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PLAY > New Plays Tuesday, March 27, 2001
New Split Plays   New Candidate Plays   New Momentum Plays
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Plays

None

New Candidate Plays

EQT - Equitable Resources, Inc. $67.20 +1.33 (+2.14)

Equitable Resources supplies and distributes natural gas in the Appalachian region. The company also provides energy-management services throughout the United States. Shares of EQT ran into major resistance in October after two years of solid performance. Since then, EQT has been stuck in the $56-$66 range. On Tuesday, the stock broke out to an all-time high of $67.75 and closed above $66 following six failed attempts in the past two weeks. After five months of consolidation, we believe that EQT could make a substantial move upward as we move closer to earnings season. We are also looking for a possible stock split with EQT's April earnings release or out of its Annual Shareholder meeting on May 17th. The company currently has enough shares for a split with 80 million shares authorized and 37.26 million shares outstanding and the stock is trading within historic split range. EQT announced a 3:2 split in 1993 when the stock was trading in the $35-$40 range. Going forward, EQT has support at Tuesday's intra-day low of $65.87 with stronger support at $64.70, Monday's intra-day low. There is resistance at $67.75 and then the $70 mark. The stock is being added to the S&P Midcap 400 after Friday's close. The news was announced after the bell on Tuesday so we may see a bit of a pop on Wednesday and a bit of sell-off next week. Traders may consider starting new plays on a bounce off of $65.87 or a breakout above $67.75 on volume greater than 80,000 shares by noon. We plan to set stops at $63.40 to limit potential losses.


Picked on March 27th @ $67.20
Change since picked +0.00
Stop Loss @ $63.40
 
Interactive Chart Quote News First Call on EQT
 


NVR - NVR Incorporated $166.20 +0.20 (+6.25)

NVR Incorporated (NVR) constructs and markets single-family homes, townhouses and condominiums under three trade names: Ryan Homes, NVHomes, and Fox Ridge Homes. The company currently serves 16 metropolitan markets in 10 states. In its largest market, the Maryland Metropolitan area, NVR derived 60% of its homebuilding revenues. The stock has appreciated very nicely over the past year, gaining a phenomenal 200%. Much of the stocks recent price strength can be attributed to NVR's impressive performance in the third quarter. The homebuilder posted a 58% quarterly increase in earnings from the same period a year earlier. Even more interesting, the company only has 8.37 million shares outstanding with 60 million authorized. Sound like a possible split play? We certainly think so! The chart on NVR also looks compelling. NVR shares may have just signaled yet another momentum breakout. Bullish crossovers in both the MACD and Stochastic provide us with further confidence of a potential rally. To that end, we'll look for resistance to come at today's intraday high of $168.25 and then at the $170 mark. Support comes in at the $160 mark, bolstered by the 5-dma of $160.83. Traders looking for an initial position in NVR should look to time their entries when the stock breaches above resistance or recoils from support on strong volume of 40,000 shares traded by midday. We will set our stop at $156.50 to limit our downside risk.


Picked on March 27th @ $166.20
Change since picked 0.00
Stop Loss @ $156.50
 
Interactive Chart Quote News First Call on NVR
 

New Momentum Plays

None

New Plays Index

 


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