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Daily Newsletter, Wednesday, 01/21/2004

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PremierInvestor.net Newsletter                Wednesday 01-21-2004
                                                    section 1 of 2
Copyright (c) 2004, 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:  Adrift in an Eddy of Earnings.
Watch List:   WMB, PNRA, MVL, ADSK

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)
===============================================================
     01-21-2004            High     Low     Volume Advance/Decline
DJIA    10623.62 + 94.96 10643.55 10490.96 2.31 bln   1759/1073
NASDAQ   2142.45 -  5.53  2150.11  2120.20 2.40 bln   1455/1636
S&P 100   568.64 +  4.89   569.47   562.02   Totals   3214/2709
S&P 500  1147.62 +  8.85  1149.21  1134.62
RUS 2000  597.48 -  0.50   598.75   591.51
DJ TRANS 3063.60 + 43.60  3063.77  3008.12
VIX        14.34 -  0.87    36.55    14.24
VXO        14.43 -  0.48    15.64    14.37
VXN        20.71 +  0.22    21.72    20.58
Total Volume 5,182M
Total UpVol  2,341M
Total DnVol  2,759M
52wk Highs    1120
52wk Lows        7
TRIN          1.18
PUT/CALL      0.67
===============================================================

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

Adrift in an Eddy of Earnings.
by James Brown

Earnings, earnings, earnings.  The markets ran higher for weeks
in anticipation of strong Q4 earnings numbers and now that
they're finally here we're getting good news.  There are
exceptions to the rule and we are still seeing investors exercise
their tendency to "sell the news" but investors are still in a
buying mood.  Traders took advantage of the recent weakness and
bought the dip.  Yesterday's worst performers in the Dow are now
some of today's best performers as MMM, UTX, HD, BA, WMT, CAT and
more all bounce higher.  Together the DJIA and the S&P 500
managed another positive session and reached new 22-month highs.

The second theme today, in addition to buy the dip, was a
rotation of money out of tech stocks and into financials and
energy issues.  JPMorgan and Citigroup were two of the top three
performers in the Dow today and I noticed several electric
utilities and natural gas stocks breaking out to new highs.  Of
course it's probably not a surprise to see some profit taking in
technology.  The NASDAQ has been hitting 30-month highs and it
took an earnings warning from the biggest hard drive maker on the
planet to finally convince investors to take some money off the
table.

Market internals were mixed, which would be expected considering
the closing numbers on the major indices.  Advancing stocks
outpaced decliners almost 18 to 11 on the NYSE.  The view wasn't
so rosy on the NASDAQ where decliners edged past advancing stocks
8 to 7.  Up volume did outrun down volume on the NYSE but up
volume was only half down volume on the NASDAQ.  Overall it was a
very heavy volume day with 2.3 billion on the NYSE and almost 2.4
billion on the NASDAQ.  Today also marked another new record on
the NASDAQ as volume traded over 2 billion for the 12th day in a
row.  The strength in the S&P 500 helped push the volatility
indices back towards their lows, which indicates extremely little
fear by investors.

As mentioned earlier, earnings news from the major player in the
computer hard drive industry last night set off a round of profit
taking across the technology sectors.  The culprit was Seagate
Technology (STX).  Not only did STX miss analyst estimates for
its December quarter numbers but it warned for the next quarter.
Estimates for last quarter were 45 cents and STX only hit 41
cents on revenues of $1.76 billion, also below consensus
estimates.  Current analyst projections for the current quarter
were 39 cents a share but STX warned that the March quarter would
probably fall in the 20 to 30 cent range.  STX gapped
significantly lower this morning and closed with a loss of more
than 20 percent.  Its news took the DDX disk drive index (-5%)
with it and fellow hard drive makers MXO and WDC both lost more
than 12%.

Not surprisingly STX wasn't the only one to blame for the tech
sell-off today.  Lackluster results from Motorola and another
warning, this time from RF Micro Devices, sent the semiconductor
sector slipping to a 2.6% loss on the session.  Networking issues
didn't fare any better.  The NWX lost 3.3% after Lucent
Technologies (LU) slipped 6.9% after reporting its Q4 numbers.
Fortunately, LU's decline wasn't related to bad news.  The
company actually beat estimates this morning on better than
expected revenues.  LU's decline was more of a "sell the news"
variety and it help up pretty well considering a 65% gain for
2004 already under its belt.

Investors now had to decide what to do with this money they were
taking out of tech.  Biotechs and airlines stocks saw a strong
surge in buying interest today but one of the real winners were
the financials.  Dow component J.P.Morgan Chase (JPM) added 2.6%
after turning in a very strong fourth quarter performance.
Analysts had been estimating 77 cents a share but JPM turned in a
net income of 89 cents.  Making this more dramatic was the year
ago comparisons against a 20 cent loss in Q4 2002.  Another Wall
Street blue chip to announce earnings was Merrill Lynch (MER).
Our nation's largest brokerage house reported net income of $1.18
per share, well above estimates at $1.01.  Unfortunately,
revenues were just $4.92 billion and below consensus estimates.
This sent shares of MER lower on concerns that the profit numbers
were achieved on cost cutting and not an increase in business.

Another big story today was the housing market and the December
housing starts.  Considering the snow, the cold and the previous
red-hot pace for homebuilders economists were expected a mild
slow down to a seasonally adjusted rate of 1.95 million homes.
This morning the Commerce Department reported an increase to 2.09
million for new home construction.  The U.S. hasn't seen monthly
housing starts that high since February 1984.  This set the
homebuilders on fire again and the DJUSHB home construction index
roared to a 4.97% gain.  It was the perfect news to frighten
shorts and inspire new buying in the sector.  Of course this data
is nothing new for the builders.  Most of the builders have been
projecting strong growth for the next two years and a few have
disclosed record-high backlog for orders.  In related news Fannie
Mae (FNM), the nation's biggest source for residential financing,
announced Q4 earnings that beat analyst estimates by 2 cents.
FNM began to rebound a week ago after the index of mortgage
applications reported its biggest increase in three years sparked
by a drop in mortgage rates this January.

The earnings parade picked up the pace again after the close and
topping the list was EBAY.  The world's largest online auctioneer
reported net income of 24 cents a share, 2 cents better than
estimates.  Revenues soared more than 57% to $648 million, well
above the consensus estimates.  Furthermore the company guided
higher for its 2004 full year estimates by 8 cents.  EBAY was
trading higher after hours, up $2.65 to $67.03.

San Diego-based QUALCOMM also reported after the bell tonight.
Reuters was reporting consensus estimates at 48 cents a share and
QCOM beat those numbers with 51 cents.  Revenues rose 13% to
$1.24 billion, passing revenue estimates.  Strong royalty and
licensing income help boost its Q4 profits but the company was
cautious about the first quarter and told investors that revenues
would actually decline.

Probably the most encouraging earnings announcement this evening
was from Symantec (SYMC), the computer-virus software maker.
Analysts had been looking for 29 cents and SYMC beat that number
by a nickel.  Revenues soared more than 30% to $493.9 million,
well above estimates for $460 million.  Making the report even
sweeter was SYMC's positive guidance for the current quarter.
Analysts had been looking for 29 cents a share on revenues of
$471 million.  Now SYMC expects earnings closer to 32 cents on
revenues between $500 and $520 million.  Given the current market
environment for investors to only hear what they want to hear
this is a strong catalyst for traders to buy the technology dip
tomorrow, at least in the software sector.

Chart of the DJIA:



Chart of the NASDAQ:



Viewing the action in the major averages it's tough to imagine
that the bears will be able to mount a solid offense tomorrow.
The NASDAQ looks poised to break the 2150 mark and if not there
will probably be traders waiting to buy the dip to 2115-2100 near
its simple 10-dma.  The DJIA looks even stronger with a bullish
engulfing candlestick pattern on top of another bounce from its
rising 21-dma as well as a close above the 10600 level.  Now
cross your fingers and hope that AT&T (T), BellSouth (BLS),
Eastman Kodak (EK), Ford (F), Nokia (NOK) or Pfizer (PFE) don't
blow it for us.  This list of companies represent the major
earnings announcements before Thursday's opening bell.

Aside from the earnings buffet Wall Street will also be digesting
the weekly jobless claims numbers, which are expected to come in
flat, and the December leading indicators.


==================================================================
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
---------------------------------

Williams Companies - WMB - close: 11.30 change: +0.40

WHAT TO WATCH: We featured WMB last week in anticipation of a
breakout to new highs and that breakout arrived today with the
stock tacking on an impressive 2.9%.  That breakout came with a
strong breakout in the UTY index as well, as it pushed to its
best levels since the middle of 2002.  Dips near the $11 level
look viable for new entries in anticipation of a rally towards
the $15 resistance area.




---

Panera Bread Company - PNRA - close: 43.25 change: +1.85

WHAT TO WATCH: It's hard to say what is moving PNRA so strongly
in the positive direction.  The stock had been weak in recent
months due to the popularity of the Atkins diet.  Last we heard,
the company hadn't yet come out with a low-carb bread, but the
stock broke strongly through its 100-dma today on nearly double
the ADV.  The tide appears to have turned in favor of the bulls
and a run back to the September highs near $47 seems likely.



---

Marvel Enterprises - MVL - close: 34.32 change: +1.24

WHAT TO WATCH: Last week's breakout in shares of MVL looked
pretty convincing and the stock continues to look strong, surging
to another new all-time high today.  While a pullback to test
support in the $31-32 area would make for a better entry point,
this looks like the sort of bullish run that is only gaining
strength.




---

Autodesk, Inc. - ADSK - close: 26.57 change: +0.80

WHAT TO WATCH: After spending the first couple weeks of January
creeping through the $25 resistance level, shares of ADSK are
picking up steam and attracting stronger buying volume.  There
should now be rock-solid support near $25 and a pullback there
would be a gift of an entry point ahead of an expected run at the
all-time highs near $28.




---

===================
On the RADAR Screen
===================

NSM $39.68 - Even following a strong Book to Bill report last
night, the Semiconductor stocks seem to be losing their luster
and NSM is a perfect example, once again breaking under the 50-
dma and $40.  Entering on a breakdown under the 100-dma ($38.44)
looks like a good strategy, targeting a drop to strong support
near $32.

JNPR $29.62 - Was that a reversal pattern?  JNPR had an
irrationally large upward move in the wake of its earnings report
last week and it looks like a bit of profit taking may be in
store.  Leaving behind a bearish-looking doji pattern yesterday,
the stock lost ground today and looks like it could drop down to
fill in that gap.  This is a very aggressive play, but one that
could perform quite well if the strength in the Networkers begins
to fade.  Use a tight stop just over yesterday's high.

SRCL $43.28 - Shares of SRCL have been putting in a topping
formation for several months now and the chart now gives the
appearance of a complex H&S top, with the neckline coinciding
with support just over $42.  Use a trigger at $42 and target a
drop to the $36 area, the site of next strong support under $40.


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

XOM     Exxon Mobil Corporation    41.43    +0.55
C       Citigroup                  50.36    +1.07
TOT     Total Sa (ADS)             92.77    +1.27
RD      Royal Dutch Petrol         48.53    +0.52
BAC     Bank of America            81.85    +1.78


---------------------------------------
Breakout to Upside (Stocks $5 to $20)
---------------------------------------

GT      Goodyear Tire&Rubber Co    10.74    +1.23
STHLY   Stet Hellas Tele Sa (ADS)  15.82    +1.38
SWC     Stillwater Mining Co       11.04    +1.19
NABI    NABI Biopharmaceuticals    16.00    +2.27
NLS     Nautilus Group Inc         17.08    +1.27


---------------------------------------
Breakout to Upside (Stocks over $20)
---------------------------------------

FNM     Fannie Mae                 75.67    +2.67
JPM     JP Morgan & Co             40.10    +1.01
ONE     Bank One Corp              52.13    +1.26
ALL     Allstate Corporation       45.16    +1.02
BIIB    Biogen IDEC Inc            44.78    +1.26


-------------------------------------------
Breakout to Downside (Stocks over $20)
-------------------------------------------

APD     Air Products & Chemicals   52.29    -2.09
ITU     Banco Itau S A (ADR)       48.90    -2.00
SNV     Synovus Financial Corp     25.70    -3.02
TSS     Total System Services      23.68    -6.31
OHP     Oxford Health Plans Inc    47.59    -1.40


-----------------------------------------
Recently Overbought With Bearish Signals (Stocks over $20)
-------------------------------------------

EBAY    Ebay Inc                   64.38    -1.32
TDK     TDK Cp                     74.84    -2.37
IRF     Internat Rectifier Corp    51.99    -1.63
ADTN    Adtran Inc                 35.37    -1.53
SNA     Snap-On Inc                31.94    -1.48


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DISCLAIMER
=================================================================

This newsletter is a publication dedicated to the education
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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
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Copyright 2004  PremierInvestor.net. and
The Premier Investor Network.
Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter               Wednesday 01-21-2004
                                                   section 2 of 2
Copyright (c) 2004, All rights reserved.
Redistribution in any form is strictly prohibited.

The entire newsletter is best viewed in COURIER 10 for alignment
=================================================================

In section two:

Stop Loss Adjustments:  None

Active Trader (Non-tech Stocks)
  New Bullish plays:    ELBO, TXU
  Closed Bearish Plays: LNCR, X

High Risk/Reward
  Closed Bullish Plays: CPWR

Stock Splits
  Announcements:        ANPI, APH, BR, CBU, ETN, JST, NATI, NFLX,
                        SNDK

=================
STOP LOSS UPDATES
=================

None


=================================================================
Active Trader (AT) Non-Tech Stock section
=================================================================

  New Bullish Plays
  -----------------

Elec. Boutique - ELBO - close: 25.85 change: +0.15 stop: 24.45

Company Description:
Electronics Boutique Holdings Corp. is a specialty retailer of
video game hardware and software, PC (personal computer)
entertainment software and related accessories and products.  As
of February 1, 2003, the company operated 1,145 stores, primarily
under the names Electronics Boutique and EB Games, in Australia,
Canada, Denmark, Germany, Italy, New Zealand, Norway, Puerto
Rico, South Korea, Sweden and the United States.  The company's
typical store offers over 1,400 titles (excluding pre-owned
games), at any given time, from over 60 video game and PC
entertainment software vendors.  These titles are also available
on its Website, www.ebgames.com.  The Company carries game titles
that are compatible with all major video game hardware systems
and PCs.  In addition to video game titles and PC entertainment
software, ELBO offers a complimentary line of PC and video game
accessories and peripheral products, including controllers,
joysticks, memory cards, DVD remotes, books and magazines.

Why we like it:
Strong holiday sales numbers were all the bulls were waiting for
and when ELBO reported same store sales up 24% in early January,
the stock rocketed through the $25 resistance level, extending
almost to $28 before the requisite pullback.  The stock made an
orderly descent back near $25, and then began to firm near that
level late last week, confirming new support at old resistance.
Helping to solidify that support is the 200-dma, resting at
$24.90.  So far the rebound off that support has been fairly
tepid, but with daily Stochastics (10,5,3) now beginning to turn
up from oversold territory, this looks like a solid place to
initiate a bullish trade.  We're not looking for a home run, but
ELBO does look like it could make a return to $28 resistance and
then possibly break out to challenge next resistance at $30.

With the company's earnings not slated for release until the
middle of March, we can play the technical setup without worrying
about that announcement prematurely curtailing the play.  Note
that the bullish run from early January created a new Buy signal
on the PnF chart, and the current vertical count tentatively
projects up to the $43 level, far above what we're initially
targeting for the play.  Intraday dips into the $25.25-25.50 area
will make for solid entries, while those looking to enter on
strength will want to wait for a push through the 10-dma ($26.40)
before playing.  As noted above, first solid resistance will be
found at $28, but our target for the play will be $30.  Due to
strong support just below current levels and the 200-dma, we can
use a tight stop at $24.45, just below the bottom of the 1/06
gap.

Annotated Chart of ELBO:



Picked on January 21st at   $25.85
Change since picked          +0.00
Earnings Date              3/18/04 (unconfirmed)
Average Daily Volume =       576 K



---

TXU Corporation - TXU - close: 24.91 change: +0.94 stop: 23.25

Company Description:
TXU Corporation is a global energy services company that engages
in electricity generation, wholesale energy trading, retail
energy marketing, energy delivery, other energy-related services
and, through a joint venture, telecommunications services.  TXU
owns over 22,600 megawatts of power generation and sells 335
terawatt hours of electricity and 2.8 trillion cubic feet of
natural gas annually.  The company delivers or sells energy to
approximately 11 million residential, commercial and industrial
customers primarily in the United States, Europe and Australia.

Why we like it:
After more than 3 weeks of consolidation near the highs, the
Utility Sector (UTY.X) broke out in a big way on Wednesday,
driving higher by 1.78% and reaching levels not seen since June
of 2002.  The buying shows the broad market rally once again
shifting sectors and it looks like it is time for the Utilities
to shine.  TXU has been on the verge of a breakout since the
middle of December, but its initial foray over $24 was quickly
reversed earlier this month.  But after pulling back to strong
support just below $23.50, the stock found strong buying interest
yesterday that found very strong follow through today.  The stock
rallied nearly 4%, moving to its best level since October of 2002
and closed right at the high of the day.  The volume picture
confirms the strength of the 2-day rally, with buying volume near
3 million shares nearly doubling the ADV.

The company announced last Friday that it would sell its
Telecommunications business for $527 million, allowing for
greater focus on its core energy businesses in Texas and
Australia.  This week's move appears to be a vote of confidence
both in the change of strategic focus, as well as the company's
continued improvement in its balance sheet.  TXU looks entirely
bullish here, with the PnF chart on a Buy signal and showing a
bullish price target of $27.50.  That coincides nicely with the
bottom of the October 2002 gap just over $27.  Clearly, TXU will
find some resistance near that level, but the strength of the
current move hints that perhaps a move to higher levels is in
store.  Next resistance would come in near $32-33.  The top of
the gap is just below $33 and the PnF bearish resistance line is
at $32.  A pullback to confirm support just over $24 would
present an ideal entry point, with a breakout over $25 yielding a
momentum entry.  We'll set our stop initially at $23.25 (just
under the recent consolidation and the 30-dma) and set an initial
target at $27.50.  Depending on how price action unfolds, we'll
decide whether it makes sense to hold out for a run at that
higher target near $32.

Annotated Chart of TXU:



Picked on January 21st at   $24.91
Change since picked          +0.00
Earnings Date              2/12/04 (confirmed)
Average Daily Volume =    1.52 mln




  Closed Bearish Plays
  --------------------

Lincare Holdings - LNCR - close: 30.64 change: +1.29 stop: 30.75

The potential for a breakdown in shares of LNCR was definitely
there last week when we initiated coverage, but there just wasn't
enough selling pressure to get the job done.  After a tepid
bounce over the past few days, the stock really caught fire
today, launching higher to the tune of 4.4% and taking out our
stop at $30.75.  The good news is that our $28 entry trigger was
never touched, meaning that we watched the action unfold from the
sidelines.  Clearly, after such a strong reversal, it is time to
drop coverage on LNCR as the bearish prospects have been handily
squashed.

Picked on January 14th at   $28.75
Change since picked          +1.89
Earnings Date              2/10/04 (unconfirmed)
Average Daily Volume =    2.21 mln




---

United States Steel - X - close: 36.62 change: +1.48 stop: 36.50

After such a strong rally in recent months, shares of X were way
overdue for a significant profit-taking pullback.  Alas, it
wasn't to be.  After a minor dip back to the 30-dma ($33.66)
yesterday, the stock launched strongly higher, ending right at
the 20-dma (then at $35.06).  Rather than pull back from that
measure of resistance, the stock vaulted higher again on
Wednesday, tripping our $36.50 stop early in the day and never
revisiting that level.  Clearly, we're dropping the play tonight.

Picked on January 14th at   $34.17
Change since picked          +2.45
Earnings Date              1/28/04 (unconfirmed)
Average Daily Volume =    2.48 mln





=================================================================
High Risk/Reward (HR) Stock section
=================================================================

============
Closed Plays
============

  Closed Bullish Plays
  --------------------

Compuware Corp. - CPWR - cls: 6.98 chng: -0.02 stop: 6.40

Although the stock did manage a slight rise after we initiated
coverage, shares of CPWR just couldn't really make a meaningful
move higher ahead of their earnings report.  Today's rebound back
near the $7.00 level looked encouraging, but with earnings due
out tomorrow after the close, prudence demands that we bring the
play to an end tonight.  Aggressive traders might look for an
intraday rise tomorrow ahead of earnings to provide a more
favorable exit, but make sure to exit before the closing bell.

Picked on January 11th at    $6.73
Change since picked          +0.25
Earnings Date              1/22/04 (confirmed)
Average Daily Volume =    2.21 mln





=================================================================
Stock Splits
=================================================================

Announcements
-------------

Shareholders approve ANPI stock split

As previously announced back on December 1st, 2003, Angiotech
Pharmaceuticals Inc (NASDAQ:ANPI) held a special shareholder
meeting, during which they voted to approve an increase in
authorized shares and allow for a 2-for-1 stock split.

The stock split shareholder record date will be February 3rd,
2004.  The distribution date or effective date was not announced.

About the company:
Angiotech Pharmaceuticals, Inc. is dedicated to enhancing the
performance of medical devices and biomaterials through the
innovative use of pharmacotherapeutics. (Source: Company Press
Release)

---

APH connects for a 2-for-1 split

This morning before the opening bell Amphenol Corp (NYSE:APH)
announced fourth quarter 2003 earnings and a 2-for-1 stock split.
The stock split will be payable on March 29th, 2004 for
shareholders on record as of March 17th.

The company last split its stock 2:1 on April 26, 2000.


About the company:
Amphenol Corporation is one of the world's leading producers of
electronic and fiber optic connectors, cable and interconnect
systems. Amphenol products are engineered and manufactured in the
Americas, Europe and Asia and sold by a worldwide sales and
marketing organization. The primary end markets for the Company's
products are communication systems for wired and wireless
internet and broadband networks, industrial/automotive and
military/aerospace applications.
(Source: Company Press Release)

---

BR energizes a 2-for-1 split

A couple of hours before the closing bell today Burlington
Resources (NYSE:BR) announced that its Board of Directors had
approved a 2-for-1 stock split subject to shareholder approval.

Shareholders will need to approve an increase in the number of
authorized shares to 650 million from the current 325 million.
BR's next annual shareholder meeting is April 21st, 2004 and the
subject will be considered then.

The payable date for the split would be June 1st, 2004 for
shareholders on record as of May 5th.

The quarterly cash dividend of 15 cents a share will be payable
on a pre-split basis on April 9th to shareholders on record as of
March 10th.

About the company:
Burlington Resources ranks among the world's largest independent
oil and gas companies, and holds one of the industry's leading
positions in North American natural gas reserves and production.
Headquartered in Houston, Texas, the company conducts
exploration, production and development operations in the U.S.,
Canada, the United Kingdom, Africa, China and South America.
(Source: Company Press Release)

---

CBU saves up for a 2-for-1 split

 In the middle of the trading day Community Bank System, Inc
(NYSE:CBU) announced that its Board of Directors had approved a
2-for-1 stock split of its common shares.

The split will take effect as a 100% stock dividend for
shareholders on record as of March 17th, 2004.  The payable date
for the split is April 12th.

The 2:1 split is subject to shareholder approval who need to
amend the number of authorized shares from 20 million to 50
million at a special shareholder meeting to be held on or near
March 26th.

About the company:
Community Bank System, Inc. is a registered bank holding company
based in DeWitt, N.Y. Upon completion of the recently announced
acquisition of First Heritage Bank in Wilkes-Barre, Pa., CBU's
wholly-owned banking subsidiary, Community Bank, N.A. will have
approximately $4.2 billion of assets, 132 customer facilities and
98 ATMs across Upstate New York and Northeastern Pennsylvania,
where it operates as First Liberty Bank & Trust, a division of
Community Bank N.A. Other subsidiaries within the CBU family are
Elias Asset Management, Inc., an investment management firm based
in Williamsville, N.Y.; Community Investment Services, Inc., a
broker-dealer delivering financial products, including mutual
funds, annuities, individual stocks and bonds, and insurance
products, from various locations throughout Community Bank
System's branch network; and Benefit Plans Administrative
Services, Inc., an employee benefits company which includes BPA,
a retirement plan administration firm located in Utica, N.Y., and
Harbridge Consulting Group, an actuarial and consulting firm
based in Syracuse, N.Y.
(Source: Company Press Release)

---

Eaton announces earnings, dividend and split.

This morning before the opening bell Eaton Corp (NYSE:ETN)
announced Q4 earnings, a dividend increase and news that its
board of directors had approved a 2-for-1 stock split.

The quarterly cash dividend is being raised from 48 cents to 54
cents a share, on a pre-split basis.  The cash dividend is
payable on February 27th, 2004 to shareholder on record as of
February 9th.

The stock split is payable on February 23rd to shareholders on
record as of February 9th.

About the company:
Eaton Corporation is a global diversified industrial manufacturer
with 2003 sales of $8.1 billion that is a leader in fluid power
systems; electrical power quality, distribution and control;
automotive engine air management and fuel economy; and
intelligent systems for fuel economy and safety in trucks. Eaton
has 51,000 employees and sells products to customers in more than
100 countries
(Source: Company Press Release)

---

JST transforms a 2-for-1 split

This afternoon Jinpan Intl Limited (AMEX:JST) announced that its
Board of Directors had approved a 2-for-1 stock split of the
company's common shares.

The payable date is February 6th, 2004 for shareholders on record
as of January 30th.

About the company:
As the premier manufacturer of cast coil transformers in China,
we plan to become a more global company by gaining market shares
in the other regions of the world. In addition, we are looking
for areas to provide a more complete package to our customers. We
look forward to realizing our goals and to continue delivering
the greatest value to our customers.
(Source: Company Press Release)

---

NATI points out a 3-for-2 split

Just a couple of minutes after tonight's closing bell National
Instruments (NASDAQ: NATI) announced that its Board of Directors
had approved a 3-for-2 stock split.

The split will take effect as s stock dividend where shareholders
will receive one extra share for every two shares they own.  The
shareholder record date for the split is February 5th, 2004.  The
payable date will be February 20th.  Post-split NATI will have
about 78 million shares outstanding.

NATI last split its stock 3:2 on August 23rd, 1999.

About the company:
National Instruments is a technology pioneer and leader in
virtual instrumentation -- a revolutionary concept that has
changed the way engineers and scientists approach measurement and
automation. Leveraging the PC and its related technologies,
virtual instrumentation increases productivity and lowers costs
for customers worldwide through easy-to-integrate software, such
as the NI LabVIEW graphical development environment, and modular
hardware, such as PXI modules for data acquisition, instrument
control and machine vision. Headquartered in Austin, Texas, NI
has more than 3,000 employees and direct operations in 40
countries.
(Source: Company Press Release)

---

Netflix debuts a 2-for-1 split

After the bell tonight Netflix Inc. (NASDAQ:NFLX) announced Q4
earnings and a 2-for-1 stock split.

The payable date for the stock split will be February 11th, 2004
for shareholder on record as of February 2nd.

This is the company's first stock split.

About the company:
Netflix is the world's largest online movie rental service,
providing more than one million subscribers access to over 15,000
DVD titles. For $19.95 a month, Netflix subscribers rent as many
DVDs as they want, and keep them as long as they want, with three
movies out at a time. There are no due dates, no late fees and no
shipping fees. DVDs are delivered for free by first-class mail
from regional shipping centers located throughout the United
States. Netflix can reach more than 80 percent of its subscribers
with generally next-day delivery. The Company provides
subscribers extensive information about DVD movies, including
critic reviews, member reviews, online trailers, ratings, and
personalized movie recommendations.  (Source: Company Press
Release)

---

SanDisk drives a 2-for-1 split

After the closing bell tonight SAnDisk Corp (NASDAQ:SNDK)
announced its Q4 earnings and that its Board of Directors had
approved a 2-for-1 stock split to be enacted in the form of a
stock dividned.

The split will be distributed on February 18th, 2004 for
shareholders on record as of February 3rd.

SNDK's last stock split was a 2:1 on February 23rd, 2000.

About the company:
SanDisk, the world's largest supplier of flash data storage card
products, designs, manufactures and markets industry-standard,
solid-state data, digital imaging and audio storage products
using its patented, high density flash memory and controller
technology. SanDisk is based in Sunnyvale, CA. (Source: Company
Press Release)


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