| Weekend Report |
| November 21, 2004 |
Happy Thanksgiving Everyone: I went to the Trader's Expo in Las Vegas. It was OK I guess, but I wouldn't make a special trip to go to one of these Expo's unless you have other things to do lined up. Maybe that's why they have these things in fun cities. My biggest complaint about these Expo's is that the majority of people, at least that I talked to both at this one and the one in Chicago last June, don't really know their product too well. Anyway, I won at the Race Book and I was able to meet an internet buddy for lunch one day which was nice. Cybertrader also had a hosted reception and i met some interesting investors from around the world. Now to the markets...As you probably know, I've been whining about the markets being Overbought for the last 2 weeks. It was good to see a pullback on Friday. Think the Government times these announcements? My preference would be that we move down to 2025 or so on the Naz in the next week, form a brief consolidation and get a strong leg up. With the holiday and Friday being a slow day, it may take longer. The Intermediate term indicators I follow still look bullish. The decline was widespread on Friday...The DJ Composite saw 7 up/58 dn, The SP 500 64 up/434 dn/2 nc, the SP MC400 56 up/343 dn, SP SC600 110 up/ 490 dn, Naz 100 9 up/ 89 dn/ 2 nc and the Naz Composite 1002 up/2103 dn/ 140nc and the NYSE 948 up/ 2356 dn/ 135nc. The majors were also down slightly for the week, except for the SOX. The DJ Composite was 14 up and 51 dn for the week. The stocks listed below are not recommendations. They are simply securities that meet particular criteria. If you find any of interest, you should do your own research. Cup w/ Handles MNST GISX AIN APSG HNR ZLC RECN PPP WFMI EPIC GRMN SMBI WMS BGFV KFY BKI SNY EW FINL SONE Still worth watching from last week: KWK VRX CPE SYNM CHE MACD Crossovers GTHA NFX BEXP GAXI PHI APA NOI DNR CKC GASE KNTA LZ MVSN CALVF RDC APC From last week's list the following were up at least 3%(rounded): SDIX +13% BRKR +11% PDC +7% MAFB +5% HNR +5% HP +4% CLZR +3% TDW +3% Flat Bases/Low Volume ABAX ACAS ESST COT FXEN MANU DCGN EK NGEN MERX MMC UTEK IPAS From last week's list the following were up at least 3%(rounded): TSS +4% 50 dma moves upward through 200 dma WEBX NSIT CRO ESI TRI GISX RNVS MNS LRCX From last week's list the following were up at least 3%(rounded): MANT +5% Generally bullish short term technicals MTRX BSQR OVTI GIM From last week's list the following were up at least 3%(rounded): DXYN +7% RSI(14) moves upward through 30 FLYR RITA IRIX BFT RSI(14) moved upward through 50 STEL RT MUR ASGR BVEW GLGC LDIS JBSS INSM GMAI From last week's list the following were up at least 3%(rounded): IFIN +10% LAB +10% HURC +8% GSF +6% BRKS +6% SWKS +5% ATW +5% PPP +3% RSI(14) moved upward through 50 AND an MACD crossover RDC NFX LZ BEXP GASE GAXI From last week's list the following were up at least 3%(rounded): SDIX +15% Friday's new highs, closed up on at least 2x ADV WTM KMGB ARDNA INCX ADSK ADES CFNB NRVN MEE ATU HUG HCH TRGL NRGY BL MLAN SQMA ZGEN IGE IPR WLT DCAI MTMC IMR ABX CMIN CIB CDSW AFAM LB RMH HSR RSF TBHS HMG ARCC MRVL SIRI WMB VIVO RTWI WRS FLAG MXE HSVLY NTI BRN MCIP ZONS IHI GSBC DEZ TI OTE GNCMA Sectors/Groups Top Sectors on Friday N/A Worst Sectors on Friday N/A Top Groups on Friday Oil Well Services/Equip., Oil and Gas Operations, Metal Mining Worst Groups on Friday Semiconductors, Communications Equip., Major Drugs Top Indices on Friday DJ-Coal, DJ-Energy, AMEX-Natural Gas Worst Indices on Friday DJ-Airlines, AMEX-Network, DJ-Footwear Top DJ Indices for the week Coal +7.86%, Tobacco +5.53%, Pipelines +2.89% Worst DJ Indices for the week Advanced Medical Supplies -5.47, Internet Services -5.05%, Consumer Electronics -4.45% Note: I only check the Major DJ Indices After Hours Friday's late action was pretty balanced as far as up/dn issues and volume. Movers on over 40,000 shs. included CMIN FWHT GNTX Site Watch Looking for savings on the Wall Street Journal Print and/or Online Editions? This link offers 8 weeks FREE on the print and/or 2 weeks FREE on the online edition. Subscribe today to Print or Online and receive a special free week offer!!! ***SPECIAL OFFER!!!*** ...Are you interested in finding stocks that are setting up for potential Breakouts? Our friends at BreakoutInvestor.com have just what you are looking for. I check their site on a daily basis and have found it a real timesaver in my research. Again this weekend, the owner of BreakoutInvestor has been gracious enough to provide our readers with the link to Monday's List at no charge. Please take a look...You will find some stocks well worth adding to your watchlist http://breakoutinvestor.com/monNov22 Free Annual Reports online http://www.reportgallery.com Like technicals??? At Marketscreen.com you'll find dozens of predefined scans. They have a paid service, but at no cost you can get 3 day old information. For free it's not really a bad deal as many are still in the scanned criteria range. http://www.marketscreen.com They also have another page with a few up to date scans at no charge at http://www.marketscreen.com/c/pcquote/default.asp Ever wonder what all those Economic Indicators mean?...at least "theoretically" in some cases...Take a look at this site and click the indicators listed on the right for more info. http://www.forex-brokerage-firms.com/economicindicators/economic-indicators.htm Are you curious as to which stocks make up the Nasdaq 100? This site will tell you. It also indicates the market % of each. http://www.nasdaqtrader.com/asp/nasdaq100disclaimer.asp?file=/asp/nasdaq100ndx.asp Be the life of the party...LOL...Never a dull moment when you perform all these card tricks you'll learn at this site http://web.superb.net/cardtric/tricks.htm And don't forget to check out the new listings at FinancialLinksOnline.com This 'N That ***This week's Earnings Calendar http://www.rightline.net/calendar/index.html ***A couple of late upgrades on Friday B Riley Raises SNIC To Buy From Neutral DA Davidson Ups CDN Design To Buy From Neutral *** Calpine Corporation (NYSE: CPN) has entered into a $400 million, 25-year, non-recourse sale/leaseback transaction with affiliates of GE Commercial Finance Energy Financial Services for the 560-megawatt Fox Energy Center under construction in Kaukauna, Wis. This clean-burning, natural gas-fired facility will supply electricity to Wisconsin Public Service Corporation under a ten-year power sales agreement, with electricity deliveries scheduled to begin June 1, 2005. ***Oracle Letter To Peoplesoft November 19, 2004 Board of Directors PeopleSoft, Inc. 4460 Hacienda Drive Pleasanton, California 94588 Members of the Board: More than 60 percent of PeopleSoft's outstanding shares have been validly tendered in Oracle's all-cash $24.00 per share offer for PeopleSoft. We believe it is time to bring this matter to a close, for the good of PeopleSoft's shareholders, customers, and employees. We are prepared to complete and pay for the acquisition of all outstanding shares of PeopleSoft upon satisfaction of the remaining conditions, which are all in your control. We are available to meet at your convenience. We believe the combination of Oracle and PeopleSoft is compelling. The joint company will have a larger combined customer base, expanded brand reach, critical mass in more industries, and be able to provide substantially better global support. Most important, the combined company will be more competitive against SAP, Microsoft, and a wave of new outsourcing competitors. Our best and final all cash offer is $24.00 per share. It is fully valued, and it is clearly fair. There is no business execution risk for your shareholders. It represents a substantial premium to PeopleSoft's true historical trading multiples. There are no alternative bidders or counter offers. Most important, it has now been endorsed by a majority of your shareholders. Given that a majority of PeopleSoft's owners are now prepared to sell at $24.00 per share, we are requesting the Board immediately redeem the poison pill and exempt the transaction under Delaware Section 203. We also request a meeting to finalize a definitive merger agreement at $24.00 per share with the goal of announcing a deal prior to market open on Monday, November 22, 2004. We are separately transmitting a draft agreement to your counsel. Sincerely, Jeff Henley Larry Ellison Chairman of the Board Chief Executive Officer ***Peoplesoft's Response November 20, 2004 PeopleSoft Inc.'s (PFST) board on Saturday rejected a $24-a-share tender offer from Oracle Corp. (ORCL) as inadequate, PeopleSoft said in a press release. "PeopleSoft's board of directors has met and considered the results of Oracle's unsolicited tender offer and unanimously reaffirmed its previous conclusion that Oracle's latest offer is inadequate and that the company is worth substantially more than the $24 per share offered by Oracle," the PeopleSoft release said. "The board reiterated that it will not sell the company for less than it is really worth and that the company's business plan creates superior value for stockholders." "This majority is comprised of stockholders who did not tender their shares, as well as stockholders who tendered but told us that they believe PeopleSoft is worth more than $24 per share," A. George "Skip" Battle, chairman of the transaction committee of independent directors, said in the press release. "We are confident that in the time leading to our 2005 annual meeting we will continue to demonstrate PeopleSoft's superior value to our stockholders." The PeopleSoft board met after Oracle won the backing of 60.8% of PeopleSoft shares Friday in a crucial tender vote. The substantial margin in favor of the offer suggests that PeopleSoft's shareholders are solidly behind the Oracle merger, though some have urged the database maker to raise the $24 price. Oracle called on PeopleSoft's board to meet and close a deal over the weekend. The company had set Friday as the deadline for its tender offer, vowing to walk away from the transaction if investors didn't turn over a majority of outstanding shares. But Oracle extended its tender offer to Dec. 31. PeopleSoft has repeatedly rebuffed Oracle's advances, complaining that a series of five bids ranging from $16 to $26 a share undervalued the company. That's it for this weekend. Hope everyone has a nice Thanksgiving...See 'ya next Sunday. Best...Doug (IIC) |
| Los Angeles | CA | 90034 |