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PLAY > New Plays Sunday, May 06, 2001
New Split Plays   New Candidate Plays   New Momentum Plays
(We update our stop losses daily at the CURRENT PLAYS page.)

New Split Plays

XTO - Cross Timbers Oil Co. $24.83 (-3.18)

Cross Timbers is a land based oil and natural gas exploration, drilling and production company that primarily conducts its business in the oil fields of Texas and Oklahoma. The stock had a very interesting past week. On Wednesday, XTO reported record first quarter results of $1.14 a share, which was $0.21 above consensus estimates. More importantly, the company guided analysts higher for the second quarter as well as for the rest of the fiscal year. However, all of this good news could not keep the stock from succumbing to Wednesday's industry wide sell brought about by a government report confirming sizable increases in petroleum inventories. XTO found some good support at $23.63 during the sell off (please note that our initial stop of $23.50 is just below this support). The good news is that XTO started coming back on Thursday. The bounce may be due in part by the fact that XTO is planning to split its shares 3:2 on June 5th. Traders may want to pick up XTO if it opens Monday near where it closed on Friday. One might want to be cautious if XTO finds stiff resistance at the 50-DMA of $26.34. If XTO can close above the 50-DMA it may encounter resistance again at $28.75.


Picked May 6th @ $24.83
Change since picked +0.00
Stop Loss @ $23.50
 
Interactive Chart Quote News First Call on XTO
 

New Candidate Plays

ASD - American Standard Companies, Inc. $62.50 (+2.00)

American Standard Companies is a global manufacturer of air conditioning systems, bathroom and kitchen fixtures, and vehicle control systems for trucks, buses, trailers and utility vehicles. Shares of ASD have been hitting new highs over the past four months following a major breakout from the $35-$50 range in January. The stock closed at an all-time high on Friday and we believe that ASD could continue to move higher. We are also looking for a split announcement with the July earnings report or out of the next BoD meeting. The company has enough shares for a split with 200 million shares authorized and 71 million shares outstanding. Going forward, ASD has support at Thursday's intra-day high of $61.75 with stronger support at $60.33, the 10-dma. Resistance was taken out on Friday so new resistance may show up at $63 or $65. Look for a bounce off of $61.75 or a breakout above $63 on midday volume of at least 250,000 shares before starting new plays. We plan to place stops at $58.50 to limit potential losses.


Picked on May 6th @ $62.50
Change since picked +2.00
Stop Loss @ $58.50
 
Interactive Chart Quote News First Call on ASD
 

New Momentum Plays

None

New Plays Index

 


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