PremierInvestor.net Newsletter Thursday 04-15-2004 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: Shrinking Refunds? Market Sentiment: Waiting for the Weekend Watch List: CSCO, CC, F, BC ================================================================= MARKET WRAP (view in courier font for table alignment) ================================================================= 04-15-2004 High Low Volume Adv/Dcl DJIA 10397.46 + 19.50 10430.62 10322.16 1.91 bln 1586/1671 NASDAQ 2002.17 - 22.70 2031.84 1989.21 1.96 bln 1210/1992 S&P 100 552.47 + 0.59 554.69 548.38 Totals 2796/3863 S&P 500 1128.84 + 0.67 1134.08 1120.75 W5000 11024.00 + 1.10 11080.00 10948.04 SOX 488.76 - 14.40 504.15 483.40 RUS 2000 580.30 - 1.72 586.02 575.81 DJ TRANS 2913.94 + 4.60 2930.54 2893.11 VIX 15.74 + 0.12 16.78 15.22 VXO (VIX-O)16.24 - 0.42 17.24 16.10 VXN 22.83 + 1.24 22.97 21.53 Total Volume 4,268M Total UpVol 1,477M Total DnVol 2,742M Total Adv 3180 Total Dcl 4163 52wk Highs 159 52wk Lows 187 NasTRIN 1.89 TRIN 0.96 PUT/CALL 0.84 ================================================================= =========== Market Wrap =========== Shrinking Refunds? by Jim Brown If you have not done your taxes your time has run out. Or you may have done the rough draft and found that your refund was significantly less than you expected. That is what the IRS pencil pushers announced today and the reason given was the improving economy late in 2003. Apparently the stronger than expected stock market increased income and taxes. The average refund has risen only $102 compared to prior estimates of +$300. This means the $350 billion tax cut package may actually cost significantly less. Dow Chart - Daily Nasdaq Chart - Daily SOX Chart - Daily That news did not help the markets today as expiration week volatility divided the indexes and produced several erratic swings intraday. The Dow ended with a gain of only +19 but the Nasdaq lost -22. The S&P closed flat and only +3 points over the 1125 level where the most SPX options would expire worthless. Good job by the market makers in holding the SPX flat at that level over the last two days. The economics today were mixed with Jobless Claims soaring back over 350K to 360,000 and well above consensus estimates in the 335K range. This was the biggest jump (+30K) in claims since April 2003. This was not good news for the labor watchers. If this trend continues this week the April jobs report could be in trouble. The Jobs report numbers are taken from a survey done this week. One week does not make a trend but it definitely raised some eyebrows. Offsetting the jump in claims was a drop in continuing claims to 2.98 million. This was the first time under 3M since July-2001. Continuing claims are impacted by workers running out of benefits as well as those finding jobs. More than likely today's number was the result of adjusting for seasonality and a shift from winter to summer jobs. Should this trend continue next week the market impact would be much greater. It would however reduce the chance for an early rate hike. The Job Openings and Labor Turnover report today showed that hiring and firing through February were nearly unchanged from January and opening up only +4.3% from the same period last year. We have seen net positives in this report for the last four months but the gains have been minimal. Since this report was for February analysts hope the March jobs number is a more accurate representation of the current environment. The really good news for the day came from the Philly Fed Survey and the NY Empire Survey. The Philly Fed number rose to 32.5 from 24.2 and a three month high. While the headline numbers show continued promise several internal components slipped further. Employment was flat and the average work week dropped to 10.4 from 17.9 and the second monthly drop. Back orders dropped back into negative territory at -2.5 for the first time in nine months. Prices paid rose and prices received fell. Inventories spiked to 11.7 from -12.8. Personally I think the internals paint a much more negative picture but traders were generally encouraged. The NY Empire Survey rose to 36.1 from 25.3 and continued to present an improving outlook for the New York area. In contrast to the Philly Fed the employment component doubled as did the average workweek. Inventories dropped into the negative column and backorders and new orders both rose. This was a very strong report on the inside and suggests the New York area rebound is gaining speed. Last month the survey showed a significant drop from record high set in January. This rebound proves the drop was just a statistical hiccup in the trend. Rounding out the economic calendar was the NAHB Housing Index which jumped from 64 to 69 for April. All components jumped except buyer traffic which remained flat. The rise in mortgage rates this month could impact this report in May but so far the homebuilders remain very optimistic about the coming selling season. Hopefully the Fed will hold off on any rate hikes until the fall and we get one more strong summer in this sector. Building stocks were mixed on this news. It was a busy evening for earnings and there were some mixed results. IBM reported inline and called future analyst estimates "reasonable". Investors don't want reasonable they want positive guidance. IBM said services orders were less than analysts had expected and despite gaining some market share they were cautious about the future. IBM's revenue rose +11% for the quarter but if you take out the currency translation from the weak dollar it would have only been a +3% gain. As we all know the dollar has been rising for the last week and will continue to rise as long as the Fed rate hike threat is ahead. This is going to hamper results from not only IBM but all major international corporations. Once of the companies IBM is taking share from is SUNW which announced earnings tonight or maybe I should say losses. The company lost eight cents and slightly more than analysts expected. SUNW warned recently so the loss did not come as a shock. They are continuing to lay off workers and fight the new server offerings from IBM and Dell. Chip company earnings were represented by CREE +20 cents, PMCS +6 cents, LEXR +11 cents (miss) and TMTA at -0.11. PMCS had preannounced upgraded guidance and still posted better than expected results. They raised guidance again in the conference call. CREE beat estimates and raised guidance on strength in its LED business. On the negative side TMTA posted a loss on declining revenue and warned that the loss could grow next quarter. LEXR was the dog of the group. LEXR posted a small earnings miss of a penny but warned that future earnings would be rough. The company said "after several quarters of relatively stable average selling prices, second quarter price declines will be sizeable." According to the CEO the declines are occurring sooner than anticipated due to excess supply in the flash memory sector. While that is good news for chip consumers it is bad news for chip makers. SNDK had already taken a -$5 haircut this week after they also warned that revenue would drop substantially. Another sector that got hammered was the network storage business. EMC results were less than hoped for and the group took a nose dive on Thursday. After the bell McData (MCDT) warned that revenue would be lighter than previously expected. "This change in anticipated revenue reflects less robust-than-expected early 2004 purchase patterns by end users and customers, some of which may relate to a slower pace of economic recovery and seasonal softness in IT spending in the first quarter." SEBL beat the street by a penny aided by strong cost cutting efforts. While the news was good for the company it was not greeted warmly. Investors would rather see gains from increasing revenue instead of cost cutting. The futures fell after the close on the earnings news and on the warning from Colin Powell for all non essential personnel to leave Saudi Arabia. According to the press release the threat level has shot up with escalating events building up to a potentially devastating attack in the future. While this is in Saudi it is not the kind of news that leads to rallies. There was a new Bin Laden tape today with the requisite warning to America and its allies. Investors realize it is only a matter of time until we are hit again in the US and each escalation brings it closer to home. The markets are faced with more warnings and earnings misses this week than we have seen in some time, the terror threat is increasing and the election is a toss up. These problems are converging with the normal start of the summer doldrums. Institutions are starting to get nervous and there are a surprising number of references to the crash of 1987. We get these whenever the chart patterns match up and the current match is scary. While I do not subscribe to this theory for various reasons the concerns are making the rounds. Rumors, however untrue, still cause concerns that a repeat could happen. Dow Comparison Charts 1987-2004 For today the Dow completed its second day of testing support on the 100dma at 10350. After Tuesday's drop we have traded in a range between 10415-10325 and the outlook is not positive. We appear to be setting up for a test of the March low of 10000. With the general earnings trend already established there is not a lot of expectations left unfulfilled. Most are reporting slightly higher numbers with inline guidance. I can't wait for the next First Call update to see if the forecast for the quarter has slipped. The Nasdaq was the weakest link today as the tech news has been less than exciting. We broke 2000 intraday and barely recovered to close back over that level. The expectations and hopes that took traders to 2075 last Thursday has left the building and several more results like IBM, SUNW, LEXR and MCDT will pull the rug out from under Nasdaq 2000. How much of this weakness and volatility is related to options expiration on Friday remains to be seen. We may not be able to tell from Friday's trading as we could see stronger event risk flight tomorrow than last Friday. The bloom is off the rose and traders could be thinking of moving to safety rather than trying to squeeze another point out of the week. There are no material earnings out in the morning other than ET and NOK. Nokia has already warned so no tech help from that announcement. I suggested on Tuesday that traders wait until next week to enter new positions and let the uncertainty from earnings and expiration volatility dissipate. I am still leaning in that direction. If we close down on Friday and nothing happens over the weekend then we could get an oversold bounce on Monday. We will know then how the fund flows came in for this week and the drain for tax payments will be over. There is always another day in the markets and waiting patiently never lost anybody any money. Enter Passively, Exit Aggressively. Jim Brown Editor =============================== Market Sentiment =============================== Waiting for the Weekend - J. Brown The markets didn't do much on Thursday as investors still grappled with rising geo-political tensions and interest rate concerns, warranted or not. The strong earnings reports from TXN, AAPL and AMD on Wednesday night failed to inspire any buying save for a spike in shares of AAPL itself. Investors got another chance to buy the strong economic news when the Philly Fed survey and the NY Empire State index came out today. Both were strong but again the markets shrugged them off. Overall it seems like investors are erring on the side of caution. We even saw some heavy buying in drug stocks. This group was lead by a strong rise in Pfizer after a Deutsche bank analyst mentioned it as the best buy in the group but the rally was sector wide. Normally drugs are seen as a traditional "safe haven" play when investors worry about stocks turning south. Earnings have been generally good but guidance was somewhat lackluster. IBM's report tonight was a prime example. Add the few earnings misses and suddenly investors aren't so eager to push stocks higher on earnings news alone. Be cautious and watch those stop losses. ----------------------------------------------------------------- Market Averages DJIA ($INDU) 52-week High: 10753 52-week Low : 8337 Current : 10397 Moving Averages: (Simple) 10-dma: 10456 50-dma: 10448 200-dma: 9904 S&P 500 ($SPX) 52-week High: 1163 52-week Low : 877 Current : 1128 Moving Averages: (Simple) 10-dma: 1138 50-dma: 1133 200-dma: 1066 Nasdaq-100 ($NDX) 52-week High: 1559 52-week Low : 1039 Current : 1459 Moving Averages: (Simple) 10-dma: 1481 50-dma: 1458 200-dma: 1399 ----------------------------------------------------------------- The volatility indices didn't do much, which was par for the course given the action in the major indices today. CBOE Market Volatility Index (VIX) = 15.74 +0.12 CBOE Mkt Volatility old VIX (VXO) = 16.24 -0.42 Nasdaq Volatility Index (VXN) = 22.83 +1.24 ----------------------------------------------------------------- Put/Call Ratio Call Volume Put Volume Total 0.84 1,005,497 846,617 Equity Only 0.67 757,064 506,667 OEX 0.90 57,206 51,248 QQQ 3.73 30,536 113,948 ----------------------------------------------------------------- Bullish Percent Data Current Change Status NYSE 73.8 - 3 Bull Correction NASDAQ-100 54.0 + 0 Bear Correction Dow Indust. 90.0 + 0 Bear Correction S&P 500 75.8 - 1 Bear Confirmed S&P 100 79.0 + 0 Bull Correction Bullish percent measures the number of stocks in an index currently trading on a buy signal on their point and figure chart. Readings above 70 are considered overbought, and readings below 30 are considered oversold. Bull Confirmed - Aggressively long Bull Alert - Cautiously long Bull Correction - Pause or pullback in upward trend Bear Alert - Take defensive action if long Bear Confirmed - High risk if long, good conditions for shorting Bear Correction - Pause or rebound in downtrend ----------------------------------------------------------------- 5-dma: 1.17 10-dma: 1.04 21-dma: 1.12 55-dma: 1.18 Extreme readings above 1.5 are bullish, and readings below .85 are bearish. These signals don't occur often and tend be early, but when they do, they can signal significant market turning points. ----------------------------------------------------------------- Market Internals -NYSE- -NASDAQ- Advancers 1419 1196 Decliners 1424 1941 New Highs 69 61 New Lows 100 24 Up Volume 906M 475M Down Vol. 978M 1455M Total Vol. 1895M 1945M M = millions ----------------------------------------------------------------- Commitments Of Traders Report: 04/06/04 Weekly COT report discloses positions held by small specs and commercial traders of index futures contracts at the Chicago Mercantile Exchange and Chicago Board of Trade. COT data can be found at www.cftc.gov. Small specs are the general trading public with commercials being financial institutions. Commercials are historically on the correct side of future trend changes while small specs tend to be wrong. S&P 500 There isn't much change to report in the Commercial traders' positions. They remain net short of the large S&P futures contracts. Small traders are virtually unchanged as well. Commercials Long Short Net % Of OI 03/16/04 454,635 449,505 5,130 0.6% 03/23/04 401,456 418,732 (17,273) (2.1%) 03/30/04 407,987 420,624 (12,673) (1.5%) 04/06/04 409,429 419,471 (10,042) (1.2%) Most bearish reading of the year: (111,956) - 3/06/02 Most bullish reading of the year: 23,977 - 12/09/03 Small Traders Long Short Net % of OI 03/16/04 159,054 115,023 44,031 25.3% 03/23/04 130,648 89,943 40,705 18.5% 03/30/04 130,112 81,937 48,175 22.7% 04/06/04 130,262 80,174 50,088 23.8% Most bearish reading of the year: (1,657)- 5/27/03 Most bullish reading of the year: 114,510 - 3/26/02 E-MINI S&P 500 The S&P e-minis are seeing a bit more action with commercials increasing their short by 20K. In contrast the small trader has upped their longs, which is par for the course. Commercials Long Short Net % Of OI 03/16/04 472,809 574,241 (101,432) ( 9.7%) 03/23/04 268,647 294,930 (26,283) ( 4.7%) 03/30/04 265,492 305,797 (40,305) ( 7.1%) 04/06/04 270,904 328,862 (57,958) ( 9.7%) Most bearish reading of the year: (354,835) - 06/17/03 Most bullish reading of the year: 133,299 - 09/02/03 Small Traders Long Short Net % of OI 03/16/04 192,136 96,691 95,445 33.0% 03/23/04 131,879 59,210 72,669 38.0% 03/30/04 123,494 59,550 63,944 35.0% 04/06/04 148,737 46,235 102,502 52.6% Most bearish reading of the year: (77,385) - 09/02/03 Most bullish reading of the year: 449,310 - 06/10/03 NASDAQ-100 Hmm.... commercial traders have erased the one-week surge in short contracts flipping them back to net long for the NASDAQ. Meanwhile small traders are reducing longs and upping their shorts. Commercials Long Short Net % of OI 03/16/04 68,285 54,899 13,386 10.9% 03/23/04 52,014 34,017 17,997 20.9% 03/30/04 52,749 67,967 (15,218) (12.6%) 04/06/04 54,862 34,762 20,100 22.4% Most bearish reading of the year: (21,858) - 08/26/03 Most bullish reading of the year: 13,386 - 03/16/04 Small Traders Long Short Net % of OI 03/16/04 27,859 18,333 9,526 20.6% 03/23/04 9,884 12,887 (3,003) (13.2%) 03/30/04 8,928 16,551 (7,623) (30.0%) 04/06/04 7,971 20,721 (12,750) (44.4%) Most bearish reading of the year: (10,769) - 06/11/02 Most bullish reading of the year: 19,088 - 01/21/02 DOW JONES INDUSTRIAL Very little change in commercial traders' positions for the Dow futures. Small traders have turned a bit more negative. Commercials Long Short Net % of OI 03/16/04 32,317 17,514 14,803 29.7% 03/23/04 23,048 22,119 929 2.1% 03/30/04 23,642 22,180 1,462 3.2% 04/06/04 23,101 22,108 993 2.2% Most bearish reading of the year: (8,322) - 1/16/01 Most bullish reading of the year: 15,135 - 10/16/01 Small Traders Long Short Net % of OI 03/16/04 10,002 20,970 (10,968) (35.4%) 03/23/04 8,344 6,734 1,610 10.7% 03/30/04 7,020 6,711 309 2.3% 04/06/04 7,316 8,085 (769) (5.0%) Most bearish reading of the year: (12,106) - 3/09/04 Most bullish reading of the year: 8,523 - 8/26/03 ----------------------------------------------------------------- ================================================================== 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 --------------------------------- Barnes & Noble - CSCO - close: 22.82 change: -0.44 WHAT TO WATCH: With Technology stocks getting hit lower on a daily basis, CSCO is looking pretty weak, having peeled off from its recent rally attempt and it is nearing key support at the $22 level, also the site of the 200-dma. A break below that dual support level could usher in a quick drop to the $19-20 area ahead of earnings in mid-May. --- Circuit City - CC - close: 11.95 change: +0.44 WHAT TO WATCH: Following its earnings report at the end of March, CC has been looking better, now solidly over all its moving averages. The strong showing from the Retail Sales numbers earlier in the week has the bulls getting interested again and the stock shot sharply higher on Thursday, now nearing key resistance near $12. Use an entry trigger over $12.10 and then target a move back near the November highs just over $13. --- Ford Motor Company - F - close: 13.12 change: -0.12 WHAT TO WATCH: After being rejected from its 50-dma resistance earlier this month, F is headed back for another test of key support at its 200-dma ($12.89). A successful rebound from that average may be sufficient to generate another rally back to test the highs from a couple weeks ago. On the other hand, a break below the 200-dma and the March lows near $12.70 could have the $11.50 support level in play as a bearish target. Earnings on April 21 could be pivotal to near-term direction. --- Alvarion Ltd. - BC - close: 41.94 change: +0.34 WHAT TO WATCH: With just under 2 weeks until BC announces earnings on the 27th, it looks like there is just enough time for a breakout play to materialize. The stock has spent the past week consolidating just below its recent high at $42.45 and strong buying volume the past two days looks encouraging. Use a trigger of $42.50 and target a quick move to the $45-46 area. --- =================== On the RADAR Screen =================== SGP $17.37 - Finally breaking above the $17 resistance level on Thursday, SGP looks like it may have begun its run into earnings on April 22nd. Use a trigger over today's high (also above the 50-dma) and target a move to the $18.50-19.00 area ahead of the report. JWN $37.70 - Punished with the rest of the Retail sector for much of this week, shares of JWN just barely held onto support at the 100-dma today, but the rebound looked pretty weak. A breakdown under that average and the March lows near $36.60 can be used to trigger bearish entries looking for a decline down to the next level of support near $34. SVU $30.30 - Ready for a major breakout? Shares of SVU have been holding just below major resistance at $31 for the past 2 weeks, but a breakout over that level could really generate some follow though. Today's earnings report could be just the catalyst to get the stock moving to the upside again. Use a trigger above $31 and then target a run towards the $33-34 area ================================================================= 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 ) 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
PremierInvestor.net Newsletter Thursday 04-15-2004 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 ================================================================= Stop Adjustments: None Closed Plays: IMOS Stock Splits: PBCT 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) ================================================================= Stop Loss Adjustments ================================================================= None ================================================================= Closed Plays ================================================================= ChipMOS Tech - IMOS - close: 10.26 change: -0.96 stop: 10.45 The technical breakdown in the SOX semiconductor index today was the final blow to our bullish play in IMOS. The SOX broke through support at the 500 level and broke several moving averages (10, 21, 30, 40 and 50-dma's). In response IMOS dropped 8.55% and broke the same moving averages as the SOX. The drop paused at the $10.00 mark but with the bearish MACD indicator this round-number level of support may not hold. We're stopped out at $10.45. Picked on April 04 at $11.35 Gain since picked: - 1.09 Earnings Date 04/22/04 Average Daily Volume: 857 thousand ================================================================= Stock Splits ================================================================= Announcements ------------- PBCT announces 3-for-2 stock split Shortly after this morning's opening bell People's Bank (NASDAQ:PBCT) announced its Q1 earnings and with it a 3-for-2 stock split. The Board of Directors approved the 3-for-2 split to be payable on May 15th, 2004 for shareholders on record as of May 1st. In addition to the split PBCT also raised its quarterly cash dividend to 43.5 cents per share payable on May 15th. About the company: People's Bank is a diversified financial services company providing consumer and commercial banking services, in addition to insurance and financial advisory services. The bank is a leader in supermarket banking, with 64 of its 154 branches located in Super Stop & Shop stores. Through its subsidiaries, People's provides brokerage and financial advisory services, asset management, equipment leasing and financing, and insurance services. (source: company press release) ================== 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 AHC Amerada Hess Corp 65.21 +0.96 PPP Pogo Producing Co 47.35 +0.71 ACS Affiliated Computer Srvc 54.00 +0.78 EXP Eagle Materials Inc 60.79 +0.94 CTX Centex Corp 48.91 +0.55 MRK Merck & Co 46.96 +1.52 --------------------------------------- Breakout to Upside (Stocks $5 to $20) --------------------------------------- CHIC Charlotte Russe Hldg 19.01 +1.06 OPTN Option Care Inc 13.70 +1.70 --------------------------------------- Breakout to Upside (Stocks over $20) --------------------------------------- PFE Pfizer Inc 37.28 +1.47 LLY Eli Lilly & Co 72.82 +2.41 JNJ Johnson & Johnson 54.51 +1.91 ABT Abbott Labs 43.99 +2.03 WYE Wyeth 40.04 +1.63 ADP Automatic Data Processing 45.83 +1.48 PPG PPG Industries 60.80 +1.38 ------------------------------------------- Breakout to Downside (Stocks over $20) ------------------------------------------- TRB Tribune Co 48.96 -2.64 ATH Anthem Inc 88.66 -2.54 AET Aetna Inc 85.66 -4.70 SNDK Sandisk Corp 27.91 -4.60 LRCX Lam Research 25.33 -1.49 FAF First American Corp 26.99 -1.23 SONC Sonic Corp 32.02 -1.34 CAPX Capital Crossing Bank 58.78 -8.22 ----------------------------------------- Recently Overbought With Bearish Signals (Stocks over $20) ------------------------------------------- UNH United Health 63.95 -2.95 MBG Mandalay Resort 58.64 -1.81 PII Polaris Industries 45.19 -1.64 NSM National Semiconductor 44.90 -2.07 RHAT Red Hat Inc 23.51 -1.18 BOL Bausch & Lomb Inc 63.86 -0.63 ================================================================= 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 2003 PremierInvestor.net. and The Premier Investor Network. Do not duplicate or redistribute in any form.
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