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Expected Splits
Sunday, May 27, 2001

                                       Date Expected
Symbol         Company                 To Announce

BKH            Black Hills Corp           05/30
XOM            Exxon Mobil                05/30
FCEL           FuelCell Energy            05/31
KSS            Kohl's Corp                05/31
PNY            Piedmont Natural Gas       06/01

BKH - Black Hills Corp $57.27 (+1.33)

BKH has announced five previous stock splits when prices were under $50. The current stock price currently exceeds that and is even trading at all-time highs, so we expect the next announcement to occur at BKH's next BoD meeting on 5/30. There are 50 million shares authorized and 26 million are outstanding, so more than a 3:2 would require a shareholder vote.

XOM - Exxon Mobil $88.10 (-2.10)

Exxon last split in 1997 and the stock is nearing historical levels again. There's a shareholder meeting on 5/30 at which time we feel a split announcement is possible. There are 4.5 billion shares authorized and nearly that many are currently outstanding, therefore, a vote to increase the authorized shares would be required.

FCEL - FuelCell Energy $86.53 (-2.47)

FCEL is expected to report earnings on 5/31 and we have a sneaking suspicion that we could get a split announcement at that time. The stock has seen a recent pullback but a split could be just the boost it needs. The last split was announced at $84 so we're right within range.

KSS - Kohl's Corp $64.50 (+0.30)

Kohl's is still a little short of historical split levels, but we wanted to alert you to the possibility of getting an announcement with their shareholder meeting on 5/31. The last split was announced at $76.81 but the company is poised for the next one with enough authorized shares for a 2:1.

PNY - Piedmont Natural Gas $35.76 (-0.16)

Piedmont shareholders haven't seen a split since 1993 when the stock was trading at about $40/share. Current prices are pushing that territory now so we may get a split announcement with the BoD meeting on 6/1. This is a cautious expectation since PNY has previously traded at current levels without declaring a split, but we wanted to alert you to the possibility.


Copyright 2001

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