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 ================================================================= 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 01-28-2004 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) ================================================================= 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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