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Daily Newsletter, Wednesday, 04/21/2004

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PremierInvestor.net Newsletter                Wednesday 04-21-2004
                                                    section 1 of 2
Copyright (c) 2004, All rights reserved.
Redistribution in any form is strictly prohibited.

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

In section one:

Market Wrap:  Greenspan Calms, Markets Climb
Watch List:   SVU, PDLI, MACR, PMCS

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)
===============================================================
     04-21-2004            High     Low     Volume Advance/Decline
DJIA    10317.27 +  2.77 10332.88 10250.48 2.11 bln   1465/1385
NASDAQ   1995.63 + 17.00  1995.91  1973.25 2.04 bln   1848/1214
S&P 100   549.20 +  2.10   550.26   545.38   Totals   3313/2599
S&P 500  1124.09 +  5.94  1125.72  1116.03
RUS 2000  583.22 +  7.41   583.22   573.58
DJ TRANS 2954.42 + 43.15  2957.49  2895.92
VIX        15.60 -  1.07    16.94    15.55
VXO        15.74 -  0.77    17.59    15.58
VXN        22.82 -  0.25    23.35    22.43
Total Volume 4,627M
Total UpVol  3,035M
Total DnVol  1,540M
52wk Highs     158
52wk Lows      217
TRIN          1.75
PUT/CALL      0.68
===============================================================

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

Greenspan Calms, Markets Climb
by James Brown

Stocks opened lower following yesterday afternoon's steep decline
and proceeded to trade in choppy action into the lunch hour.  Fed
Chairman Alan Greenspan managed to soothe the market's inflation
and interest rate fears after his comments sparked yesterday's
weakness.  Alan's comments were bolstered by a strong Beige Book
report and the markets ended up generally higher by the close
spurred on by positive earnings results.  Gold stocks were the
biggest losers and continued to take a beating as gold futures
dropped almost $7 on the strong dollar.  Elsewhere buying was
strong in airlines, defense, healthcare, homebuilders,
networking, semiconductors and Internet stocks.

Traders overreacted to Greenspan's comments yesterday and
mistranslated his some of his answers as a sign that the Fed
would have to raise rates much sooner than expected.  The concern
here is that when the Fed begins to tighten rates it could be the
beginning in a series of rate hikes and that might choke off the
burgeoning economic rebound in the U.S. thus negative affecting
corporate profits which would impact stock prices.  Alan helped
put some of those fears to rest today when he said that if the
Fed had to tighten there is no rule that says it has to be a
string of rate hikes and that the Fed could stop at just one
should it effective.  Furthermore Greenspan was pretty bullish on
the economy and despite the current environment of low rates he
did not see any "broad-based inflation pressures...building."

As a matter of fact his comments here, "recent data indicate that
growth of activity has remained robust thus far this year.
Household spending has continued to move up, and residential home
sales and construction remain at elevated levels. In addition,
the improvement in business activity has become more widespread.
In the industrial sector, nearly two-thirds of the industries
that make up the index of industrial production have experienced
an increase in output over the past three months. More broadly,
indicators of business investment point to increases in spending
for many types of capital equipment. And importantly, the latest
employment figures suggest that businesses are becoming more
willing to add to their workforces, with the result that the
labor market now appears to be gradually improving after a
protracted period of weakness." were echoed in the Fed's Beige
Book report out this afternoon.  According to the report growth
was "widespread" as "economic activity increased across the
nation".  The Beige Book also said that manufacturing improved
across the country and labor markets were starting to improve as
well.

You can read Alan's comments here:
http://www.federalreserve.gov/BoardDocs/Testimony/2004/20040421/default.htm

You can read the Fed Beige Book report here:
http://www.federalreserve.gov/fomc/beigebook/2004/20040421/default.htm

The Dow Industrials ended the session up less than three points
at 10,317 but significantly off its lows near 10,250.  The S&P
500 index also posted a single-digit gain but it too was climbing
into the closing bell.  The NASDAQ composite jumped 17 points to
1995 and while still under the 2000 level it turned in the
biggest improvement as numerous tech stocks turned in positive
earnings reports.  The optimist in me is still hoping that the
consolidation in the Industrials will turn out to be a bull flag
pattern (see chart) but the freshly minted sell signal in the
Dow's MACD makes initiating new bullish positions a big step of
faith.  Meanwhile the NASDAQ is also in a new declining channel
and if it rolls over again under 2020-2025 then a test of the
200-dma might not be far away.  Overall market internals trended
up positively toward the close.  Advancing stocks nudged past
decliners 14.6 to 13.8 on the NYSE while on the NASDAQ winners
outpaced losers 3 to 2.  Up volume was approximately double the
down volume numbers across both exchanges while total volume was
decent at more than 4 billion between the two.

Chart of the Dow Industrials:



Chart of the NASDAQ Composite:



The earnings parade was marching past at full speed today and we
had five Dow-components announcing with all of them surpassing
analysts' expectations.  First on our list is Honeywell (HON), a
conglomerate, who turned in 34 cents per share.  Analysts had
been looking for 30 cents a share.  Revenues soared past
estimates to hit $6.18 billion for the quarter.  Following HON is
J.P.Morgan (JPM).  JPM is the No 3 bank in the U.S. and currently
in the process of merging with Bank One (ONE).  Consensus
estimates for JPM were 87 cents a share and JPM reported net
income at 92 cents per share.  Revenues also beat estimates at
$8.98 billion.  Coca-Cola Co (KO) is next on the list of Dow
components and the beverage maker was expected to turn in profits
at 44 cents a share.  The biggest soft-drink maker in the world
said net profits hit 46 cents a share on revenues of $5.08
billion, also above estimates.  SBC Communications (SBC) is the
fourth component and the telecom giant released earnings of 37
cents a share, which beat consensus estimates by 5 cents.  Last
but not least is another conglomerate United Technologies (UTX).
Analysts were expecting UTX to report profits of $1.12 per share
and revenues at $7.74 billion.  The company turned in $1.14 per
share on revenues of $8.65 billion.  Out of the entire group only
SBC managed to trade higher on its earnings news with a 41-cent
gain to $24.77.

There were dozens and dozens of corporate earnings announcements
today and the general trend has been positive.  Unfortunately,
just beating estimates by a couple of cents (or even a nickel
like the few mentioned above) is not enough to inspire more
buying interest.  Analysts will tell you good news of that
magnitude is already baked in so investors are using the reports
as an excuse to take profits.  However, there are a few
noteworthy exceptions.

You've probably already heard of Motorola's (MOT) exceptional
earnings report last night.  The company turned in profits of 19
cents a share compared to estimates of just 7 cents and the stock
exploded at the open today.  Shares jumped almost 19% to close at
three-year highs of $19.30 and lifted both the chip sector and
the wireless sector.  Before the opening bell Ford Motor Co (F)
reported earnings (ex-items) of 96 cents per share.  This was
more than double last year's 45-cent number and this quarter's
estimates of 44 cents per share.  Revenues soared to $44.7
billion.  The stock jumped more than 10% to close above several
resistance levels at $14.94.  Meanwhile, boosting the XAL airline
index to a 2.46% gain was AMR Corp (AMR), the largest airliner in
the U.S.  Shares of AMR jumped more than 9% and closed above
resistance at its 200-dma after reporting an earnings loss of
just $1.03 a share, which is only a penny better than
expectations but a vast improvement over last year's $6.68 loss
per share.

After the closing bell the earnings downpour continued.  Internet
auction behemoth EBAY said its quarterly profits almost doubled
while the value of goods sold soared to $8 billion.  Last year
EBAY earned 16 cents in the first quarter and analysts had raised
their expectations to 25 cents.  Depending on which number you
use EBAY earned 30-to-31 cents or $200.1 million.  Driving the
numbers was a 59% jump in sales and a 87% rise in international
revenues.  EBAY also raised its full year earnings and revenue
guidance.  Investors were also eager to hear from Qualcomm
(QCOM).  The CDMA-wireless giant reported earnings of 53 cents
per share, not counting profits from its QSI investment arm,
compared to 38 cents a year ago and 48 cent estimates.  QCOM also
raised its earnings estimates for the current quarter to 44-46
cents versus analysts' estimates of 39 cents.  The good news
wasn't limited to Internets or technology either.  Caffeine
merchant Starbucks (SBUX) reported very strong quarterly earnings
after the closing bell.  Analysts had been looking for 17 cents
per share compared to 13 cents a year ago.  SBUX said net income
jumped to 19 cents or $79 million, a 53% jump.  Furthermore SBUX
said that its same-store sales soared 12%, the strongest rise in
more than ten years.  Management followed the good news by
raising their full year estimates to 90-91 cents compared to Wall
Street's estimate of 88 cents.

If that's not enough earnings news for you the spectacle
continues tomorrow.  A few of the larger companies announcing
before the opening bell are American Intl Group (AIG), AT&T (T),
BellSouth (BLS), Beazer Homes (BZH), Caterpillar (CAT), Guidant
(GDT), Hershey Foods (HSY), Kimberly Clark (KMB), Nextel (NXTL),
Adolph Coors (RKY), Reebok (RBK), Schering-Plough (SGP), Textron
(TXT), and UPS (UPS).  Remember, that's just a select few before
trading starts!  Wall Street will also be eagerly looking for the
March Producer Price Index (PPI) for any signs of inflation.
Economists expect the delayed report to show a rise of 0.3%
compared to a 0.1% in February.  We'll also see the weekly
jobless claims that are expected to drop to 340,000.  Last but
certainly not least will be THE earnings report of the day.
That's right; Microsoft (MSFT) is due to report after the closing
bell.  Estimates for the software titan are at 29 cents per
share.

Trade carefully.  The bullish side of my brain would like to
think that investors will respond positively to the string of
great earnings reports after the bell on Wednesday.
Unfortunately the major averages have some significant resistance
to break through before we can make any serious progress and odds
are we could be stuck in a range bound market between now and the
May 4th FOMC meeting.  It's not that we're expecting any change
in rates at the meeting but it's something investors can focus on
as an excuse to be patient.


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

Supervalu Inc. - SVU - close: 30.88 change: +0.50

WHAT TO WATCH: We've had our eye on shares of SVU, looking for a
breakout move and with solid earnings in the bag last week, that
breakout appears to be just around the corner.  Once through
resistance, we're looking for the stock to continue its upward
trek to the $34-35 area.  Use a trigger over $31.




---

Protein Design Labs - PDLI - close: 425.98 change: +0.61

HAT TO WATCH: PDLI has been lurking on our Watch List from time
to time over the past couple weeks, as we're still looking for
the stock to break out and run higher ahead of its May 4th
earnings report.  Yesterday's failed attempt was a bit
disconcerting, but the rebound back near resistance today keeps
the stock in play.  Use a trigger over $26 or yesterday's high
and look for a rally towards the $28-29 area.




---

Macromedia Inc. - MACR - close: 18.77 change: +0.42

WHAT TO WATCH: Ready to go the other way?  We recently looked at
MACR as a bearish play on a rollover from the top of its channel
near $21 and here it is bouncing from the bottom of that channel
near $18.  This is an aggressive play due to the fact that
earnings are set to be released on the 28th, so the conservative
traders will need to wait for the announcement before playing.
Target entries on a rebound from the $18 area and target a return
to resistance near $21.




---

PMC-Sierra Inc. - PMCS - close: 15.07 change: +0.30

WHAT TO WATCH: Investors were clearly disappointed with PMCS'
earnings report last week, as the stock broke down below the $16
support level and has continued to deteriorate this week.  But
we're starting to see the hint of a rebound.  We don't want to
try to play the stock bullish, as the trend is clearly down.  But
a failed rebound near $16 could provide a solid bearish entry.
Target a drop to solid support near $14.




---


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

SIRI $3.47 - Investors didn't get what they were looking for from
SIRI's earnings report and the stock plunged near 9%, ending
right on key support at $3.45, as well as the 30-dma.  A break
below that level tomorrow could easily see a drop back to strong
support near $3.00.  Only aggressive traders need apply.

LNUX $2.36 - So much for a possible double bottom!  LNUX broke
down hard on Wednesday and now the $2.75 level looms overhead as
strong resistance.  Chasing the stock lower after a nearly 10%
plunge doesn't seem prudent, but a failed rebound near support
may be just what the doctor ordered.  Initial support will be
found near $1.80 and then the $1.50 level will be an obvious
price magnet.


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

WFC     Wells Fargo & Co New       56.21    +0.85
GSK     Glaxosmithkline Plc (ADR)  42.19    +0.64
WB      Wachovia Corp              45.28    +0.90
SNY     Sanofi-Synthelabb (ADS)    32.46    +0.51
KFT     Kraft Foods Inc            32.10    +0.83
WLP     Wellpoint Health Network  112.83    +1.58


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

MOT    Motorola Inc                19.30    +3.08
F      Ford Motor Co               14.94    +1.38
SANM   Sanmina-sci Corp            11.67    +1.48
MGM    Metro-Goldwyn-Mayer Inc     19.75    +2.10
AMR    AMR Corporation             13.12    +1.09
VICR   Vicor Corp                  16.42    +3.39


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

UN      Unilever N.V.              70.58    +1.65
DCX     Daimlerchrysler Ag         42.32    +1.49
ITW     Illinois Tool Works Inc    85.50    +1.86
ACL     Alcon Inc                  73.54    +5.96
ZMH     Zimmer Holdings            82.14    +2.74


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

PTR     Petrochina Co Ltd (ADS)    44.54    -1.68
FNM     Fannie Mae                 70.70    -1.29
AMGN    Amgen Inc                  57.01    -1.56
UTX     United Technologies Corp   85.02    -2.46
MER     Merrill Lynch & Co         55.69    -1.16
RTP     Rio Tinto Plc (ADR)        92.45    -3.71
AA      Alcoa Inc                  31.74    -1.34
CEO     Cnooc Ltd (ADR)            38.97    -1.52


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

COX     COX Communications Inc     31.39    -0.79
YPF     YPF Sociedad Anonima       39.81    -0.60
CSC     Computer Sciences Corp     42.45    -0.55
BJS     BJ Services Co             43.07    -0.50
XTO     XTO Energy Inc             26.71    -0.58


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

This newsletter is a publication dedicated to the education
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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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Do not duplicate or redistribute in any form.





PremierInvestor.net Newsletter                Wednesday 04-21-2004
                                                    section 2 of 2
Copyright (c) 2004, All rights reserved.
Redistribution in any form is strictly prohibited.

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

In section two:

Stop Loss Adjustments:  IMAX, UNA

Net Bulls (Tech Stocks)
  Bearish Play Updates: CSCO


Active Trader (Non-tech Stocks)
  New Bullish plays:    AAP, URBN
  Closed Bullish Plays: APA


Stock Splits
  Announcements:       BCR, BWA, BR, ERES, TK


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

IMAX - short
Adjust from $5.75 down to $5.40

UNA - short
Adjust from $21.75 down to $21.00


==================================================================
Net Bulls (NB) Tech Stock section
==================================================================

------------
Play Updates
------------

  Bearish Play Updates
  --------------------

CSCO - tech stock short play -
  Heads up!  Today's news pushed CSCO below support
  and triggered us at $21.94.  Unfortunately, CSCO rebounded
  sharply and it looks like a bear trap.  We're suggesting readers
  still looking for entries wait for CSCO to trade under today's low.


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

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


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

Advance Auto Parts - AAP - close: 42.90 change: +0.68 stop: 40.00

Company Description:
Advance Auto Parts, Inc. is specialty retailer of automotive
parts, accessories and maintenance items to do-it-yourself
customers in the United States.  The company operates within the
United States automotive aftermarket industry, which includes
replacement parts (excluding tires), accessories, maintenance
items, batteries and automotive fluids for cars and light trucks
(pickup trucks, vans, minivans and sport utility vehicles).  The
company's combined operations are conducted in two operating
segments, retail and wholesale.  The retail segment consists of
the company's retail operations operating under the trade names
Advance Auto Parts, Advance Discount Auto Parts and Discount Auto
Parts in the United States and Western Auto primarily in Puerto
Rico and the Virgin Islands.  The wholesale segment includes a
wholesale distribution network servicing approximately 415
independently owned dealer stores in 42 states.

Why we like it:
Easily outpacing its better known and pricier cousin, Autozone
(AZO) in its rally from the lows last year, shares of AAP doubled
in price from below $20 to above $40 by last December.  Since
then the stock has been trading in a very healthy bullish
consolidation pattern.  The 4-month bull flag (between $38 and
$43) looks ready to break to the upside and the timing couldn't
be better, with the company scheduled to report earnings on March
19th, just under one month from now.  The PnF chart certainly
presents a bullish picture, with the huge column of X's
corresponding to the rally over the past year giving a bullish
price target over $80.  Note how the consolidation over the past
few months has failed to issue a Sell signal, keeping the
strongly bullish picture intact.  In late March, the stock
rebounded off the bottom of the horizontal channel, moved up near
$41, pulled back ever so slightly to find support just over the
50-dma ($40.40) and then resumed its upward journey.  The past
two days have seen the stock rallying strongly on improving
volume and today's close at $42.90 has the stock right on the
verge of a breakout.

We don't want to get caught buying at the top of the recent
range, so we'll use a trigger of $43.25, just over Tuesday's
intraday high.  Once through resistance, we're looking for the
stock to continue with the rally that led to the recent
consolidation, with an initial upside target of $48.  Of course,
if the bulls pile on, the $50 psychological target certainly is
possible.  Aggressive traders can enter on the initial breakout
over resistance, while the more conservative approach would be to
then look for a pullback to $42-43, confirming that former
resistance is now acting as support.  We'll set our stop
initially at $40, just below last week's consolidation lows, as
well as the 50-dma.  IF entering on the initial breakout, make
sure the move is confirmed by continued strong volume.

Annotated Chart of AAP:



Picked on April 21st at     $42.90
Change since picked          +0.00
Earnings Date              5/19/04 (confirmed)
Average Daily Volume =       601 K



---

Urban Outfitters - URBN - close: 47.13 change: +0.88 stop: 44.00

Company Description:
Urban Outfitters, Inc. is a lifestyle merchandising company that
operates specialty retail stores under the Urban Outfitters,
Anthropologie and Free People brands, as well as the Free People
wholesale division.  The company has experience creating and
managing retail stores that offer highly differentiated
collections of fashion apparel, accessories and home goods.  In
addition to its retail stores, the company offers its products
and markets its brands directly to the consumer through its e-
commerce websites, www.urbn.com and www.anthropologie.com, and
the Urban Outfitters and Anthropologie catalogs.  As of January
31, 2003, URBN operated 93 stores in the United States, Europe
and Canada.  In addition, the company engages in the wholesale
distribution of apparel to approximately 1,100 specialty
retailers worldwide.

Why we like it:
Clearly stronger than the overall Retail sector (RLX.X) over the
past year, shares of URBN have had an impressive run, vaulting
from below $10 to a high earlier this month of $50.  Looked at in
terms of how far the stock has come, it would seem to be an
aggressive move to try to play it for another bullish move here.
But looking at the daily chart, we can see that the stock has had
a healthy pullback over the past couple weeks and is
consolidating nicely, just over the 30-dma ($46.08).  This isn't
necessarily the highest odds spot for an entry, but if we look at
the past several months of price action, the stock has
established a pattern of dipping into the area between the 30-dma
and the 50-dma ($44.99) and then rallying to new highs.  With the
RLX still holding very near its highs, this looks like an
opportunity to play for a repeat of the pattern.

The company reported earnings in early March, so there won't be
another earnings event to be concerned about until early June.
Note that the post-earnings dip to the 50-dma resulted in the
latest breakout move that took the stop up above $50 earlier this
month.  The current location of the 50-dma lines up nicely with
broken resistance at $45, making it a strong level of support and
an excellent place to enter new bullish positions.  Note how the
dip last week found plenty of buying support near that level.  We
aren't going to use a trigger on the play, and will suggest the
best setup for new entries will be on another dip near the 30-
dma, with an outside chance of an intraday dip to the 50-dma.
More aggressive traders can consider a breakout entry over
$47.50, which would constitute a violation of the recent trend of
lower highs.  Our initial target will be for a return to the $50-
51 area, which served as strong resistance in early April.  But
if we can get a breakout, then a run as high as $54-55 could be
possible.  Knowing that all patterns fail eventually, we want to
keep a tight reign on the play, and we'll use a stop at $44,
which is a full dollar below the 50-dma.  If hit, we'll have a
strong indication that the strength of the current trend may be
waning.

Annotated Chart of URBN:



Picked on April 21st at     $47.13
Change since picked          +0.00
Earnings Date              3/11/04 (confirmed)
Average Daily Volume =       590 K




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

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

Apache Corp. - APA - close: 44.07 change: -0.02 stop: 43.00

Things were looking so good for our APA play as last week drew to
a close.  The stock had finally broken out over strong resistance
and was charging into new-high territory on strong volume.
Unfortunately, that bullish action didn't last much past Monday's
opening bell though, as APA spent the remainder of the week
dropping back to test broken resistance near $43.50 as new-found
support.  After testing that level this morning, the stock did
manage a rebound into the close, but that's too late for our
purposes.  APA is set to release earnings tomorrow and as noted
over the weekend, we're dropping the play ahead of that event.

Picked on March 17th at     $43.17
Change since picked          +0.90
Earnings Date              4/22/04 (confirmed)
Average Daily Volume =    2.34 mln






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

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

BCR sings a 2-for-1 stock split

30 minutes before Wednesday's opening bell, C.R.Bard (NYSE:BCR)
announced that its Board of Directors had approved a 2-for-1 stock
split of its common shares and declared a quarterly cash dividend.

The quarterly cash dividend is 23 cents per share and payable on a
pre-split basis due May 14th, 2003 to shareholders on record as of
May 3rd.

The stock split is payable as a stock dividend on May 28th to
shareholders on record as of May 17th.


About the company:
C. R. Bard, Inc. (www.crbard.com), headquartered in Murray Hill,
N.J., is a leading multinational developer, manufacturer, and
marketer of innovative, life-enhancing medical technologies in the
fields of vascular, urology, oncology, and surgical specialty
products.  (source: company press release)

---

Shareholders Approve Splits for BWA and BR

Annual shareholders meetings for BorgWarner Inc. (BWA) and
Burlington Resources (BR) were held today.  Both companies had
previously announced splits but the decision to split the stock
was subject to shareholder approval.

BWA shareholders voted to increase the number of authorized shares
from 50 million to 150 million, which will allow for BWA's 2-for-1
split to take affect.  The payable date is May 17th for
shareholders of record on May 3rd.

BR shareholders approved to increase the number of authorized
shares from 325 million to 650 million.  This will allow for BR's
previously announced 2-for-1 split.  The split is payable on June
1st to shareholders on record as of May 5th.

---

ERES provides a 3-for-2 split

Shortly after this evening's closing bell, eResearchTechnology,
Inc. (NASDAQ:ERES) announced that its Board of Directors has
approved a 3-for-2 stock split and a stock buyback program.

The split will be distributed on May 27th, 2004 to shareholders on
record as of May 6th.  The number of shares outstanding should
jump to 51.3 million.

The stock buy back will allow ERES to purchase upwards of 500,000
post-split shares.


About the company:
Based in Philadelphia, PA, eResearchTechnology, Inc. (www.eRT.com)
is a provider of technology and services to the pharmaceutical,
biotechnology and medical device industries on a global basis. The
company is a market leader in providing centralized core-
diagnostic electrocardiographic (ECG) technology and services to
evaluate cardiac safety in clinical development. The company is
also a leader in providing technology and services to streamline
the clinical trials process by enabling its customers to automate
the collection, analysis, and distribution of clinical data in all
phases of clinical development. (source: company press release)

---

TK ships out a 2-for-1 split

After Wednesday's closing bell, Teekay Shipping Corp (NYSE:TK)
reported Q1 earnings and with its results announced a 2-for-1
stock split.

The Board of Directors approved the 2:1 split as a 100% stock
dividend. This dividend is payable on May 17th, 2004 to
shareholders on record as of May 3rd.


About the company:
Teekay is the world's leading provider of international crude oil
and petroleum product transportation services, transporting more
than 10% of the world's sea-borne oil.  With offices in 13
countries, Teekay employs more than 4,700 seagoing and shore-based
staff around the world. The Company has earned a reputation for
safety and excellence in providing transportation services to
major oil companies, oil traders and government agencies
worldwide.  (source: company press release)


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