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Expected Splits
Sunday, January 14, 2001

                                       Date Expected
Symbol         Company                 To Announce

LUV            Southwest Airlines Co.     01/16
CAL            Continental Airlines       01/17
GDW            Golden West Financial      01/17
NATI           National Instrument        01/18
PNC            PNC Financial Services     01/18 

LUV - Southwest Airlines $30.67 (-3.63)

Southwest is a regular splitter. It has split 3:2 at the $30 level for the last three years in a row up to 1999. The last 3:2 split was announced at $31.75 on 05/20/99. Given the stock's recent ascent, we expect another 3:2 announcement to accompany the company's earnings announcement on Tuesday, January 16th.

CAL - Continental Airlines $52.00 (-4.50)

Continental is another airline that has reached split altitude recently. CAL has enough authorized shares to enact a 2:1 split, with 200 million shares authorized and only 64 million currently issued. The airline's last split was way back in July of 1996, so it's about time the airline rewarded shareholders with a split announcement. We expect CAL to give word of a 2:1 split during its board of directors meeting scheduled for Wednesday, January 17th.

GDW - Golden West Financial $51.50 (-6.63)

Although the stock has taken a hit recently, GDW nonetheless remains in historic split territory of $50. The last split was announced in November of 1999 at $43.25. One catch with GDW is that is company needs to authorize more shares since it is just shy of being able to enact a 3:2 split. This is not out of the ordinary, as they can announce a split pending approval of more authorized shares. We are targeting Wednesday's earnings release as a likely date for a split announcement.

NATI - National Instruments Corp. $51.00 (+0.94)

The maker of scientific and engineering measurement tools doesn't need one of their own products to see that the company's stock is back in split territory. The last stock spit announcement came in July of 1999 at $47.25. The company has enough shares to enact a 2:1, but historically does 3:2 splits. That said we are expecting another 3:2 split announcement to coincide with the company's earnings release date on Thursday the 18th.

PNC - PNC Financial Services $70.00 (-3.25)

PNC has been on a tear ever since tech started falling apart in March of last year. The company last split back in November of 1992 at $54.50. Although the company would need to authorize more shares in conjunction with a split, we see this as likely given the stock's steep climb. We expect a 2:1 split announcement to accompany the company's earnings release on Thursday, the 18th.

 


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