arizona-based training college for automotive-related repair and refinishing. FLCN services loans to auto dealers. Investors were also eager to hear from consumer electronic giants Best Buy (BBY) and rival Circuit City (CC). BBY's results matched consensus estimates at 37 cents a share on revenue growth of 18% to $6.03 billion. In contrast CC's results continue to deteriorate. Net income was actually a net loss of 12 cents a share, worse than the estimate for a 7-cent loss. This was the second earnings miss in a row for CC and the stock lost another 6.6% to close just above the $10 level of support. Without a doubt CC is losing the fight to BBY, who continues to steal market share. Looking ahead to tomorrow's forecast we can probably expect more of the same. The strength in the DJIA and S&P 500 is likely to continue while the NASDAQ should continue to churn above the 1880 level. Stocks are likely to gravitate toward their nearest option strikes as the markets prepare for Friday's expiration. Investors will also get to mull through a few economic reports. Tomorrow brings the index of leading economic indicators. Estimates are for a 0.3 percent rise in November on top of October's 0.4 percent jump. The Philly Fed Index will be revealed tomorrow as well. Economists are looking for a decline to 25.0 in December from November's 25.9. Last but not least is the initial jobless claims, which are expected to decline. ================= 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 --------------------------------- XOM Exxon Mobil Corporation 38.88 +0.41 TOT Total Sa (ADS) 88.93 +0.96 SC Shell Transport & Trading 42.77 +1.01 RD Royal Dutch Petrol 49.75 +1.00 CVX Chevrontexaco Corp 81.74 +1.04 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- None --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- CAT Caterpillar Inc 82.02 +1.00 AVP Avon Products Inc 64.63 +0.64 RYAAY Ryanair Hldgs Plc (ADR) 49.78 +0.38 MUR Murphy Oil Corp 64.14 +0.65 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- IRF Internat Recitifier Corp 46.23 -1.32 SHI Shanghai Petrochemical 34.04 -0.36 CTSH Cognizant Tech Sol Cp A 41.02 -1.68 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- MEDI Medimmune Inc 25.48 -0.79 PII Polaris Industries Inc 85.15 -1.05 ================================================================= 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 12-17-2003 section 2 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 ================================================================= Tech Stocks Bullish Play Updates: NXTL Bearish Play Updates: UTEK Closed Bearish Plays: SLAB Active Trader (Non-tech) New Bullish Plays: DHI Bullish Play Updates: CIT, MRO Bearish Play Updates: ANF, DLTR Closed Bullish Plays: FLIR Closed Bearish Plays: TSG High Risk/Reward Bearish Play Updates: NTES Closed Bullish Plays: SIRI ================================================================== Net Bulls (NB) Tech Stock section ================================================================== ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- Nextel Comms - NXTL - close: 25.67 change: +0.13 stop: 24.25*new* There's no question NXTL has tried our patience over the past couple weeks, but it looks like the stock just might be ready to start moving again. After dipping as low as $24.26 last week, the stock demonstrated that old resistance at $24.00-24.50 is new support and has been on the rebound ever since. Even the market- driven pullback from the $26 level on Monday was pretty mild and NXTL looks ready to scale that level and take another shot at the top of the rising channel, now at $26.50. As noted in several of our updates, the best entry into the play was on a pullback into the $24.00-24.50 area, and traders that took advantage of the dip last week got a very nice entry into the play. Another dip back near the 20-dma ($24.93) can be used for new entries, but we're still not interested in breakout entries. Note that we've raised our stop to $24.25, just under last Wednesday's intraday low. We still like the potential for a rally up to the $30 level, but before that can happen, we'll need to see a solid breakout of the channel and that isn't likely to occur this week with opex factors carrying greater weight over the next two days. Picked on November 26th at $25.27 Change since picked +0.40 Earnings Date 1/15/04 (unconfirmed) Average Daily Volume = 16.5 mln -------------------- Bearish Play Updates -------------------- Ultratech, Inc. - UTEK - cls: 26.10 chng: +1.16 stp: 27.50 Last week's bounce in shares of UTEK failed spectacularly on Monday, with the stock selling off sharply from the site of the broken trendline near $28.75. After that reversal, UTEK fell through the $26 support level and yesterday came within 25 cents of the $24 support level before bouncing slightly. That rebound solidified on Wednesday, with the stock recovering right back near $26. If this rebound follows the pattern of the last one, we can expect a couple more days of sideways to higher action and then a rollover below resistance, now near $27, which is also the site of the 10-dma. Look for a rollover below resistance as the cue to initiate new positions ahead of one more drop towards the 200-dma ($22.45). One cautionary note about shorting this bounce is that Wednesday's rebound came on very strong volume (nearly triple the ADV), and that hints that perhaps this rebound might have more punch than the last one did. Maintain stops at $27.50. Picked on December 7th at $28.20 Change since picked -2.10 Earnings Date 1/15/04 (unconfirmed) Average Daily Volume = 385 K ============ CLOSED PLAYS ============ -------------------- Closed Bearish Plays -------------------- Silicon Labs. - SLAB - close: 41.90 change: +0.26 stop: 46.00 Now that's how this play was supposed to go. We initiated the play near $46.50, looking for a breakdown below support and then a subsequent drop to the $39-40 area. There was a little bit of volatility along that path, but SLAB finally broke down yesterday, hitting an intraday low of $39.61 before bouncing back at the close. The bears took another swipe at the stock today, but after failing to break Tuesday's low, SLAB came back and actually closed with a slight gain. SLAB looks like it wants to bounce, and since our target was achieved and we've got nearly a 10% gain from our picked price, this looks like a good point to harvest some gains and step aside. We'll keep it on our radar screen though, because when this next bounce fails, it may be time to do it all over again. Picked on December 3rd at $46.55 Change since picked -4.64 Earnings Date 1/19/04 (unconfirmed) Average Daily Volume = 1.25 mln ================================================================== Stock Bottom / Active Trader (AT) section ================================================================== ========= NEW PLAYS ========= ----------------- New Bullish Plays ----------------- D.R. Horton Inc. - DHI - close: 42.69 change: +1.11 stop: 38.50 Company Description: D.R. Horton is a national builder that is engaged primarily in the construction and sale of single-family homes in 39 markets and 23 states in the U.S. The company designs, builds and sells its homes on lots developed by it and on finished lots that it purchases, ready for home construction. DHI also provides title agency and mortgage brokerage services to its homebuyers. It does not retain or service the mortgages that it originates, but sells the mortgages and related servicing rights to investors. Why we like it: Traders looking for the top in the incessant rally in the Housing stocks have been disappointed more times than we can count over the past year. Last week's sharp selloff in the Dow Jones Home Construction index ($DJUSHB) was just the latest instance of that phenomenon, as buyers stepped into the breach at the $550 level, just above the 50-dma (now at $558). DHI fell sharply with the pressure in the overall sector, dropping from above $44 to below $39 in two short days. That selloff looked pretty serious too, with the strong volume and a closing violation of the 50-dma (now at $40.67). But the bulls weren't willing to allow too much technical damage and stepped in just in time to prevent the stock from trading the $38 level, which would have generated a Sell signal on the PnF chart. As it is, DHI is still operating on a Buy signal, with a bullish price target of $64! In addition to the strong technicals and sentiment in the overall Housing sector, DHI has something else going for it; a 3-for-2 split, payable on January 13th. There haven't been a lot of viable split runs over the past couple years, but with the strength in this sector, we just might have one setting up. After the rebound back above the 50-dma, DHI has had a fair amount of volatility, as traders jockey for position. But with today's strong rally and all the daily oscillators now hooking upwards in bullish fashion, DHI appears poised to rally to the recent highs near $45 and probably exceed them. The $64 level seems wholly unachievable between now and that split in mid- January, but a run at the psychologically important $50 level seems reasonable. We're going to use a $43.00 trigger on the play to get us above Monday's $42.99 intraday high before considering an entry into the play. Momentum traders can enter on the initial breakout, while those with a more cautious approach will want to see a subsequent pullback and rebound from the $41.50-42.00 area. Set stops initially at $38.50, just below last Wednesday's intraday low. Annotated Chart of DHI: Picked on December 17th at $42.69 Change since picked +0.00 Earnings Date 1/15/04 (unconfirmed) Average Daily Volume = 1.55 mln ============ PLAY UPDATES ============ -------------------- Bullish Play Updates -------------------- CIT Group - CIT - close: 33.79 change: -0.22 stop: 32.40 CIT spend an unexciting week consolidating just above its 30-dma and the supporting trendline of its rising regression channel. Unexciting is fine with us, though, because oscillators have trended down strongly while CIT did that consolidating. A stock that consolidates while oscillators trend down and relieve overbought pressure actually behaves in a bullish fashion, but we're nervous about the way it bounced down from its 10-dma. A late-day push saved it from closing at its 30-dma and that trendline, producing a spinning-top candle instead of the more bearish candle that had been forming. We're keeping our stop at $32.40, just below the rising 50-dma. New entries could be taken at this level, although we wouldn't be surprised to see a dip to that 50-dma before CIT rises again. Less aggressive traders who share our nervousness might wait for a close above the 10-dma before entering. Annotated Chart for CIT: Picked on Dec 12 at 34.05 Change since picked: -0.26 Earnings Date: 01/22/03 (unconfirmed) Average Daily Volume: 879 thousand ----- Marathon Oil - MRO - close: 31.06 change: +0.32 stop: 29.98*new* On almost twice average daily volume, MRO climbed above $31.00 in Wednesday's trading, achieving a new closing high not seen since September, 2001. News included a report that Qatar, a Gulf state, planned to increase gas exports and was negotiating with Marathon and other companies to help it do so. Qatar has big plans, including plans to be the world's biggest producer of liquefied natural gas and gas-to-liquid fuels, and it has the famed North Field to help it accomplish that goal. The XOI, the Amex Oil Index, made big gains, too, continuing its charge up the charts, so MRO's sector continues to be strong. MRO's MACD again approaches its descending trendline. Stochastics turned down over the last few days, but RSI hooked up again. The strengthening volume on this breakout, minimal as the breakout has been, stands as the best confirmation of the move, as stochastics can trend in levels indicating overbought conditions, hooking down and then turning up again. Continue to use dips down to the 10-dma as new entries. We're raising our stop to $30.98, just below the 21-dma. Annotated Chart for MRO: Picked on Dec 05 at 30.22 Change since picked: +0.84 Earnings Date: 01/27/04 (confirmed) Average Daily Volume: 1.2 million -------------------- Bearish Play Updates -------------------- Abercrombie & Fitch - ANF - cls: 24.50 chng: +0.67 stp: 25.25 Starting out the week with our anticipated breakdown under the $24 support level, ANF looked like it was going to make a run to the bottom of that gap near $22. But the bulls stepped in at the most unlikely of spots, initiating a rebound from the $23 level and Wednesday's 2.13% bounce in the Retail index (RLX.X) helped propel ANF to its own 2.8% advance. The rebound of the past couple days has come on declining volume, which hints that this is just an oversold bounce. We'll let the price action be our guide though. Coming to rest right at $24.50, ANF should roll over near this firm resistance, providing the opportunity for fresh bearish entries. Note that we've lowered our stop to $25.25, which should be protected by the 10-dma, now at $24.93. Traders with a greater tolerance for risk might use a slightly higher stop at $25.50, above the intraday highs following the plunge on December 4th. Picked on December 14th at $24.59 Change since picked -0.09 Earnings Date 2/17/04 (unconfirmed) Average Daily Volume = 2.09 mln --- Dollar Tree - DLTR - close: 29.44 change: +1.24 stop: 30.25 Disappointing sales figures sent retailers into a tailspin on Tuesday, but many managed to bounce that day and continue their gains Wednesday. WMT started the progression, saying Monday that December same-store sales growth would be at the lower end of its forecasted range. Tuesday, Pier 1 warned that profits would fall short in Q4. Wednesday, Best Buy reduced its outlook and Circuit City posted a loss. Perhaps the stocks were due for an oversold bounce, but DLTR bounced high. We do note that by the end of the day Wednesday, it had fallen back below the descending trendline marked on the chart and the 10-dma, not able to sustain those levels. Volume proved only average, but we would have rather it had been lighter than normal. RSI slants up strongly, but the bounce did nothing to pull stochastics up out of territory indicating oversold conditions nor did it affect MACD lines. The MACD histogram shows an uptrend, however. An examination of the chart shows conflicting evidence, then. If DLTR is going to break out to the upside, our stop will be sufficient to mitigate losses. Until the conflicting evidence sorts itself out, we would not suggest new entries after a bounce of this magnitude. Annotated Chart for DLTR: Picked on Dec 10 at 29.54 Change since picked: -0.10 Earnings Date: 11/25/03 (confirmed) Average Daily Volume: 2.0 million ============ CLOSED PLAYS ============ -------------------- Closed Bullish Plays -------------------- FLIR Systems - FLIR - close: 34.64 change: +0.26 stop: 33.90 After more than 3 weeks on the playlist, we're finally going to pull the plug on FLIR. After an encouraging start and actually probing the $36 level on 3 separate occasions, the price action has been consistently getting weaker. Yesterday's close under the 20-dma ($34.60) is the first violation of that average since late October and validates that the stock is weakening. At this point it is questionable whether the $36 level is achievable again before FLIR actually rolls over and the $38 target seems wholly unachievable. We're dropping FLIR tonight for a paltry gain and moving to focus our efforts on stronger plays. If holding open positions and willing to hold for one more push higher, we would recommend selling into strength near the $35.50 level, while maintaining a stop at breakeven. Picked on November 23rd at $33.90 Change since picked +0.74 Earnings Date 1/21/03 (unconfirmed) Average Daily Volume = 383 K -------------------- Closed Bearish Plays -------------------- Sabre Hldgs - TSG - close: 20.83 change: +0.55 stop: 21.60 TSG divorced itself from the XAL on Wednesday, climbing while airliners declined. A confirmed case of SARS in Taiwan, reportedly that of a medical researcher who may have contracted the disease during the course of his research, sent airliners down across the globe. Instead of declining, TSG built on the gains it made Tuesday afternoon. Intraday charts show volume spikes on both down and up-ticks, but the strongest volume of the day was on an up-tick, and the day's 2.71 percent climb eventually came on more than double average daily volume. Perhaps the introduction of Orbitz's IPO brought attention to the sector. We couldn't help but notice that the two seemed to trade in juxtaposition for a while, and that big volume spike in TSG occurred about the time that ORBZ hit a short-term low about midday. TSG's climb pierced the ascending trendline that it's been testing, but as was true on Monday, TSG closed below that trendline. RSI and stochastics moved up strongly, in full bullish mode, and the MACD histogram is now positive. Most important of all, TSG managed a close above $20.00, an important round number, and a few cents above the 30-dma. Because of the bigger-than-average volume and the close above the 30-dma and $20.00, we've decided to close this non-performing play. We do note that TSG tested but then fell back below its 50-dma, a more important average in TSG's trading pattern than the 30-dma, as well as falling back below the trendline, as we noted above. It's possible that TSG will now roll down beneath that trendline. However, something appears to be at work here that's not showing up in news reports, and we think it best to take our losses and close the play. Picked on Dec 03 at 19.92 Change since picked: +0.91 Earnings Date: 10/23/03 (confirmed) Average Daily Volume: 727 thousand ================================================================== HIGH RISK/HIGH REWARD (HR) section ================================================================== ============ PLAY UPDATES ============ -------------------- Bearish Play Updates -------------------- Netease.com - NTES - close: 38.24 change: +0.39 stop: 41.80 Chinese Internet-related stocks fell Monday and Tuesday, but performance proved mixed on Wednesday. While SOHU continued to drop, SINA and NTES bounced. SINA bounced although Peter Antipatis of Capital Research Group named it a market underperformer. Although the bounce on NTES was tepid and occurred on light volume, it occurred just where we feared a bounce would be seen: at the 50 percent retracement of the rally. We expect some volatility before NTES can break through this level, as it's an important retracement level. Tuesday, we lowered the stop to $41.80, just above the 10-dma and last week's high. While some traders might use bounces to and rollovers from below the 10-dma as new entries, others might prefer to wait for a drop below the 50 percent retracement line before considering new entries. Annotated Chart for NTES: Picked on Dec 10 at 38.96 Change since picked: -0.72 Earnings Date: 10/28/03 (confirmed) Average Daily Volume: 4.6 million ============ CLOSED PLAYS ============ -------------------- Closed Bullish Plays -------------------- Sirius Satellite Radio - SIRI - cls: 2.15 chng: -0.12 stop: 2.10 After giving us a pretty good start to the week, our SIRI play had a major setback on Wednesday, as the stock fell back more than 5%. Monday's breakout above the 50-dma ($2.22) looked encouraging and the push above $2.25 looked even better. But the sellers owned the day today, knocking SIRI back under the 50-dma and erasing all the gains made since last Thursday's opening bell. With Stochastics rolling bearish and flashing bearish divergence, the outlook for SIRI does not look bullish. We're going to err on the side of caution an drop coverage on SIRI while the play is still in the black - although just barely. More aggressive traders with a greater tolerance for risk can consider holding on with a lowered stop at $2.00, which is right at the ascending trendline that connects each of the spike lows since early August. Picked on November 30th at $2.08 Change since picked +0.07 Earnings Date 1/28/04 (unconfirmed) Average Daily Volume = 53.6 mln ================================================================= Stock Splits ================================================================= Announcements ------------- TARR invests in a 5-for-4 stock split Before today's opening bell, Tarragon Realty Investors, Inc (NASDAQ:TARR) announced that its Board of Directors has approved a 5-for-4 stock split of its common shares outstanding. The payable date for the stock split is set for January 15th, 2004 to shareholders on record as of January 1st. The will be TARR's first stock split since the first quarter of 2003. About the company: Tarragon Realty Investors, Inc. is a real estate investor and developer of for-sale housing and rental communities. The Company controls approximately 16,000 apartments and 1.5 million square feet of commercial space, valued at over $1 billion, with concentrations in Florida, Connecticut and Texas. Its core business is to create and realize value for its stockholders by developing, renovating, operating and selling real estate. (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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