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Daily Newsletter, Wednesday, 01/28/2004

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PremierInvestor.net Newsletter                Wednesday 01-28-2004
                                                    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:  Stocks Plunge on Fed Announcement
Watch List:   CMX, ABT, LEN, DLTR

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)
===============================================================
     01-28-2004            High     Low     Volume Advance/Decline
DJIA    10468.37 -141.55 10658.43 10437.78 2.29 bln    740/2166
NASDAQ   2077.37 - 38.67  2128.00  2073.15 2.30 bln    840/2263
S&P 100   559.49 -  7.66   569.55   558.27   Totals   1580/4429
S&P 500  1128.48 - 15.57  1149.14  1126.50
RUS 2000  583.91 - 11.26   598.46   582.84
DJ TRANS 2967.68 - 73.54  3044.87  2964.88
VIX        16.78 +  1.43    40.13    15.29
VXO        17.10 +  1.78    17.11    15.24
VXN        25.16 +  2.13    25.21    22.83
Total Volume 5,145M
Total UpVol  1,040M
Total DnVol  3,963M
52wk Highs     636
52wk Lows       12
TRIN          1.39
PUT/CALL      0.85
===============================================================

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

Stocks Plunge on Fed Announcement
by James Brown

With just a few choice words the FOMC was able to do what the
bears have been unable to accomplish - put the bulls on the run.
Stocks traded mostly higher earlier in the session, despite some
disappointing economic news until the Fed's decision on interest
rates sparked a very widespread sell-off.  The Dow's 141-point
(1.33%) drop was the worst one-day decline in three months for
the index.  The NASDAQ plunged 1.82% and the S&P 500 fell 1.36%.

Generally positive earnings news helped lift stocks early on but
by the end of the session only one sector remained in the green.
That was the utilities index, which added 1.16%.  Odds are
investors fled to these higher-dividend yield issues as a safe
haven.  The heaviest selling showed up in homebuilders and
airlines but natural gas stocks, broker-dealers, networking,
hardware, retail and gold issues all fell sharply.

Overseas markets were mixed.  European stocks were mostly higher
while Asian exchanges posted losses.  The Chinese Hang Seng index
dropped 330 points or 2.4% to close at 13,431.  There didn't
appear to be any news on the decline but I suspect it was a
reaction to the resurgence of Avian flu, a deadly strain that
Thailand recently admitted to hiding its own recent outbreak.
Investors fear that the outbreak, now in six Asian countries,
will affect air travel to the region and the XAL airline index
dropped 5.25%.  Compounding the XAL's losses were negative
comments from Goldman Sachs who downgraded JetBlue Airways (JBLU)
to an "under perform".  JBLU is expected to announce earnings
tomorrow morning before the bell.  Estimates are for 17 cents a
share.

Market internals for the U.S. stock markets were probably the
most bearish we've seen in quite some time.  Declining stocks
outnumbered advancers 3-to-1 on the NYSE and 11-to-4 on the
NASDAQ.  Down volume was more than three times up volume on both
exchanges.  The volatility indices spiked higher with the VXO
(old VIX) gaining 11.6% to 17.1 and the new VIX jumping 9.3% to
16.78.  These are still low readings but they are setting the
stage for a bearish move in the markets.

Prior to the Fed's afternoon decision on interest rates investors
were greeted with a disappointing durable goods order report.
Estimates had been for a 2% rise in December to offset a 2.3%
drop in November.  Unfortunately durable goods orders were
unchanged last month.  Wall Street also had to digest a drop in
new home sales.  The Commerce Department reported this morning
that December's new home sales slipped 5% to a seasonally
adjusted rate of 1.06 million units.  This is still a very
healthy rate and pushed the number of new homes sold in 2003 to
1.085 million, a new record.  Yet it was a disappointment and
sent the homebuilders to early losses.

Now we get to the real reason the markets sold off.  The Federal
Reserve's two-day meeting ended today and the Fed governors voted
unanimously to keep the fed funds rate at 1 percent, the lowest
level since 1958.  No one actually expected a change in rates and
the focus was on the Fed's bias.  Would they keep the
"considerable period" language or not?  The answer was no.  Jim
called it in last night's wrap.  With upside and downside risks
"roughly equal" and the markets soaring to new 2 1/2 year highs
the FOMC opted to change their bias to "can be patient" with its
accommodative stance.   The full text of the Fed's statement
follows:

  The Federal Open Market Committee decided today to keep its
  target for the federal funds rate at 1 percent.

  The Committee continues to believe that an accommodative stance
  of monetary policy, coupled with robust underlying growth in
  productivity, is providing important ongoing support to economic
  activity. The evidence accumulated over the intermeeting period
  confirms that output is expanding briskly. Although new hiring
  remains subdued, other indicators suggest an improvement in the
  labor market. Increases in core consumer prices are muted and
  expected to remain low.

  The Committee perceives that the upside and downside risks to the
  attainment of sustainable growth for the next few quarters are
  roughly equal. The probability of an unwelcome fall in inflation
  has diminished in recent months and now appears almost equal to
  that of a rise in inflation. With inflation quite low and resource
  use slack, the Committee believes that it can be patient in
  removing its policy accommodation.

No one knows what sort of time frame "patient" equates to but the
market assumes it's shorter than the previous "considerable
period".  The reaction was immediate.  Bond prices plummeted.
The yield on the 10-year note shot from 4.08 percent to 4.199
percent.  The U.S. dollar rose against the yen and the euro and
gold jumped $4.50 to close at $414.60 an ounce.  Investors
immediately hit the sell button and stocks plunged.  The previous
losses in the homebuilders grew worse by the close.  The move in
bonds will push mortgage rates higher, which in turn will slow
home sales during an already seasonally slow period (no one likes
to go house hunting in the snow).

Analysts reaction to the new language was all over the board.
Some felt it was a monumental change; others described it as a
baby step toward inching rates higher.  Odds that the Fed might
hike interest rates in June or August this year spiked higher but
there are still plenty of pundits who feel the Fed won't move
until next year.  Any time Greenspan speaks the markets analyze
every word for some sign of change in the Fed's monetary policy.
We'll get to here from him again next month with his February
11th appearance before the House Financial Services Committee, on
February 12th in front of the Senate Banking Committee and again
on February 25th before the House Budget Committee.

The Fed decision was obviously the big story today but there were
plenty of stock-specific stories making headlines as well.  Tenet
Healthcare (THC) was one of them.  Shares of THC dropped 18% to
$13.18 after warning that its Q4 and full year numbers would be
below estimates.  THC also announced it would be selling 27 of
its 96 hospitals in a massive restructuring program.  Volume was
extremely high at 37 million shares compared to the average 3.5
million.  The company was already suffering investor flight due
to a government probe into its billing practices.

Dow components making the news were PG, DD and MO.  Procter and
Gamble (PG) reported its December quarter earnings, which were
slightly ahead of estimates but issued less than inspiring
comments for the current quarter.  DuPont (DD) reported earnings
last night and beat estimates by 4 cents on revenues that
surpassed expectations.  The company guided slightly higher for
the current quarter and ended the day as the Dow's best
performer.  Altria Group (MO) also bucked the downtrend today
coming in right behind DD as the second best performer in the Dow
after reporting earnings that were in-line.  MO's revenues did
beat consensus estimates and shares added 1.18% but I suspect the
gain was investors fleeing to high-dividend yielding stocks as a
safe haven.

One of today's biggest topics was the MyDoom virus.  The MyDoom
virus, also known as Novarg or Shimgapi has suddenly ballooned
into the worst virus (or worm) attack to date surpassing the
SoBig virus last year.  Some reports suggest that 1 in 9 emails
over the last couple of days were infected with the virus and the
clean up costs could top $250 million as corporations scramble to
unclog and protect their networks.  The MyDoom story is
interesting because infected computers are left with a trojan,
which is set to direct Denial of Service attacks against the SCO
Corp.  You may remember SCO for its ongoing litigation against
IBM and any one else selling servers with the Linux software.
SCO claims that Linux uses copyrighted code from the UNIX
operating system of which SCO holds significant rights to.
Widespread virus attacks like these tend to draw attention to
Symantec (SYMC) and Network Associates (NETA), both of which
recently hit new relative highs.

Chart of the DJIA:



Chart of the NASDAQ:



Looking over the action in the major indices one has to wonder if
this is the beginning of the long overdue correction everyone has
been waiting for.  The change in the Fed's language is a great
"excuse" to start taking more money off the table, which wouldn't
be a bad thing.  A 5% pull back from the Dow's recent highs would
not even bring it back to the 10,000 mark.  A similar drop in the
NASDAQ would still leave it above the 2000 level.  Technical
traders will point to the Dow's close under the 10,500 level and
its close under the 21-dma, where the index bounced on Jan. 13th,
as a short-term bearish development.  The NASDAQ looks even worse
with its close under 2100.  The reality is any sort of
significant pull back will be healthy for us.  There is still
plenty of money sitting on the sidelines just waiting for the
right "dip" and a pull back to 10K or 2K might be just what these
investors are looking for.

Tomorrow will bring even more earnings announcements but we'll
also hear the latest weekly jobless claims numbers.  Economists
are expecting 341,000 claims, which is almost unchanged from last
week.  We'll also get the Employment Cost Index tomorrow and
Friday brings the University of Michigan Sentiment index for
January, the Chicago Purchasing Manager's Index and the all
important fourth-quarter GDP number.  If the economic data
remains positive investors should continue to be there waiting
for the next dip.


================
Play of the Day
================

With the new year we've decided to implement some improvements
to the Premier Investor Newsletter.  Instead of providing just
one "play of the day" we are going to provide a daily watch
list instead.  This will provide you the reader with MORE
candidates to watch for potential moves the following trading
session.


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

Caremark Rx Inc. - CMX - close: 27.25 change: +0.49

WHAT TO WATCH: Since rebounding from the 200-dma earlier this
month, shares of CMX have been making steady upward progress and
are now within striking distance of a breakout to new highs.  The
fly in the ointment is that earnings are due to be released next
Tuesday, so if it is going to break out, we'll need it to do so
quickly.  Use a trigger at $28 (just over the December highs) for
entry and target a rally to the $30-31 area ahead of earnings.




---

Abbott Laboratories - ABT - close: 43.80 change: +0.41

WHAT TO WATCH: Trading in a broad ascending channel for the past
several months, ABT is giving us a shot at a low-risk entry point
near the bottom of the channel.  The stock has been consolidating
just above the bottom of the channel and the 200-dma for nearly 2
weeks and looks poised to break higher.  Entries near current
levels look attractive, with a stop set at $42.50.  Target a rise
back to the $45.50 area, with potential for a continued risde to
test the recent highs near $47.




---

Lennar Corp. - LEN - close: 43.71 change: -2.91

WHAT TO WATCH: Between the disappointing Housing data this
morning and the sharp rise in bond yields following the FOMC
meeting, Housing stocks were under severe selling pressure on
Wednesday and LEN looks ready to break under support.  Use a
trigger below $43 and target strong support near $38.50, also the
site of the 200-dma.




---

Dollar Tree Stores - DLTR - close: 31.80 change: -1.17

WHAT TO WATCH: Following yesterday's failed breakout, DLTR
reversed course today, ending near its low of the day and just
above key support.  A break below the 50-dma should open the door
for a continued slide to the $29 level and perhaps down to test
the December low at $27.50.  Use a trigger under $31.20.




---

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

JBLU $24.00 - Far from its high-flying status of the first part
of last year, shares of JBLU continue to lose altitude, gapping
down and closing at a new 6-month low on Wednesday.  The company
is set to release earnings tomorrow, and if the company
disappoints, it could provide the opportunity for aggressive
traders to chase the stock down to strong support near $21.

BTU $38.65 - Look out below!  Could news of BTU's earnings (due
out tomorrow before the open have leaked a bit early?  The stock
was slammed lower on heavy volume today and closed below the 50-
dma.  Downside continuation tomorrow could see the $34-35 area in
play, making for a quick hit and run trade for aggressive
momentum traders.

NDN $25.67 - NDN seems to be breaking down ahead of earnings on
February 4th and today's sharp drop looks like the beginning of a
move back to test the December low near $24.  With all its moving
averages now overhead, NDN is picking up steam to the downside
and nimble traders can consider short-term plays between now and
the earnings announcement, either on a failed bounce below the
10-dma or on a break below today's low.


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

MRK     Merck & Co                 47.90    +0.54
MO      Altria Group Inc           55.65    +0.65
GCI     Gannett Co Inc             85.05    +0.55
PEG     Public Service Entprs Gr   45.10    +0.65


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

FLEX    Flextronics Internat Ltd   18.44    +1.37
AV      Avaya Inc                  17.85    +2.44
NET     Networks Associates Inc    17.77    +1.66


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

AZN     Astrazeneca Plc            49.38    +1.01
STJ     Saint Jude Medical Inc     68.55    +3.16
BRCM    Croadcom Corp CI A         41.63    +1.03
ITT     ITT Industries Inc In      77.07    +1.57
ADVP    Advancepcs                 57.73    +1.33


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

HPQ     Hewlett-Packard Co         24.28    -1.34
UN      Unilever N.V.              67.04    -1.07
SPY     Standard & Poors Dep Rec  113.37    -1.31
KRB     MBNA Corp                  26.50    -1.36
AMZN    Amazon.Com Inc             51.96    -3.78


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

NOK     Nokia Corp (ADS)           20.62    -0.46
HD      Home Depot Inc             34.84    -1.10
UBS     UBS AG Ord. Shares         71.79    -1.12
GDT     Guidant Corp               65.25    -1.01
DE      Deere & Co                 63.86    -2.04


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

This newsletter is a publication dedicated to the education
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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
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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 01-28-2004
                                                    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 Bearish Plays:    IACI, LF
  Closed Bullish Plays: TXU

Stock Splits
  Announcements:       AME, AMG, CLZR, CNI, ONFC


==================================================================
Stop Loss Adjustments
==================================================================

None


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

---------
New Plays
---------

  New Bearish Plays
  -----------------

InterActiveCorp - IACI - close: 31.29 change: -1.70 stop: 34.30

Company Description:
InterActiveCorp, formerly known as USA Interactive, is a multi-
brand interactive commerce company transacting business worldwide
via the Internet, television and the telephone.  The company's
portfolio of companies collectively enables direct-to-consumer
transactions across many areas, including home shopping,
ticketing, personals, travel, teleservices and local services.
During 2002, IACI completed two major transactions that together
transformed the Company. In February 2002, the Company acquired a
majority interest in Expedia, Inc., and, in May 2002, it
accomplished the contribution of its entertainment businesses to
Vivendi Universal Entertainment LLLP, a joint venture controlled
by Vivendi Universal, S.A.  The company's business is organized
into three groups: Electronic Retailing; Information and
Services, and Travel Services.

Why we like it:
Ever since posting its highs in July, shares of IACI have
continued to trade in a bearish trend, trading below a clearly
defined falling trendline.  After stalling out near $35 last
week, the stock popped up just enough to kiss that trendline
again and then dropped sharply on Tuesday, falling very near key
support at $32. That happened to be very close to the 50-dma
($32.33) as well, giving us a clear level to watch for technical
weakness.  That setup was enough to prompt us to put the stock on
our Watch List yesterday, where we specified an entry trigger at
$32.  The stock showed only weakness throughout the session,
opening at its high and closing at its low, hitting that trigger
in the process.  Given that today's selloff came on strong
volume, it looks like a continued fall in price is before us, and
the $28.50 level (the site of the December lows would seem to be
a reasonable target to shoot for.

Note that the PnF chart has been clearly bearish since dropping
under $32 in early November, and the current bearish vertical
count has the stock potentially vulnerable to $18.  There's no
since getting greedy though, so we'll keep our goals modest until
we see signs of more concerted weakness.  Our target will be for
a drop to test the December lows and conservative traders will
want to book gains when that level is reached.  There are a
couple of ways to get into the play -- the most obvious being the
momentum entry on a continued drop below $31.25.  Given the sharp
2-day slide though, we might get lucky and be treated to a failed
rebound below $32.50 and that could work for traders trying to
game a better entry.  We'll initially place our stop at $34.30,
which is just above yesterday's intraday high.  Potential support
areas to watch for are near $30 and then again at the 200-dma,
currently at $29.44.  Note that the company is due to report
earnings on February 9th, so that gives us just a little less
than 2 weeks to play.

Annotated Chart of IACI:



Picked on January 28th at   $31.29
Change since picked          +0.00
Earnings Date              2/09/04 (confirmed)
Average Daily Volume =    7.92 mln


---

LeapFrog Enterprises - LF - cls: 29.00 chng: -1.69 stop: 31.90

Company Description:
LeapFrog Enterprises is a designer, developer and marketer of
technology-based educational products and related proprietary
content, dedicated to making learning effective and engaging.
The company designs its products to help preschool through eighth
grade children learn age- and skill-appropriate subject matter,
including phonics, reading, math, spelling, science, geography,
history and music.  LF has also extended its product line
downward in age to reach infants and toddlers and upward in age
to reach high school students.

Why we like it:
The spectre of increasing competition has not been good for
shares of LF in recent months.  After a stellar price rise
through much of 2003, the stock began falling sharply back in
late October after a surprising earnings miss.  Since then, the
stock has continued to trade poorly, plagued by growing concerns
of competing products cutting into both their overall business
volume, as well as profit margins.  Investors will get another
look at the company's fiscal performance on February 10th with
the release of earnings, but judging from the recent price
action, the prospects don't look so hot.  Since early December,
the stock has been trading in a rising channel or bear flag
pattern and today price broke firmly below the bottom of that
channel ($29.60) to close at its low of the day and just a hair
above the 50-dma ($28.94).  If LF breaks under the 50-dma, that
will be confirmation of the apparent weakness and have the bears
targeting a drop to the $25 support area and possibly even to the
site of the December lows near $23.

Just below the 50-dma there's also potential support at the 1/15
intraday low of $28.82, so the best approach will be to use a
trigger for entry.  We'll set our official trigger at $28.75,
with momentum entries below that level being the strategy of
choice.  More conservative traders can wait for a subsequent
failed bounce below $30 to provide a bit better entry, buy may
run the risk of missing the play altogether.  Once the play is
triggered, we'll need to look for potential support at $27.50 and
then again near $26 on the way down to our initial $25 target.
If price action still remains weak at that point, we may consider
going for the gusto and holding out for a test of those December
lows.  Note that with earnings set to be released on February
10th, we have just under 2 weeks in which to play.  Set stops
initially at $31.90, which is above this week's intraday highs,
as well as the 200-dma ($31.85).

Annotated Chart of LF:



Picked on January 28th at   $29.00
Change since picked          +0.00
Earnings Date              2/10/04 (confirmed)
Average Daily Volume =    1.52 mln



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

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

TXU Corporation - TXU - close: 24.13 change: +0.05 stop: 24.00

Proving that gravity still works, TXU has completely reversed its
spectacular breakout above the $24 level, falling right back to
support on Wednesday.  While the play got off to a great start,
the manner in which it retraced its recent gains is not at all
encouraging.  Our stop was hit first thing this morning and
despite a valiant attempt at a rally off those lows, the stock
found itself back near break-even at the close.  The prudent
choice here is to take the minor loss and close out any open
positions, as further consolidation is the likely course over the
near-term.

Picked on January 21st at   $24.91
Change since picked          -0.78
Earnings Date              2/12/04 (confirmed)
Average Daily Volume =    1.52 mln





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

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

AMETEK announces 2:1 split with earnings.

Early this morning AMETEK Inc. (NYSE:AME) announced its fourth
quarter earnings results of 71 cents a share or $24.4 million, a
14% increase from the same period a year ago.  Management also
announced a 2-for-1 stock split and a cash dividend increase.

The payable date for the 2-for-1 split will be February 27th, 2004
for shareholders on record as of February 13th.

This appears to be AME's first split and its outstanding shares
will increase to 66.76 million.

Its board also increased its quarterly cash dividend 100% to an
annual rate of $0.24 a share on a post-split basis.  The Q1
dividend of 6 cents a share will be paid on March 26th, 2004 to
shareholders on record as of March 12th.

About the company:
AMETEK is a leading global manufacturer of electronic instruments
and electric motors with 2003 sales of nearly $1.1 billion.
AMETEK's Corporate Growth Plan is based on Four Key Strategies:
Operational Excellence, Strategic Acquisitions & Alliances, Global
& Market Expansion and New Products. AMETEK's objective is double-
digit percentage growth in earnings per share over the business
cycle and a superior return on total capital. The common stock of
AMETEK is a component of the S&P MidCap 400 Index and the Russell
1000 Index. (Source: Company Press Release)

---

AMG manages a 3-for-2 stock split

Just after the opening bell Affliated Managers Group, Inc.
(NYSE:AMG) announced that its Board of Directors had approved a 3-
for-2 stock split of its common stock.

The shareholder record date will be February 24th, 2004.  The
split will be paid on March 29th.

This appears to be AMG's first stock split, which will increase
the number of outstanding shares from 21.33 million to almost 32
million.

About the company:
AMG is an asset management company that acquires and holds
majority equity investments in a diverse group of mid-sized
investment management firms. AMG's affiliated investment
management firms managed approximately $92 billion in assets as of
December 31, 2003.  (Source: Company Press Release)

---

Candela (CLZR) beams a 2-for-1 stock split

 Late Tuesday evening Candela Corp (NASDAQ:CLZR) reported its
December quarter earnings.  Net income was 22 cents a share or
$2.4 million, up from 8 cents a share the same period a year ago.
Revenues were up 33% to $23.9 million.

Management also announced a 2-for-1 stock split of its common
stock payable as a 100% stock dividend.  The split will be payable
on March 16th, 2004 for shareholders on record as of February
16th.  The number of outstanding shares will increase to 22
million.

About the company:
Candela Corporation develops, manufactures, and distributes
innovative clinical solutions that enable physicians, surgeons,
and personal care practitioners to treat selected cosmetic and
medical conditions using lasers, aesthetic laser systems, and
other advanced technologies. Founded near Boston in 1970, the
company markets and services its products in over 60 countries
from offices in the United States, Europe, Japan and other Asian
locations. Candela established the aesthetic laser market 15 years
ago, and currently has an installed base of over 7,000 lasers
worldwide. (Source: Company Press Release)

---

CNI announces 3-for-2 split and dividend increase

Early this morning Canadian National Railway or CN (NYSE:CNI)
announced that its Board of Directors had approved a 3-for-2 stock
split of its common shares.  CNI also announced a cash dividend.

The stock split will take effect as a stock dividend and will be
payable on February 27th, 2004 to shareholders on record as of
February 23rd.

The quarterly cash dividend will be $0.195 per share (Canadian $)
and will be paid post-split on March 29th, 2004.  The shareholder
record date will be March 8th.

About the company:
Canadian National Railway Company spans Canada and mid-America,
from the Atlantic and Pacific oceans to the Gulf of Mexico,
serving the ports of Vancouver, Prince Rupert, B.C., Montreal,
Halifax, New Orleans, and Mobile, Ala., and the key cities of
Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis.,
Green Bay, Wis., Minneapolis/St. Paul, Memphis, St. Louis, and
Jackson, Miss., with connections to all points in North America
(Source: Company Press Release)

---

Oneida Financial (ONFC) declares 3-for-2 split

Just before noon today Onedia Financial Corp (NASDAQ:ONFC)
announced that its would split its common shares 3-for-2 to be
paid as a stock dividend.

The shareholder record date will be February 10th, 2004 and the
payable date or distribution is expected on February 24th.
Fractional shares of the split will be paid in cash.

ONFC last split 3:2 on April 24th, 2002.

About the company:
Oneida Financial Corp. reported total assets at September 30, 2003
of $424.9 million and shareholders' equity of $48.8 million. The
Company's wholly owned subsidiaries include; The Oneida Savings
Bank, a New York State chartered FDIC insured stock savings bank,
State Bank of Chittenango, a state chartered limited-purpose
commercial bank and the Bailey, Haskell & LaLonde Agency, an
insurance and financial services company. Oneida Savings Bank was
established in 1866 and operates eight full-service banking
offices in Madison and Oneida counties.
(Source: Company Press Release)


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