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 ================================================================= 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 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) ================================================================= 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) 2004 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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